LoyalCoalition: Enablers of the New Loyalty Economy
Every customer loyalty program, stripped to its bare essentials, consists of just two parties: the seller and the buyer. Every seller wants the buyer to continue buying his products, while every buyer wants to get the most out of a seller’s products. A seller can always give incentives in the form of points, discounts, freebies, rewards, and more, so that the buyer stays with him.
In theory, that is a good idea, but reality says otherwise. Of course there are many, many sellers, with thousands of different loyalty programs, so no one really stands out. And while these sellers want to put more bells and whistles with the points they have (like, say, use Seller A’s points to redeem items at Sellers B to Z), arranging these deals will take a lot of paperwork, and oftentimes result to more complications.
In short, the current loyalty system can’t grow in its current form.
And that’s where blockchain comes into the picture.
Among many things, blockchain allows for the creation of code that attaches more features to a unit of currency/token/exchange than ever before. A rewards arrangement that would have taken months of paperwork to set and implement can now be done in a few moments. This takes away about half of a loyalty program’s pain points.
And since the way blockchain is built ensures that no transaction will be individually hacked, that takes away the other half of a loyalty program’s pain points.
And when you enable sellers to deal out loyalty programs without the hassles that come with it, they can find it easier to have buyers stick with them better.
As the purveyor of a blockchain-backed universal loyalty system, LoyalCoin aspires to make it easier for sellers to offer better rewards. With that in mind, we are building the LoyalCoalition — a group of companies that support the entire ecosystem that LoyalCoin is building.
Members of the LoyalCoalition will issue LoyalCoin instead of the traditional, arbitrary rewards points. We’ve discussed previously how that is a better proposition for users, and the benefits are also significant for companies, as they can implement more promos with those rewards points than ever before, through the power of blockchain.
LoyalCoalition members will also enable the use of the points they offer on the LoyalWallet, opening an avenue for more redemption options for users and, hence, more reasons for users to stick with a company that offers the best rewards arrangement out there.
And the earlier a company joins the LoyalCoalition, the better positioned it is to reap the benefits of a better rewards system, and the earlier it secures more repeat customers.
Visit the LoyalCoin website for more details about this virtual currency, including our whitepaper and other important information. Follow us on Facebook and Twitter for more real-time updates. We’ll announce further milestones of our token generation event shortly.