Loyalty programs are constantly implemented by the most famous brands in various industries to maintain customer loyalty. According to the new market research report “The Loyalty Management Market by Type of Solution”, it is expected that by 2021 the loyalty program market will reach $4.59 billion. The essence of the loyalty programs and their management approaches still leave much to be desired as customers quite often ignore such implementations and here is why:
According to statistics, customers often refuse to use the loyalty program applications due to the lack of transparency in accruing and using bonus points, conditions for their receipt, limited use, as well as their expiration dates. In such cases, this leads to a negative attitude of customers to the brand of the company, which entails further financial costs. This is an occasion to revise the company’s plan for implementing the loyalty program and turn to innovative technologies that radically change the perception of customers about the reliability and variety of bonus systems.
The competitive edge that blockchain can bring to the market for loyalty programs is numerous and is only now being fully appreciated by large retail chains. The Credits platform is precisely the blockchain project that offers a full-fledged solution for loyalty programs.
Bonoox Loyalty Platform is a blockchain-based loyalty system to support brand loyalty programs. The platform allows companies [users] to issue loyalty points in the form of tokens in the Credits blockchain to improve interaction with customers.
The Credits blockchain allows Bonoox loyalty program operators to distribute loyalty points in the form of tokens, which have exchange properties between other network participants allowing customers to benefit from the services of different enterprises. Moreover, improved interaction between customers and the ability to track the spending and accruals,