Say Hello to "qiibee"-A platform to Revolutionize The Loyalty Sector And A Panacea To Its Major Problems...

Source

The Issue Of Unclaimed Loyalty

Rewards Is Finally Getting Fixed

The advent of Loyalty programs have become a staple convenience for retail marketing. However in recent times, there has been an observable and drastic decline in the performance of loyalty programs since the active participation rate of members for the programs has dropped by over 2 percent in just two years. fact gotten from paytronx

This is very true because; I and my friends were once a big fan of loyalty programs, but it got to a certain point when we turn against it and decided to make our purchases anywhere, and from any brands that suite our tastes and value her customers by offering qualities.

Loyalty programs have taken over our wallets, key rings and our smartphones are not exempted, but how loyal do all these loyalty cards make consumers? There was a time I tried checking some things out from my old wallet, only to find out I had different loyalty cards which are still unclaimed; four coffee shops, three pharmacy chains, two groceries, a sandwich shop, the local ice cream store, the downstairs shoeshine place, three airlines, two car rental companies, two hotel groups, an office supply store and Amtrak.

All I could wish was to combine the cards and use them to make a purchase at any of these shops, but this was never possible! I termed this a form of Fragmentation in the loyalty market and it's one of the leading problems in this sector.

Let's assume it was even possible to combine them. Combining them will be a whole lot of stress and might be very expensive, this implies a high cost of integration, and lack of interoperability and intrinsic value of points collected.

These shed more light on why loyalty program activities have declined so rapidly. Fortunately, there are available solutions as regards fixing these problems associated with the programs to give the customers what they want and how retailers can mitigate them. Thanks to the new platform called qiibee, there is indeed a way!

qiibee And Its Impact In The Loyalty Program Sector

source
qiibee is a decentralized loyalty program built on the ethereum blockchain with the aim of integrating the fragmented loyalty program markets by building an ecosystem for companies to offer loyalty programs through blockchain technology.
Some key features of qiibee that subsequently provides solutions to the problems of current loyalty market are;

√ It encourages the engagement of customers and brands across the ecosystem since it allows every brand to build its own

loyalty application on the same foundation, i.e, qiibee, using the developer kit and still able to manage it themselves without source any interruptions.

√ Customers can collect, redeem, exchange, send or receive loyalty tokens on the platform, since all loyalty tokens are backed by the qiibee token, thereby enabling them to trade the tokens for FIAT or other cryptocurrencies. This solves the problem of fragmentation and unredeemed loyalty rewards.

√ It mitigates the high costs involved in the acquisition of customers in the loyalty market and this is a great advantage on the side of various brands willing to set up a loyalty program.

√ qiibee brings about a significant reduction in the operational risks and inefficiencies associated with the current loyalty programs, since complex data protection requirements and account guidelines make it more difficult to manage the security risk.
For example; a company holding a great amount of personal data of customers.

√ qiibee is saddled with market experience as well as the reputation to make this project a reality since it has already partnered with many major brands in past times.

√ It translates the loyalty points earned by customers into an asset for the brands, rather than outstanding liability. With this in place, it lessens

the worries brands of loyalty programs are bulked up with, since they are mainly concerned with
source maximizing their profits.

With all these key features put together, customers would worry less as regards the problem they are facing in redeeming their loyalty points. Also, brands worry less about the loss they might encounter with the outstanding loyalty points, since customers can now trade them in exchange of other things on the qiibee platform.

This undoubtedly would have a positive impact on both parties ,i.e, Companies and Customers, since none is at the verge of making loss, and it subsequently brings about a great turn around to the loyalty program sector.

How Having a Free Exchange Between Various Loyalty Programs Improve The Customer Experience

Using myself as a case study; like I said while explaining the problems of the current loyalty market that, loyalty points have taken over virtually all the area of our life; our smart phones,

key rings, wallets and some other things due to the fact that most of them are left unredeemed and we keep accumulating them. source

Now, qiibee is providing us with a free exchange between various loyalty programs. This would greatly impact the customers experience, because we can now navigate or switch between the large numbers of loyalty programs available, thereby providing us with the freedom of choosing whatever brand that suites us and mostly of our own interest.

By so doing, it would bring a halt to the issues of customers' loyalty points going to a waste since they are left unredeemed most times. It also reduces the loads we carry about since the loyalty points we earn can now be easily discharged in exchange for qiibee token or other cryptocurrencies.

All these benefits will greatly improve customers experience and also attract new customers into the system.

Downsides Of The Current

Fragmented System

The fragmented system is not only affecting the Customers but also the Companies in the following ways;

√ It brings about the discouragement of customers in participating or taking part in loyalty programs since they have to acquire certain loyalty points overtime in that same company and this could be very uneasy. In a case whereby such customers do not patronize that company on a regular basis, it makes it difficult for him/her to garner the points required by the company.

On the other hand, if these customers have other places they patronize in the same way they do in the above instance, the issue of not getting the points they are able to accumulate from each company combined is a major problem, which means the current loyalty market is being fragmented; subsequently, customers get tired of this.

√ On the side of companies, the fragmentation associated with the loyalty programs they are setting up makes them lose a lot of customers, faster than they are being acquired. This would surely pose a negative effect on the company as their might not be enough customers to patronize them, thereby, making them run such company at a great loss.

My Experiences With Loyalty Points Going To Waste Because They Lack Liquidity

Yes, I've had a lot of experiences with my loyalty points going to waste since they cannot be easily converted to cash and this has been a major source of discouragement to me. My experiences with loyalty programs are well explained at the beginning of this write up; talking about the various stores I visited once in a while, the ones I used while traveling and I won't be traveling anytime soon etc...

However, with the solution qiibee has come up with, I can actually rekindle my participation in loyalty programs, because this will help a consumer like me a long way, since I can now convert my loyalty points easily to quick cash. Hopefully, this benefits would be without any limits.

How qiibee Will Change the way I Interact With Loyalty Programs

I actually did have a misconception that loyalty programs were probably a kind of scam because I believed companies are mainly concerned with retaining their customers, and subsequently maximizing their profits.

However, the idea of qiibee has finally changed my view about these programs since it proves very rewarding. On this note, the bad idea I had about loyalty programs will surely be eliminated and the will of constantly participating has already set in.

Without any doubts, the idea of qiibee would surely make me want to participate in various loyalty programs thereby improving my interaction with them since I now know the essence. This could also be applicable to anyone.

How The Reward Pool Works

qiibee is built on the ethereum blockchain called the the public blockchain. In the same manner, brands are able to build their loyalty programs on qiibee and this is called the private blockchain. It is on this blockchain that companies are able to reward their customers.
This is shown below;

source

Meet The Strategic Partnerships & Advisors Of qiibee

source

Summary & Conclusion

Looking at the Various problems associated with the current loyalty programs as discussed earlier and the utmost solutions qiibee is proffering, it can be said that a new era has finally invaded the loyalty program sector which would actually go a long way in its development.

This concept of qiibee to decentralize loyalty programs is actually very rewarding to both the companies source and their customers.

Companies are now relieved of unnecessary worries as regards the situation of unclaimed rewards by their customers which might put them at loss. On the other hands, customers are also relieved of going around with unclaimed loyalty rewards as they can actually exchange it for qiibee tokens or any other cryptocurrency. This is a turning point indeed!!!

This idea brought up by qiibee is undoubtedly an utmost solution to the underlying risks associated with the loss or manipulation of data within loyalty programs as it helps in reducing insecurity and as well, data management. Also, the activities of malicious third parties will be greatly reduced with the modus operandi of qiibee; in this sense, businesses will eventually grow and customers would have a reason to continue to purchase items from companies of their interest.

More Information & Resources:

qiibee Website
qiibee WhitePaper
qiibee Telegram
qiibee Medium
qiibee Twitter
qiibee Facebook
qiibee Instagram
qiibee Linkedin
qiibee Google Plus

This is my entry for @originalworks contest.
Click here join the contest.

qiibee2018