Incent in practice
One of our Slack members, gormae, wrote up a hypothetical situation that explains how Incent might work.
Jerry wants to buy a Computer. He’s found quite a few stores online that sell computers and each one of them has some sort of Loyalty Points system that encourages him to come back to their store. There’s a problem with this though — Jerry won’t need any computer goods in the near future, so the loyalty points won’t be spent. Jerry knows this and concludes that the Points System isn’t of any benefit to him. Jerry begins to shop based on price alone. In this circumstance, the loyalty system isn’t a sales tool and has failed — not only to encourage loyalty, but also attract a new customer.
Jerry has thought about his computer purchase and knows he’ll need a desk to sit his monitor on. While looking for a new desk, he noticed that the furniture store rewards customers with Incent with every purchase. Jerry starts to wonder whether there’s a computer store that will accepts his Incent reward points. He finds a computer store quickly with the Incent App. Using his Incent funds, he’ll get a good discount on his computer purchase and, best of all, he’ll earn more Incent on the purchase. Jerry decides to shop within the Incent Network. These two stores have cooperated within the Incent ecosystem and have both gained new business.
Jerry’s brain starts ticking… if he continues to make small purchases with stores that reward him with Incent, then by the end of the year he might have enough Incent to buy that television he’s had his eye on — he knows exactly how much he’ll need because Incent’s value is displayed in his country’s currency. Jerry is now shopping at multiple stores that reward customers with Incent. Each store has gained new business based on Jerry’s future desire for a television. He’s now loyal to the Incent network. With every purchase Jerry is saving towards a goal and every store he visits is benefiting from a purchase he’s going to make at another store in the future. Businesses work together for mutual benefit.
Thanks gormae! If anyone else feels like writing an explainer based on their own business or sectors, just drop us a line in Slack.