Benefits of Reefic Protocol

In this next article of the series ‘ Introduction of Reefic Protocol’, we will be talking about Reefic Protocol and its potential as a valuable and viable business asset — one that is profitable to your business.

The benefits of Reefic Protocol can be organised into the following categories:

Benefits of having Reefic Protocol for your businesses

a) Backend Management

• Supplement and not replace
  Reefic Protocol does not replace existing reward programs and will interact with legacy systems through smart contracts to help authenticate historical transactions.
• Non-intrusive
  Each loyalty program provider need not worry about exchange rates with other providers and can carry out its own strategic guidelines, like refunds and reward distribution, without affecting others.
• Efficient business operations
  Reefic Protocol will enable program providers to have an overview of where all their rewards reside in the network within minutes and allow better targeted business development for specific sectors.
• Fraud-resistant
  Tokenization of loyalty points makes them unique and traceable with each transaction record time-stamped and immutable.

b) Customer Engagement

• Increased customer activity
  Reefic Protocol, as a single wallet platform for multiple loyalty programs, will encourage customers to redeem rewards more readily, increasing the effectiveness of the reward programs.
• Quick and convenient
  Reefic Protocol helps reduce the time gap for crediting reward points through a shared ledger across multiple parties, making them more readily redeemable even across borders.
• Flexibility of usage
  Customers will be spoiled for choice in deciding where to spend and how to spend their reward points without the constant worry of expiration.
• Communal appraisal
  Exchanges within the platform are characterised by generalised reciprocity where each takes and gives through consensual agreement, creating a barter-like trade community.

c) Strategic Planning

• Collaborative but competitive
  Personally identifiable information about a customer can be stored separately within each existing system owned by different businesses registered in Reefic Protocol without the need to reveal to competitors.
• Decrease in acquisition costs
  Customers can be more easily acquired through the word of mouth exchange of loyalty systems, as well as through social platforms which Reefic Protocol will integrate.
• Potential business opportunities
  Businesses have the potential of reaching out to new customers, which will otherwise not be spending on their products and services, on Reefic’s integrated social platform.
• Lowered liabilities
  Reefic Protocol can help businesses reduce millions of dollars of unused rewards by increasing the liquidity of their reward programs.

Now we’re going to dig into the advantages of having of Reefic Protocol for all different users.

So, How Can You Fully Benefit From Reefic Protocol?

a) For Customer

• Customers will be able to redeem rewards easily as Reefic Protocol works as a single wallet platform for multiple loyalty programs.
• Reefic Protocol helps customers stay organized, and creating new way to earn and spend reward points without the fear of expiration pressure to redeem points.
• Customers will be able to view relevant nearby offers at the right time and place.
• Real-time point issuing and quick redemption.
• Real- time access to loyalty accounts via mobile app.
• Track progress of your own activity within the program.

b) For Merchant

• Merchants will be able to attract new customers as they can be acquired easily through the word of mouth exchange of loyalty systems.
• Merchants will have the ability to store customer’s information individually within each existing system without revealing it to the competitors.
• By integrating more than one loyalty programs, Reefic Protocol helps merchants increase the redemption rate and the patronage of returning customers.
• Merchants can create and execute unique customer engagement programs, effectively manage memberships and rewards, interact with customers across multiple channels and track loyalty system performance.
• Increased customer spend, decreased program costs, and complexity.
• Partnership management — strong capabilities in managing partners within the airline coalition or multi-partner loyalty programs.

c) For Solution Providers

• Providers will be able to carry out its own strategic guidelines like refunds and reward distribution, without affecting others.
• Loyalty program providers will be given with an overview of their loyalty program network, enabling them to easily grow for each specific business target.
• Reefic Protocol will help to improve the operational efficiency of the business as it provides an overview of where all the rewards reside in the network within minutes and allow better targeted business development for specific sectors.
• Reefic Protocol will provide ad space both online and within the Reefic app to promote the solution providers’ systems.

d) For Player

• Reefic Protocol allows gamers to exchange their in-game rewards for a game he is no longer playing to help a new player within the same game, in exchange for credits to ride on a local ride-sharing service or other services provided by the participating merchants.

Above are all the benefits you will receive from implementing Reefic Protocol for your business. While each one has its own unique advantage, they all add up to a better experience for the customer, player and more business for the merchant and solution providers

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