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Blockchain Based Loyalty Program: An Innovative Way To Keep Customers Coming Back

There is nothing like winning new business in a cutting-edge competition. Marketing departments must pour energy into messaging and positioning to win people’s hearts and establish their brand. Therefore, every company focuses on new sales and converting them into leads. But studies have found that bringing new customers and converting them into sales costs the company six times higher than retaining existing ones.

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In the rat race of companies to retain customers, Investing in loyalty programs always proves a healthy decision and keeps the business popularity growing. These programs are not just offering discounts but maintain users’ history to expand their purchasing power and improve overall customer experience,

Now, you might be wondering what the relevance of blockchain with these loyalty programs is? Wait…

Blockchain technology has great significance with loyalty programs. The innovative solution keeps users engaged with services and enhances purchasing power in various vertices. It not only empowers businesses to grow, but however, offers a real worth of their past purchasing. 

Before proceeding with blockchain-based loyalty programs, let’s understand;

Shortcomings of Existing Rewarding Platforms

Loyalty programs are designed for customer satisfaction and bring more business. These are expensive choices for companies, as there is always a risk of customer dissatisfaction due to a myriad of reasons – poor reward integration, inflexible reward structure and lack of visibility. 

One of the common shortfalls for these are rewarding closed loops – like limited period offers and redemption of points from the same platform. Therefore, most companies lose customers, and customers lose their interest in the platform. 

Time For Blockchain For Loyalty Program

Blockchain technology comes up with exciting features and rewards points to remove industries from these issues. It is an open system for multiple providers to offer reward points and share common ground. Users can get all the points in one place and redeem them anywhere. For instance, users can obtain points from banking, air tickets, shopping and more options and can redeem all at booking air tickets. It helps the users centrally manage all rewards and enjoy its benefits. 

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Why are customer blockchain loyalty programs important?

Let’s understand the benefits of blockchain-based loyalty programs. 

Centralized Points System 

With the blockchain-based loyalty program, you can offer a centralized point system that counts in users’ single account, irrespective of the point obtained from anywhere. It makes users understand total points with a single click. 

Ability To Redeem Points Anywhere 

Users get the superior option to redeem points on any platform. The ultimate feature keeps the users engaged with the highest offering points platform to use and redeem them. 

Better Customer Retention

Modern users make buying decisions not based on pricing, but many other factors affect buying decisions. Like engagement level, shared values and more that keep users connected with the platform. 

More Referrals

If your customers enjoy your benefits, they really appreciate giving more family, friends and colleagues referrals. 

Cost Efficiency

It’s a cost-effective way to retain customers and keep them motivated to use your platform. 

User Generated Content

You can create and offer user-generated content that keeps customers happy and stays with the business longer. 

Blockchain For Customer Rewards Program: Understand Various Types

Rewards and Points

Rewards and loyalty points offer an opportunity for users to get back a small portion of every spent dollar. It could be from earned points accumulated in the user’s account. Later the users can shop for anything in exchange for these points. Points-based systems also help track customer behavior and allow customers to improve their experience. 

Wallet & Gifts

In the crypto world, wallets and gifts let the users enjoy surprises in their wallets. Platforms can offer exciting prizes to shop NFTs at heavy discounts from a particular marketplace. Also, users can shop around similar stores like gamers can buy or get free gifts of particular attributes, weapons, dresses or more. 

Referral

Another option is rewarding users who refer your platform to friends, family and colleagues. It helps businesses keep existing users engaged with the platform and brings new users. Besides that, it helps to increase brand awareness, identify loyal customers, increase conversion rate and more. 

Buy One Get One

Buying one and getting one option is a proven strategy to boost sales and engage customers. Gaming, ecommerce and many other sectors introduce these loyalty programs to empower their platform and encourage more users to buy something. 

Industries Requires Blockchain Based Loyalty Programs 

Today, it’s hard for any industry to survive without keeping users engaged. Here are a few examples of industries booming due to reward features. Leveraging blockchain technology with their current system can ensure more customers and business benefits. 

  • Financial Industry: To deliver attractive offers on credit cards, saving accounts, fixed deposits or saving through mutual funds like schemes. Loyalty programs attract new customers and keep others engaged. 
  • Retail: In retail, business loyalty programs give a reason to customers to come back and choose your product or services over competitors. You can offer blockchain for customer rewards programs over every minimum amount purchase. 
  • Food and Beverages: Flourish your food and beverages business with the ability of loyalty programs. Starbucks is a perfect example that offers one star over a hundred dollars purchasing that customers can redeem anytime. 
  • eCommerce: Allow your users to shop more with loyalty programs. The ultimate feature enables users to buy more products at a reduced price and get the best advantage of it. 
  • FMCG and Consumer Goods: FMCG platforms also require loyalty programs to boost the fastest moving goods sales. These are low-cost items but required in everyday life like fruit and vegetables, toilet paper, soda, beer, milk, gum, and over-the-counter drugs. 
  • Travel and Hospitality: Introducing loyalty programs in traveling and hospitality allows users to plan their next trip. Users always want to join the next trip or book tickets before the points have elapsed. 
  • Gaming Industry: Loyalty programs significantly amplify gamers’ interest in your industry. You can allow users to buy anything from the platform at less than the normal price. 

Vertices You Can Cover With 

Channel Loyalty Programs

Customers and your channel partners also play a significant role in empowering your platform. Offer an engaging reward system to your channel partner and drive more sales. We have a well-planned solution that motivates your partners to promote and sell your products. 

Customer Loyalty Programs

It allows your users to pick you among various competitors. The real-time rewarding system helps your businesses understand your organization with powerful insight. You can motivate customers by messaging and offering & rewards like points, cashback, discounts, etc.

 Recognition Programs

The recognition programs are more likely related to employees. So, offer a well-crafted employee recognition program that can produce 12X higher returns on the platform. It helps your business to retain the best performer employees in the office via creative communications, milestone rewards, gift catalogues, awards etc. 

Gift Card Loyalty

One of the best and simplest ways to retain customers is to offer customized gift card loyalty programs. It helps to engage users and strengthen users, regardless of your business type or functionality. To know more about it, contact our experts to know how you can offer your users unique, customized design. 

How Blockchain-Based Loyalty Program Will Be Possible For Any Business?

Understanding in-depth blockchain technology keeps the fire on to know how you can integrate the features in the current platform or you need to build a new one. Remember that we have the expertise in building various blockchain technology-based projects. Many of them are complex in nature that most of the businesses in the IT sector refuse to accept in the world of crypto coins creation, Metaverse platform, Web3 development, NFT marketplace, crypto wallet, cross platform online and offline gaming etc. But we help them to achieve their dream.

Now it’s your turn to make your dream a beautiful reality and enjoy a wide range of customers. 

We integrate blockchain technology into your existing blockchain-based solution and can develop a platform from the ground. Our experts are proficient in building, launching or editing smart contracts, we integrate customized smart contact. It only works when a person successfully fulfills all the conditions and transfers reward points to the user’s account.

Features of Blockchain Technology-Based Loyalty Programs

Let’s understand the essential features of blockchain-based loyalty programs.

  • Build Loyalty Your Own Way

Our designed loyalty program solution allows you to decide and implement reward points in your own way. Among multiple options, you can pick one or two that help to strengthen your business with attractive features. 

  • Real-Time Rule-Based Rewards

Our designed reward system embraces a real-time basis rewards system. This means you don’t have to wait to upgrade the system. As soon as the users conduct a transaction, rewards start fluctuating in their wallets. 

  • Multiple Redemption Options

One need not be stuck with one option, as blockchain-based reward points can be redeemed anywhere. Our designed solution provides users with multiple redemption points. 

  • Grow Your Followers

We design customer-oriented solutions that enhance your customer reach. Every step will promote your business whether they share or redeem on their own. 

  • Keep Campaign Tracking

You can track campaigns and understand the real scenario. You can track customers availing reward points, platforms they are using and more detail. These help you understand customers’ behavior and expectations from the platform.

Wrapping Up!!!

Offering loyalty programs or choosing a desirable reward system allows companies to flourish their business. But it is also essential for any business to choose the right loyalty program and accurate infrastructure or software to implement a loyalty program. Otherwise, all your efforts can go in vain. 

When choosing a perfect fit software solution, nothing can compare to Suffescom Solutions. We are the leading company in delivering blockchain-based solutions. We have already delivered and developed various Ethereum, Solana, Polygon and other Blockchain technologies projects for gaming platforms, NFT marketplaces, crypto and other sectors. Most of our solutions are embedded with loyalty programs to attract and engage more users among these platforms. 

Hence, whether you are from Healthcare, eCommerce, Retail, Fintech or other industry, we have experienced 150 blockchain experts to build industry-leading solutions. 

Contact us Now to know more about your project and business and how to do a successful business with loyalty programs. 

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