Loyal is a fast-growing healthcare technology company that recently raised its Series A

Loyal

Boost Brand Loyalty:  How UGC Supercharges Brand Loyalty

Welcome to another fascinating edition of our "Behind the Startup" series. Today, we have the pleasure of speaking with Gennady Volchek, the visionary behind a trailblazing platform in the blockchain industry. With a rich background in leveraging emerging technologies and a deep dive into the realm of blockchain, Gennady Volchek shares his journey from early ventures in digital publishing and VOIP innovations to the inception of Shping. Shping, We also explore Shping's unique approach to partnering with major consumer goods companies and its future goals in a rapidly changing market. Shping's Mastermind Gennady Volchek Talks Blockchain's Role Against Counterfeits Ishan Pandey: Hi Gennady Volchek, great to have you here for our "Behind the Startup" series. Please tell us about your background and what motivated you to venture into blockchain industry and build Shping? Hi Ishan, Glad to be here. Gennady Volchek: Absolutely, happy to delve into that. My journey into the blockchain realm is just another chapter in a series of ventures fueled by a passion for leveraging emerging technologies. At the age of 18, I started a publishing company in collaboration with the world's largest ethnic newspaper. Faced with the challenge of long-distance transportation and the need for news to stay current, we managed to digitize printing templates, making them downloadable via FTP—cutting-edge tech at the time :)—enabling us to print and distribute papers across Australia on the same day they hit Eastern Europe shops. Fast forward to the early 2000s, we pioneered the first VOIP call on the public internet using Cisco hardware, cutting the cost of international calls for our members by around 90%. While I've been watching Bitcoin in the media for a few years, I started being fascinated by blockchain technology around 2016, right when 's universal rewards platform was in the making. That's when I realized that universal rewards should be powered by a universal ledger. Shping Ishan Pandey: How has Shping transitioned from its initial emphasis on product authenticity to transforming into a turnkey loyalty and rewards program for brands? : Shping has pivoted from a track-and-trace solution aimed at assisting brands in tracking their products through the supply chain, enabling end consumers to access the product journey for authentication and province verification. Like many startups during the way of working on one solution, we have discovered additional value in our approach of connecting consumers and the brand, further reinforced by feedback from our pilot clients. We realized that both shoppers and brands were struggling with a lack of a secure and transparent channel of communication. Gennady Volchek We quickly realized that this can revolutionize how brands market and communicate with their customers, which is a US$1.5 trillion industry. That's why we decided to develop Shping with the view to revolutionize the brands-to-consumer-to-brand communication. Ishan Pandey: In your opinion, can blockchain effectively address the increasing complexity of counterfeit goods? : Just for clarity, I would like to explain that our track and trace module leverages a centralised database and has been built from the ground up on EPCIS standards developed by the GS1 organization. It's important to understand that the proper implementation of industry-standard track and trace technology is capable to safeguard businesses and shoppers against counterfeit and other illicit distribution irrespective of the method of how your data is stored, i.e., centralised vs decentralised ledger and each has its pros and cons, but blockchain is not an underlying technology in that instance. Gennady Volchek Ishan Pandey: Can you share some insights into Shping's integration with Coinbase Wallet and how it aligns with the company's overall strategy? In the realm of rewards programs, seamless redemption is key. While many aim to reward in some kind of convertible currency, the complexity and cost make it a challenge thats why we usualy see use of gift cards or in store discounts.  Since Shping—a universal rewards platform using ERC20 utility tokens enabling any brand to instantly reward any shopper around the world. Gennady Volchek: With the app integrated with Coinbase making onramp of ramp one-click away. Imagine a shopper in London writing a review on Australian Corn Chips, earning instant rewards from that brand,  converting them to Euro, and using earning towards buying those chips—all in under a minute. Ishan Pandey:How does Shping successfully establish and maintain partnerships with major consumer goods companies, such as Coca Cola & Kraft Heinz, gaining their acknowledgement and trust? Additionally, what benefits does the platform derive from these collaborations? One of the biggest challenges for FMCG brands is the lack of a direct communication channel with their end customers, making them heavily reliant on retailers and social media for information dissemination. Shping breaks this barrier, allowing brands to establish a one-on-one relationship with in-store consumers. This not only enhances product knowledge and education but also enables brands to directly reward consumer engagement and loyalty. For instance, instead of paying a social media platform to showcase a new video, brands using Shping can pay consumers directly for watching it. Gennady Volchek: Shping enables brands to manage their marketing communication strategy and activate offers and specials directly without the need for an intermediary. This significant shift empowers brands to influence shoppers' buying activity while cutting one of the biggest costs of marketing. This is why more and more brands like KH, Pepsi, and Coke realise the power of Shping and making it part of their marketing strategy. Ishan Pandey: As the winner of "Best Emerging Application Start-up Company 2023" by APAC Insider, what do you attribute Shping's success to, and what are your plans for sustaining and expanding this success in view of evolving consumer behavior and technological advancements? Gennady Volchek: As the honored 'Best Emerging Application Start-up Company 2023' by APAC Insider, we attribute Shping's success to our commitment to purposeful innovation. Winning this award indicates that Shping is perceived as a positive force for users, a recognition we're humbled by. Our journey revolves around reshaping how shoppers are rewarded for their value to the corporate world. Unlike traditional programs, Shping allows brands to directly invest in consumers, providing tangible rewards that ease economic stress. Looking forward, our plan to sustain and expand this success is rooted in genuine innovation. We're not just innovating for the sake of it; we aim to make a positive impact in people's lives. In the face of evolving consumer behavior and tech advancements, our humble goal is to address economic challenges, creating a win-win for both shoppers and brands. This award fuels our dedication to meaningful innovation. Ishan Pandey: In what ways does Shping differentiate itself from other loyalty and rewards programs in the market, and what challenges have you faced in this competitive landscape? Gennady Volchek: Most existing rewards programs are typically run by retailers since they usually have a direct relationship with the end consumer. Rewards are often funded by the squeezed margins of retailers, which naturally cannot be very significant. Shping introduces a new concept by connecting brands and consumers, enabling brands to leverage blockchain technology to redirect their marketing spend directly to the end consumer. This makes the rewards tangible and substantial enough to alleviate economic stress amidst inflation and the rising cost of living. The paradox is that while shoppers receive more, it actually reduces the marketing costs for the brand. This reduction could lead to brands lowering the cost of goods, making them more affordable and further enhancing the lives of everyday shoppers. Ishan Pandey: Looking ahead, what are the key goals and milestones Shping aims to achieve in the next 1-2 years, and how do you plan to navigate potential challenges in the market? Gennady Volchek: The next few years look incredibly exciting for Shping. We've always viewed Australia as our test market—a place to roll out technology, test features on our planned roadmap, and pave the way for international expansion. I'm thrilled to share that our international expansion plans are already in the works. We'll be announcing our next market during our final AMA of the year, streaming live across our social channels on December 22nd. So hope Hackernoon readers could join us for our next AMA. Don’t forget to like and share the interview! Vested Interest Disclosure: This author is an independent contributor publishing via our brand-as-author program. Be it through direct compensation, media partnerships, or networking, the author has a vested interest in the company/ies mentioned in this story. HackerNoon has reviewed the report for quality, but the claims herein belong to the author. #DYOR

Revolutionizing Loyalty Programs: Gennady Volchek Unveils Shping's Blockchain Journey

বিপ্লবী আনুগত্য প্রোগ্রাম: গেনেডি ভলচেক শপিংয়ের ব্লকচেইন যাত্রা উন্মোচন করেছে

Revolutionierung von Treueprogrammen: Gennedy Volchek enthüllt Shpings Blockchain-Reise

Revolucionando los programas de fidelización: Gennedy Volchek presenta el viaje blockchain de Shping

Révolutionner les programmes de fidélité : Gennedy Volchek dévoile le parcours Blockchain de Shping

वफादारी कार्यक्रमों में क्रांतिकारी बदलाव: गेनेडी वोल्चेक ने शपिंग की ब्लॉकचेन यात्रा का खुलासा किया

ロイヤルティ プログラムに革命を起こす: Gennedy Volchek が Shping のブロックチェーンへの取り組みを明らかに

충성도 프로그램 혁신: Gennedy Volchek, Shping의 블록체인 여정 공개

Revolucionando os programas de fidelidade: Gennedy Volchek revela a jornada Blockchain da Shping

Революция в программах лояльности: Геннеди Волчек рассказывает о блокчейн-путешествии Шпинга

Sadakat Programlarında Devrim Yaratan: Gennedy Volchek, Shping'in Blockchain Yolculuğunu Açıkladı

Cách mạng hóa các chương trình khách hàng thân thiết: Gennedy Volchek tiết lộ hành trình chuỗi khối của Shping

彻底改变忠诚度计划：Gennedy Volchek 揭开了 Shping 的区块链之旅

is a core component for all ambitious businesses, but can loyalty be digitized to great effect? Customer retention Many businesses mull over how to optimize customer retention, but a startling number of decision-makers still struggle to understand that customer loyalty is about more than just selling products. Today, to retain more customers, businesses must apply their efforts and resources to provide a level of service that can appeal to customers in an engaging way. While it can be easy to lose the trust of customers, it takes time and care to build it up. Fortunately, these processes can be optimized in a digital environment to help build strong . relationships between a brand and customers Optimizing Social Engagement When it comes to leveraging a customer retention strategy, social media is a key consideration for virtually all businesses. Through social platforms, it’s possible to keep customers informed and nurture new leads about your brand, upcoming events, special offers, and product discounts. Crucially, are also excellent ways of attracting customers by demonstrating their credibility using other trustworthy sources. social proof and social selling Whether you use social media to highlight positive expert comments or an influencer endorsement, you can leverage the right platforms to showcase your brand and products in the best possible light. \In the above excerpt from the Starbucks X account, we can see that the brand is no stranger to utilizing social proof in the form of a positive repost or a celebrity endorsement to boost engagement. Build Analytical Insights from Behavior Customer loyalty offers key tangible and intangible benefits for businesses, particularly when it comes to data collection. Loyal customers who regularly interact with a business can indirectly offer more data and insight into predictive analysis initiatives. The great thing about the insights leveraged through is that they can provide actionable information on what exactly caused them to become so engaged with your business. customer loyalty Factors like your products with the best competitive advantage, the best target demographics for certain products, whether customers are willing to increase their spending, and the average can all be analyzed through the behavioral insights from your most loyal customers. lifetime value of a customer Create Rewards to Compliment Behavioral Patterns For rewards to be most effective, they must leverage a positive action. For instance, if you want to increase your average order value, a restaurant can add a complimentary drink with a certain meal deal. But how can you set up rewards to complement a ? There are three key principles that all businesses can follow to maximize their performance. digital customer retention strategy Firstly, businesses should go beyond discounts in order to reach new leads. Applying too many discounts can lead to negative perceptions of a product’s quality and the cheapness of your brand. Rather than discounting, adding bonuses like free delivery on orders over $50 can motivate customers to receive a reward for buying more. You should also look to distribute simple rewards for loyal customers. Rather than offering a freebie every 10 orders, keep customers motivated to come back by offering a smaller reward for every two or three orders. Finally, make sure that you are seen to recognize your customers through your rewards systems. Whether you offer them a special birthday discount or a reward as part of a referral scheme, this can help customers feel valued and motivated to continue promoting your brand. Leverage Personalization The single best way to generate more customer retention is to build an emotional connection between your customers and your brand. This can be done through personalization, and customers can feel more valued when their experiences are tailored to suit their own wants and needs. Statistics suggest that are more likely to make a purchase with personalized experiences, but leveraging personalization means utilizing more customer data. 80% of shoppers This is where the behavioral analytics you’ve amassed can become useful for developing insights based on previous purchases, brand preferences, and key shopping habits. Using this data in an affirmative way can help you showcase your most effective products and services under the noses of your most receptive leads. Building Segments for Lost Customers Another key component of customer retention is to reclaim your customers who have fallen through the cracks of your loyalty scheme in recent months. Be sure to set up a bespoke promotion that can lure lapsed customers back into making regular purchases with your business. In addition to this, customers who have abandoned an online shopping cart could that their items are still available to buy. receive email reminders These measures can actively encourage retention and show customers that your brand considers them valuable enough to engage with if something seems wrong. Harnessing the Power of Loyalty Managing customer retention is key for ambitious businesses of all sizes. It can be a powerful tool that positively impacts loyalty and maximizes growth prospects. By prioritizing customer needs and meeting them, a digitized strategy can help organizations build strong and lasting relationships with their customers. Leveraging loyalty is about more than just marketing a brand accordingly. It has to be a business mindset where the customer can feel prioritized through meaningful connections and interactions. It’s through this carefully structured approach that a business can build a sustainable connection with those who matter most.

Leveraging Loyalty: Can Businesses Digitize Customer Retention?

has officially announced , the first loyalty program for degens. The announcement comes on the heels of the launch of , an expansion of the site’s editorial coverage into new and barely explored corners of the crypto space. NEW YORK, United States, September 26th, 2023/Chainwire/-- Decrypt Media Inc. 1000x Degen Alley Degen Alley embraces the "degenerate" side of the crypto and gambling communities, serving as a place for the thrill-seekers, risk-takers, and crypto enthusiasts who live on the edge. is a membership community spanning the spectrum of gaming entertainment by offering exclusive access and discounts on sports betting, casino games, online poker, and more. The program offers two tiers of membership, each corresponding to different levels of perks, including discounts and preferred rates at partners like PokerGo, Stake.com, Action Network, and Rotowire, member-exclusive events such as poker tournaments, access to a 1000x community Discord, and more. 1000x Degen Alley is also home to “This Time Will Be Different,” a podcast hosted by Reza Jafery focusing on guests from the degen side of the crypto space, their origin stories, and the problems that wake them up in the morning. Featuring guests such as Martin Shkreli, Amanda Cassatt, and Allie Eve Knox, “ ” is the talk show counterpart to Degen Alley, featuring some of the greatest minds in the space as they share laughs, trade tales of barely missing generational wealth, and discuss the latest crypto disasters hitting X (the social network formerly known as Twitter). This Time Will Be Different Stay up-to-date while having some fun at Degen Alley. Degen Alley is a gathering place and communal safe haven for degen culture, offering different avenues for members to share, engage, and play. Degens and crypto enthusiasts alike come for the storytelling and stay for the fun. Additional features found in the hub include: AI-Powered News Exploration. Degen Alley offers an AI-powered news explorer that keeps gamblers up to date on the need-to-know of the industry. Content. The site will offer additional unique content offerings alongside “This Time Will Be Different,” the candid podcast focusing on degen culture. No topics or guests are off-limits. Learning. “Degen U” provides educational content to help members degen even harder. The first course, , is available on launch and will help traders identify trends, seize the right moment to trade, and weed out scams… and have fun doing it! Mastering NFT Trading Degen Alley lives on the website and features articles, interviews, breaking news, and more. Alongside editorial content, the platform is supplemented by the 1000x members-only channels in Discord. decrypt.co About Decrypt Media is a next-generation media company and creative studio positioned at the intersection of emerging technology, alternative finance, and culture. Our day-to-day operations are powered by AI and Web3. Decrypt Decrypt was founded in 2018 with a simple mission: to demystify the decentralized web. As the Web3 industry’s impact has grown, so has our coverage. Today, we exist to capture compelling narratives that span technology’s reach into every facet of life. We’re passionate about the interplay between technology and culture. This dynamic space is filled with untold stories. We’re here to tell them and to create a few of our own. Our mission is to inform about current events, educate about emerging technology, and empower those with a creative vision to bring it to life. Contact Nadav Dakner nadav@chainwire.org This story was distributed as a release by Chainwire under HackerNoon’s Brand As An Author Program. Learn more about the program here: https://business.hackernoon.com/brand-as-author

Decrypt Introduces 1000x: The First Loyalty Program for Degens

Decrypt presenta 1000x: el primer programa de fidelización para Degens

Decrypt présente 1000x : le premier programme de fidélité pour Degens

डिक्रिप्ट ने 1000x पेश किया: डीजेन्स के लिए पहला लॉयल्टी प्रोग्राम

Decrypt が 1000x を導入: Degens 向け初のロイヤルティ プログラム

Decrypt apresenta 1000x: o primeiro programa de fidelidade para Degens

Decrypt giới thiệu 1000x: Chương trình khách hàng thân thiết đầu tiên dành cho Degens

Decrypt 推出 1000x：Degens 的首个忠诚度计划

The promise of Web3 is one that we can’t possibly take for granted. This technological marvel is looking to be the future of the landscape, providing users with better control of their data and the ability to choose how they interact with the internet as we know it. With concepts like artificial intelligence and , Web3 is undoubtedly the next iteration of what the internet is meant to be. And although it is yet to reach the levels of adoption that its proponents hope, Web3 is moving quickly to that next stage. blockchain technology The problem, however, remains that Web3 won’t be able to reach its full potential without the necessary customers. Like the J-turner before it, there is a growing sense that it might take a while before Web3 really flourishes and becomes the frontier of the future. Web3 is still very much in its infancy, and the general consensus is that we might have to wait a few years to see it really reach millions of people. The problem, though, is that Web3 platforms might not necessarily have that time. These services are in a race against time to show that their solutions are catching on - both as a form of social proof and as a means of appeasing investors who already committed millions to them. Otherwise, the dream of could die in infancy. Web3 Fortunately, many Web3 platforms have the opportunity to solve this by turning to a solution that has helped their counterparts in the traditional tech space - loyalty programs. The system of loyalty programs is one that has stood the test of time. And while Web3 will change a lot of things in the tech landscape for good, loyalty programs won’t go extinct because of it. A platform can easily offer different types of incentives and attractions to customers in order to get them to join and ramp up adoption. From freebies like discounts on services to the opportunity for affiliate marketing, loyalty programs are varied - thus allowing you to enjoy complete freedom over what you offer your customers for their continued patronage. In this interview, we spoke to the founder and chief executive of Metopia - a reputation-based Web3 loyalty platform - on his vision for his company and how loyalty programs can change the landscape of Web3 marketing. 1. What do you think is the biggest impediment to Web3 adoption? In our view, cost is the biggest impediment to Web3 adoption. For users, the cost is mainly in two aspects: the time cost to build awareness of the new technology, and the costs. on-chain transaction Almost no one is born a Web3 user. The barriers of entry, such as the complexity of cryptocurrency wallets, the technical know-how required to navigate decentralized platforms, and the unfamiliarity of blockchain concepts,  can discourage mainstream users from fully embracing these technologies. From the perspective of awareness, Web3 is the creative destruction that is built on critique and rethinking of the established order. We are born in a centralized world that makes every effort to chase efficiency, and the ubiquitous game between efficiency and decentralization in blockchain is a new order that requires repeated self-adaption for both builders and users. Hence, both the practice and perception of Web3 are challenging the comfort zone of mainstream users. 2. How does Metopia hope to address this with loyalty programs? In two aspects, Metopia offers a loyalty toolkit for Web3 teams to gamify the engagement process and lower the user cognitive load, and besides, Metopia is a light entrance for common users to experience blockchain-based loyalty system, sharing Web3 primitives like decentralization and transparency. Loyalty programs aim to reward customers for brand engagements. Metopia's loyalty toolkit has its classic side - similar incentive apparatus including points and badges to boost engagements. For early Web3 projects, when users were always discouraged by the steep learning curve and high transaction costs, incentive matters. Token airdrop is now a more common way, but a loyalty program means more. By recording users' contributions with points and on-chain badges, our toolkit allows every community to create its own sustainable user incentive loop. Additionally, teams can differentiate users and motivate them with incentive methods offered including instant tokens, incentive pools, raffles, and governance powers. Thus users have a gamified growth experience when using the product, and their value created is reasonably redeemed, while the brand gains better user retention and a refined understanding of users through contribution records over time. If we try to position Metopia in the broader world, the second scenario occurs. Badges within a brand are classic, but a bit boring, while when badges and the metadata are recorded on the blockchain with discoverability and portability, they can become part of your digital identity in the long run. And when badges, , and blockchain are combined, it unlocks new experiences and possibilities for traditional users. Alex Stein describes what it's like to participate in Starbucks’ Web3 Loyalty Program launched in last December, “strangely addictive, surprisingly lucrative and an entertaining glimpse into NFT culture.” We can feel the sparks of the combination of traditional brands and Web3 primitives bringing novel experiences to consumers, and this is also a direction that Metopia will explore in the future, offering blockchain-based loyalty programs and more interesting gaming experiences for traditional brands. NFTs in his article 3. Are Web3 platforms on the right track to organic growth? I would say that the bear market de-bubbling process is the best time window for web3 platforms to return to organic growth. When the easy liquidity environment no longer exists, it must be an unquestionable choice for Web3 builders to return to technology building, demand-driven, and user growth at the moment. I say return because we are perhaps on the verge of straying. There's a trend in the Web3 realm where the means itself becomes the end. This loss of focus always revolves around tokens, and token airdrops, supposed to be a means of user acquisition, become the prioritized purpose of the user. It must be acknowledged that airdrops are an innovative Web3 means of acquisition, and the early Uniswap and 1inch airdrops were a generous reward for the early brave. Token airdrops are firstly a go-to-market strategy, while Web3 token wealth effect sometimes entraps the users and builders into the airdrop curse, and thus the product-market fit is ignored. Many airdrop campaigns have proven to be too expensive a means of customer acquisition. Kerman Kohli offered his data-driven insights that reaches $2175 per user, and 60% of users didn't retain at all. And this is an important reason why Metopia tries to push forward the adoption of loyalty programs in the Web3 market. the customer acquisition cost of Arbitrum airdrop campaign The difference between token airdrops and loyalty programs should be clear: sustainability. If token airdrop is an effective way for new user acquisition, loyalty programs should be designed when the community starts to emerge, to ensure that incentives are properly rewarded to the right and real user. In other words, token airdrops can be a special round for a loyalty program to reward early users that made contributions to the project, but it's not supposed to be the only way since user acquisition and retention can't stop at one-off token issuance. The instant incentive is a hook to activate potential users to experience new products and features, while the loyalty-based incentive program helps projects gather valuable users that are willing to grow with the projects on a long-term, ongoing basis and gradually form a robust community. 4. What other marketing tactics can Web3 founders use to boost adoption? Collaboration within the Web3 ecosystem is crucial, but it's equally important for users to educate themselves about the possibilities and benefits of . Web3 platforms can play a pivotal role in facilitating user education through various means, such as tasks, rewards, and loyalty programs. By incentivizing users to engage in educational tasks and providing rewards for their active participation, platforms can encourage users to learn about the underlying principles and functionalities of Web3. Loyalty programs can further motivate users to deepen their understanding and explore different aspects of the ecosystem. Empowering users with knowledge not only enhances their experience but also fuels the organic growth of Web3 by fostering a well-informed and engaged community. Through collaboration and user education initiatives, the Web3 ecosystem can thrive and unlock its full potential. decentralized technologies Conclusion Web3 is expected to be a revolutionary piece of technology that will change the way we see the overall tech landscape. But, like many iterations of the industry before it, there is a significant need for Web3 to catch on with customers.

Web3 Platforms Need Customers - How Loyalty Programs Can Help

SYDNEY, Australia, May 20th, 2023  - The 2023 organizing team has partnered with to deliver Permissionless Perks, an Open Loyalty solution that enables event attendees to independently verify ticket ownership to 3rd party perk providers. Attendees at EDCON 2023 in Montenegro from May 19th - 23rd, can claim over 30 exclusive perks available only to them. EDCON Smart Token Labs CEO of Smart Token Labs, Victor Zhang, said Permissionless Perks is one of the few commercial examples of Open Loyalty:  “It’s a permissionless Open Loyalty solution where the verification occurs between the ticket holder and the perk provider without involving the event organizer. A URL delivered to attendees is an attestation that attests ticket ownership and is then stored in the browser’s local storage to enable the seamless claim of perks on the providers’ websites.” Sky Harris, Marketing Lead of De University of Ethereum, co-organizer of EDCON, praised Permissionless Perks as a great way to create additional value for attendees: “What we love about this solution is it enables any 3rd party to add value to the attendee experience by providing perks for our ticket holders. It's a truly permissionless and decentralized solution, and attestations unlock unique value.” There are over 30 perks for attendees, ranging from the ability to free mint a derivative Cool Cat in EDCON swag to the chance to claim one of 50 serves of ‘Njegusi Prosciutto’ from a famed local Montenegrin restaurant. “We thank our friends at Smart Token Labs for supporting EDCON by enabling ticket attestations and Permissionless Perks via their fully open-source TokenScript technology.” STL has now delivered the Permissionless Perks as a public goods supporter to the three largest Ethereum developer events of 2022 and 2023 including EDCON 2023 in Montenegro, Devcon VI in Bogota, and DevConnect in Amsterdam. About Permissionless Perks Permissionless Perks is an open loyalty platform enabling any brand to offer a perk to event ticket holders through an open marketplace. Because it is open, any brand can create value for verified event attendees, removing the burden of value creation from the event organizer. At Devcon VI in Bogota, Permissionless Perks had a 58% engagement rate and a 20% claim rate on rewards which is 2X the industry average. About Smart Token Labs is the creator of SmartLayer, a chain-agnostic Token Utility Protocol that enables mainstream use cases between web2 and web3. SmartLayer consists of Smart Tokens that let businesses convert user data into smart tokens owned by those users. is enabled by SmartLayer seamlessly integrating token utility and logic into products and services across both web2 and web3. Smart Token Labs Token utility For more information visit: | | Official website Twitter Telegram Contact: CMO Brent Annells Smart Token Labs b@smarttokenlabs.com This story was distributed as a release by Chainwire under HackerNoon’s Brand As An Author Program. Learn more about the program here: https://business.hackernoon.com/brand-as-author

Smart Token Labs Introduces Open Loyalty Solution at EDCON 2023

Smart Token Labs presenta una solución de lealtad abierta en EDCON 2023

Smart Token Labs présente une solution de fidélité ouverte à EDCON 2023

स्मार्ट टोकन लैब्स ने EDCON 2023 में ओपन लॉयल्टी सॉल्यूशन पेश किया

Smart Token Labs が EDCON 2023 でオープン ロイヤルティ ソリューションを発表

Smart Token Labs apresenta solução de fidelidade aberta na EDCON 2023

Smart Token Labs giới thiệu giải pháp Open Loyalty tại EDCON 2023

Smart Token Labs 在 EDCON 2023 上推出开放式忠诚度解决方案

Cash-back, loyalty points, miles, gift cards, and numerous other variations – reward programs come in all different shapes and sizes. Unfortunately, they all seem to suffer from similar issues. Lack of flexibility, an obnoxious amount of restrictions, and useless “perks”. But nonetheless, these systems attract and encourage loyalty to their brand, card, and/or program. A great example of this is American Express. The company is one of the most prestigious credit card providers in the world than competitors. It’s renowned for its intricate reward systems, but there’s still one problem – you can only use those rewards within its network. despite having significantly less reach These kinds of restrictions exist across the entire reward industry from gift cards to proprietary loyalty points. But that may be about to change as crypto debit cards and reward systems begin to move into the limelight. On the surface, this seems like just another customer retention strategy, However, it may actually have the potential to reinvent the notion of reward cards and loyalty points, which is a big part of the modern consumer experience. Current reward programs and how they work The idea behind a reward program is simple. The customer is rewarded, usually with cash back, points, or miles, for making a purchase. Such programs are typically applied for specific forms of payments, like credit card payments. Under cash back, the customer is refunded a certain percentage of their payment. With points, the user receives points for every purchase. They can then redeem these points for goods or services in the future. The same applies to mileage points, which are used by airlines. The consumer earns miles which they can then redeem for travel or hotel stays. In all of these, the customer makes regular purchases and they are rewarded for it. And it sounds good; at least on paper. Things become a little more complicated when it comes to implementation. Here, the question arises; how much value do users actually get from these programs? The flaws of traditional reward programs Traditional reward programs have some big flaws. Unfortunately, these flaws ensure that most customers derive very little value from the program. Take cash-back rewards for instance. While cash-back levels vary depending on the type of purchase and the credit card, most pay 1%-2%, at most 3%. That's a very small reward. To put it into perspective, on average, the card owner will have to spend a thousand pounds to get £20 cash-back. That can be acceptable until you factor in the fees and interest rates. Credit card rewards programs carry high fees and interest rates that negate the value of the rewards. What about points and miles? It's the same really. Consumers don’t earn that many points and miles from reward programs. For example, “mile” values are generally worth 1 cent per mile. The average cost of a good round-trip flight from JFK in New York to Heathrow is around €600. So, one would need to travel around 65,000 miles to earn points worth a single trip. This point also demonstrates another big flaw of traditional reward programs – limited earning and redemption options. There are limited ways through which customers can earn and redeem points or miles. Take miles rewards for instance. Miles can only be earned through air travel. And once earned, they can only be redeemed at the specific airline that offered them. Points, on the other hand, can only be earned and redeemed at specific outlets for specific purchases. Some programs only give rewards for grocery purchases, others for household items, electronics, and so on. This makes things frustrating for customers who may wish to earn rewards for making different purchases or those who want to use their rewards for other experiences. So, while reward programs are attractive to consumers, they don’t offer that much value. But what do crypto debit cards have to offer? Do cards like the Plutus Card do any better? Rewards With Crypto Debit Cards Plutus, a Web3 project that provides users with a debit card and a finance app that focuses on rewards. Users earn a percentage of the value back in Pluton (PLU). A huge benefit of such cards, and perhaps the most important, is redemption options. Crypto rewards have much more flexible redemption options than traditional reward programs. This is because they have very few limitations and give consumers an array of options and opportunities to earn and spend rewards. For example, a cardholder earns crypto for using the card at any merchant. Here it doesn’t matter where the holder has used the card. As long as the consumer uses the card to make a purchase, they will be rewarded. They then get to spend the rewards on anything they want. They’re not limited to a particular class of goods or services. They can also hold the rewards in their wallet as they would any other cryptocurrency. If the assets grow in value, well and good. Consumers also have the option to withdraw their rewards, which is impossible to do with conventional credit card rewards. This involves converting the tokens into real money by selling them at an exchange. For example, this app features a peer-to-peer exchange that supports crypto-fiat swaps. So, Plutus Card users can easily and conveniently convert their Pluton to cash. The other benefit of crypto rewards is the size. On average, crypto debit cards offer bigger rewards than credit card programs. Take Plutus for instance, which offers rewards of up to 8%. This is one of the highest reward rates in the market. Takeaway Overall, crypto debit cards have bigger, more flexible reward programs than traditional options. This makes them a very attractive alternative for consumers. So, if and when crypto debit cards go mainstream, they will likely replace traditional reward cards and loyalty points, or at least force them to offer better value.

Can Crypto Debit Cards Replace Traditional Rewards Cards and Loyalty Points?

Loyalty programs have been a cornerstone of customer retention strategies for decades. Traditionally, these programs revolved around earning points or miles, which customers could redeem for products, services, or experiences. However, the digital age has introduced a new player to this arena: cryptocurrency. Crypto rewards are gradually making their way into the loyalty landscape, offering a unique proposition for tech-savvy consumers. But as the realms of blockchain and cryptocurrency expand, another transformative element has emerged - Web3 reputation systems. These decentralized systems hold potential to revolutionize the way we perceive customer loyalty. Understanding Web3 Reputation and its Significance Web3 reputation systems operate in the decentralized world of blockchain technology. These systems allow users to earn and display a reputation score based on their interactions within a particular ecosystem. The decentralized nature of these systems ensures transparency and immutability, meaning that reputation scores are reliable and cannot be tampered with. In decentralized networks, reputation is vital. Trust, which is easily established in traditional centralized systems through regulation and oversight, is not inherently present in a decentralized environment. This is where reputation systems step in. By providing a means for users to establish credibility and demonstrate trustworthy behavior, Web3 reputation systems play a critical role in fostering trust within the decentralized landscape. Web3 Reputation in Crypto-based Loyalty Programs In the context of crypto-based loyalty programs, Web3 reputation systems could play a significant role. For one, they can enhance the level of trust customers place in the program. By seeing the reputation scores of others, customers can gauge the credibility of the program and the reliability of the rewards on offer. Additionally, Web3 reputation systems bring transparency to loyalty programs. With blockchain's inherent transparency, customers can track their crypto rewards and reputation scores in real time, reinforcing the trustworthiness of the program. Furthermore, the integration of Web3 reputation systems can improve customer engagement. Consumers who see their positive actions reflected in their reputation score may feel more incentivized to engage with the loyalty program, thereby driving customer loyalty and retention. Beyond the Barriers: Solutions for a Smooth Web3 Transition Despite the potential benefits, integrating Web3 reputation systems into crypto-based loyalty programs is not without challenges. Technical difficulties may arise, as implementing a decentralized system within an existing framework can be complex. Additionally, getting users to adopt and understand this new system can be challenging. The volatility of crypto rewards is also a concern, as it may deter customers who prefer the stability of traditional points. However, these challenges are not insurmountable. Education will play a key role in driving user adoption. By explaining the benefits and workings of Web3 reputation systems and crypto rewards, businesses can encourage customers to embrace these innovative loyalty programs. Technological advancements will also help to simplify the integration process, making it easier for businesses to adopt these systems. As for the volatility of crypto rewards, effective risk management strategies, such as offering stablecoin rewards, can help mitigate this concern. Web3 Reputation: Loyalty's New Frontier Web3 reputation systems are poised to play a transformative role in crypto-based loyalty programs. There are several projects working on different aspects of this integration. Platforms like Orange Protocol focus on decentralized reputation, while others like Bakkt provide comprehensive crypto-based rewards programs. Their joint efforts could reshape the loyalty landscape, offering a unique and potentially more rewarding experience for consumers. While challenges exist, the potential rewards for businesses and consumers alike make this frontier worth exploring. The early adopters of Web3 reputation systems in their loyalty programs could gain a significant competitive advantage, reaping the benefits of increased customer loyalty and retention. As we look towards the future of customer loyalty programs, the integration of Web3 reputation systems and crypto rewards presents a promising horizon.

Decentralizing Trust: The Role of Web3 Reputation in Crypto-based Loyalty Programs

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