How Eatonomy is bringing Loyalty Rewards Programs into the 21st century
Who DOESN’T love getting rewarded?!
Now imagine being able to redeem rewards points you earned from buying morning coffee at your favorite Café, to get a burger from the Burger Shack at lunch, and then maybe sending them to a friend so she can redeem them for a smoothie at the juice bar! Or perhaps collecting your rewards points and then donating them to your favorite charitable cause, all at the click of a button!
That’s how we imagine the future of loyalty rewards points. Streamlined, efficient, and fluid — without any of the restrictions that come with traditional loyalty programs.
Here at Eatonomy, we strongly believe that loyalty programs should be affordable, insightful, engaging, fun, and definitely not restrictive. And that’s why we are creating a platform that allows brands and retailers to easily build inter-operable, intelligent, and engaging loyalty programs that cater to modern shoppers. Eatonomy’s loyalty ecosystem of brands and retailers is designed to bridge the gap that exists between traditionally inefficient and costly loyalty programs, and the high expectations of shoppers today. Brands and Retailers need inexpensive and insightful solutions to retain and attract customers, while customers want control over their own points. Eatonomy meets both needs by consolidating multiple broken programs into a blockchain-based, streamlined rewards ecosystem that is rewarding for both the loyalty providers, as well as customers — through the TREAT (TRE) token, powered by the robust Stellar Blockchain Protocol.
Eatonomy partners can reward customers with TREAT (TRE) tokens for their engagement, and customers are free to redeem their TRE tokens at any retailer within the eco-system, liquidate them on the exchange, or transfer them to other users.
Eatonomy’s platform replaces the traditional loyalty model by offering three key features:
1. Blockchain-as-a-service model for easy loyalty setup: the eatonomy application’s loyalty management-suite allows any brand or retailer to set up a complete end-to-end loyalty solution on the blockchain, using the “TREAT” token (TRE)
2. Native TREAT token as a value of exchange: the native TRE token serves as the loyalty token within the eatonomy network. Users are able to freely exchange TRE’s at any participating brand/retailer, or, to trade the token immediately on the Stellar Decentralized Exchange (SDEX), as well as any additional exchanges that may list the TRE in the future. TRE tokens will enable relationships between customers and retailers, between users themselves, and will cultivate strategic partnerships even between different brands and retailers themselves.
3. Reward direct engagement & attribute marketing efforts: Eatonomy’s loyalty management suite allows brands/retailers to specify which customer actions to award, (e.g making a purchase, visiting a website, liking a social media post, completing a survey, or, checking in to a location). As each token has a unique ID, the management suite provides deep, anonymized analytics as to how/when/where each token is used, and by whom.
Eatonomy’s Loyalty Platform is a win-win solution for both retailers and customers
1. Reduce fragmentation within retailers’ rewards programs: Blockchain is the perfect solution to reduce fragmentation within the loyalty rewards industry. Eatonomy aims to be a single platform that will allow instantaneous redemption and exchange of loyalty rewards points across multiple merchants and retailers within the ecosystem.
2. Streamline execution, management, and administration: Eatonomy’s rewards system, as a result of being based on the blockchain, enables real-time transparency, resulting in reduced management and administration costs.
3. High visibility and exposure: For small and medium sized enterprises that do not have the luxury of affording high advertising costs, an interlinked network provides high exposure, visibility, and scale.
How Eatonomy solves the “Too Many Programs, Too Few Points” problem
The average American household is enrolled in 29 loyalty programs, out of which they are only active in 12 programs. The core problem is that there are just so many loyalty programs out there, that it has become very difficult for the average consumer to monitor and juggle every loyalty program they are a part of. Simply put, it takes WAY too long for customers to accumulate enough points to benefit from a particular program. Studies show that 70 percent of consumers abandon loyalty rewards because it took between six and nine months to accumulate enough points to redeem rewards.
Within the Eatonomy ecosystem, consumers will earn TRE rewards points through their business and engagement with a variety of retailers. Through this widened network of brands and merchants, they will accumulate points faster, and will no longer be restricted to having to redeem their points with just one retailer.
More customer insight = Personalized Rewards = HAPPIER CUSTOMERS
According to 2017 research by Deloitte, 44% of consumers would like the option of personalized rewards based on their purchase history.
Because retailers from different verticals can be partners in the Eatonomy reward ecosystem, they can better target offers and engage with their customers due to having a comprehensive and enhanced view of the shoppers as well as their spending behaviors across different types of retailers (sports apparel, grocers, restaurants, recreational, etc)
For customers, being rewarded in TRE tokens means that they can take advantage of real-time crediting, increased redemption options, and no loss of points through expiration or mimimum crediting requirements. They would be able to use the TREs they earn from one brand/retailer, and redeem them at any of the other participating brands/retailers as they please, in real-time. Instead of having to juggle multiple program memberships, customers would be able to use a single wallet to manage all their loyalty memberships in one place. A blockchain-based rewards program would also allow customers to transfer their tokens to friends and family, unlike traditional points that do not allow such transfers.
Future of crypto-tokens as loyalty rewards points
Almost 1 in 5 millennials owns digital currencies, according to a survey commissioned by Finder.com. In a recent Bloomberg article, Lex Sokolin, the global director of Fintech strategy at Autonomous Research LLC, states that within 5- 10 years, 5% of U.S. adults will use crypto loyalty points, and the annual issuance of related tokens should reach $3.6 billion. He estimates that within the next 10 to 20 years, 15% of Americans are likely to use digital loyalty points. It doesn’t come as a surprise that millennials find cryptocurrency redemption options more meaningful than traditional redemption rewards such as branded merchandise or gift cards. Tokenized rewards differ from traditional programs as they can generate an immediate benefit, whereas traditional points often remain meaningless for a very long time.
Today’s customers have high expectations, and want to be rewarded for their spending, engagement, and time. With millenials now being the largest consumer cohort by population size, and soon to be, the largest spenders, they have become the most important demographic for retailers to target. The way they engage with brands and retailers is also significantly different than previous generations, and if companies do not attract their attention and engagement, they run the risk of losing them.
The whole point of loyalty programs is to improve the customer experience in ways that make them want to return. The goal is to give a superior experience to each customer, that is informed by data and designed to be personalized to each shopper. Eatonomy, through its unique way of providing detailed insight on customers, allows brands and retailers to do exactly that, while ensuring that the customers’ privacy is never compromised.
Welcome to the future of rewards. Welcome to Eatonomy.