qiibee, Taking the Loyalty Programs Market to the Next Level

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Have you ever wondered what would happen to a product if every initial buyer does not return for a repurchase? Well, if you don't; most business owners really do. They care very much about their customers' loyalty. In short, real business owners do know that one loyal customer, in the long run, is worth a hundred disloyal customers. So, they naturally do everything possible to win the loyalty of their customers because, of course, the success of their products largely depends upon it.

The strength of brand loyalty begins with how your product makes people feel.

• Jay Samit

What Exactly Do Business Owners Do to Win the Loyalty of Their Customers?

In a highly competitive business environment, apart from delivering quality products and rendering good customer service, most business owners run loyalty programs to induce and reward their loyal customers. Usually, the loyalty programs give customers the opportunity of earning points, points which, when accumulated, can be converted into a coupon. The coupon can then be used, at best, to get free items or discounts.

The Problems with the Traditional Loyalty Programs

The essence of a good loyalty program, of course, is winning the trust and love of one's customers. However, today, it appears that most of the traditional loyalty programs being run by business owners have only succeeded in winning more disloyal customers. As incredible as this may sound, it is the bitter truth.

Here is why:

• Fragmentation: Fragmentation is a big problem because there are thousands of loyalty programs presently competing for the attention of customers. All of these loyalty programs, sadly, are run by different brands. This results to a chaotic and even overwhelming situation which sees customers losing interest in the general loyalty programs.

• No Cash Out Option: Presently, it is impossible to cash out the many points earned in the various loyalty programs. Customers are forced to either convert their points to coupon or forget about it. As a matter of fact, Fenech and Perkins (2017) cited here observed incredibly that an estimated USD 100 billion in points are left unredeemed by customers participating in loyalty programs

qiibee, the New Chapter in the Feeble Loyalty Programs Market

Congratulations. A new chapter is now opened before us in the feeble loyalty programs market. This chapter is qiibee. qiibee, a loyalty program ecosystem built on the Ethereum blockchain, aims to unite and decentralize the fragmented loyalty programs market by offering companies the opportunity of running transparent and efficient loyalty programs. qiibee will also make it possible for customers to manage and trade their loyalty points for fiat currency.

Here is what the qiibee White Paper has to say,

qiibee is revolutionizing the loyalty market by offering a blockchain-based loyalty ecosystem, on which every brand can build its very own loyalty application. This way, we are encouraging brands to build their programs on the same foundation, thereby making it possible for brands as well as customers to engage with one another across the ecosystem.
With this ecosystem, we are tackling the issues prevalent in today’s loyalty market, like it’s fragmentation, low levels of activity and redemption, costs associated with integration and the lack of interoperability and intrinsic value of the points collected.

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How Will Business Owners Benefit From Using qiibee?

Business Owners will benefit from using qiibee in the following ways:

• Real time monitoring of their loyalty program. For the first time, business owners using the qiibee application will be able to track and monitor the progress of their loyalty programs.

• Increased level of engagement. Through the decentralized and transparent nature of qiibee, business owners will get a higher level of engagement and interaction from their customers who have by now developed more interest in loyalty programs.

• Elimination of liabilities from the company's balance sheet. With qiibee, business owners can easily draw up budgets and provide money for their loyalty programs. This money can then be recorded as expenses, or even investments, rather than liabilities.

• Increased product sales. Since qiibee induces customers' interest in loyalty programs, it follows that product sales are likely to increase since customers need to buy the products to earn points.
  

How Will Customers Benefit from Using qiibee?

• Conversion of earned tokens into fiat currency. qiibee will give customers a glorious opportunity of converting the tokens earned from loyalty programs into QBX, a cryptocurrency powered by qiibee. QBX can then be exchanged for fiat currency.

• Increased level of satisfaction. Customers using qiibee are likely to be more satisfied because of the extra advantage they get from participating in a decentralized loyalty platform.
  

Meet the Brainy Team Behind qiibee

Conclusion

There is no doubt that qiibee will take the presently disorganized loyalty program market to the next level, creating an incredibly wonderful experience for both business owners and their many customers.

You Want to Know More About qiibee?

• Feel free to download the qiibee White Paper
• Kindly visit the qiibee Website
• Catch qiibee on Facebook and on Twitter
• You like Airdrops? Join the ongoing qiibee airdrop on Steemit.

qiibee 2018

PS: This essay is my entry for an ongoing contest organized by @originalworks. The views expressed in this essay are my personal opinions and do not in anyway represent financial advice. Anyone who is willing to invest in this project should do proper assessment before he or she invests.