The retail industry has become a cutthroat business, thanks to increased globalization and competition between the brands. At the same time, consumers now have lots of alternatives, which has forced companies to come up with incentives for them to stay loyal to their brands.
In such a scenario, loyalty and reward programs have gained a lot of traction as retailers and brands strive to retain customers. The loyalty programs offer benefits to customers in the form of reward points, discount coupons, etc., which are effective to a certain extent. However, the industry has its own set of challenges, thanks to coupon and rebate fraud. According to estimates, the coupon and rebate fraud costs brands and retailers about $600 million annually, in the United States alone.
CausePlay, the mobile solutions provider offering advanced engagement tactics combined with gamified loyalty and rewards solutions for brands has come up with a solution that can revolutionize the industry. The company has implemented blockchain technology along with some of the licensed patents to overcome most of the challenges concerning coupon and rebate fraud.
CausePlay, under the brand name ThirtyThree.8, leverages on blockchain’s immutable and transparent nature to offer the much-needed flexibility to the loyalty and rebate industry. Created over the Ethereum blockchain, the platform is powered by Virtual Cash Back (VCB) tokens. The company currently offers the VCB tokens in its ongoing crowdsale, where people can purchase it by sending ether to the token contract made available on the website.
Unlike conventional loyalty programs, the blockchain based CausePlay coupon and rebate platform allow businesses to control their programs in real-time, decide upon the budget they want to spend on the program, and assign certain benefits to individual users. Also, the distributed ledger technology, that is responsible for preventing double spend on Bitcoin and other cryptocurrency networks ensure that the coupons are not duplicated. The process is further enhanced by the use of built-in patented DRM protection technology.
The token economy surrounding CausePlay’s VCB tokens also helps the brands cover the unbanked population into their rewards and loyalty programs, which is otherwise not possible with credit card or account liked reward programs. With all these benefits, the company has presented itself as an ideal loyalty and rewards management platform for the brands.