Qiibee "A new revolution to the loyalty program sector"

The main task of a business is to create and provide goods and services that will attract and retain customers. The success of a business depends on the existence of the customers. Having a lot of customers doesn’t mean the continuity of the business. What matters most is retaining the customers and satisfying them. A single customer lost as a result of unsatisfactory attendance may result in loss of ten or more customers unknown to the business. Customers are attracted through promises and retained through satisfaction. This has led to many businesses employing different strategies to build trust in the minds of their customers, so as to retain them. One of these strategies involves the use of loyalty programs.

What is a loyalty program?
As a consumer on many occasions, you must have registered for different incentives or programs a business brand has to offer to its loyal customers. These brands can be from the airline industries, retail stores, finance etc. They award these incentives called loyalty points which customers can accumulate by the continuous usage of their brands. In most cases the customers receive loyalty or rewards cards for redeeming the points accumulated. The points cannot be exchanged for currency but only for goods or services the brand has to offer. Many customers end up participating in many loyalty programs and as well gather points on those programs. In the end the customers end up not redeeming the points. Now imagine an ecosystem whereby customers can exchange those points gathered from different brands to currency or exchange the points for another brand points. This can be achieved by using Qiibee.

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What is Qiibee?
Qiibee is a blockchain based loyalty ecosystem on which brands can build their own loyalty program application and be in total control over it. In Qiibee ecosystem brands can run their own loyalty programs with ease and own their own loyalty which they can use to reward their customers. Due to the fragmentation in the loyalty rewards space, Qiibee aims to unify all the scattered loyalty programs under its ecosystem. The core component of the Qiibee ecosystem is the QBX tokens. Brands cannot create their loyalty program on Qiibee ecosystem without the QBX tokens. Customers are not exempted from the offers Qiibee has to offer. In Qiibee the customers receive loyalty tokens from brands. The customers can either choose to redeem their tokens, exchange the tokens of brand A for tokens of brand B and can also exchange the tokens for QBX tokens which can then be sold for fiat or other cryptocurrency through third party integration. Overview of the Qiibee ecosystem:

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Impact on the loyal program sector
Qiibee is special in such a way that it does not only offer brands the opportunity to build their loyalty programs but the fact that the loyalty tokens received can be exchange to QBX tokens which can be sold for fiat. Under the Qiibee ecosystem, the loyalty programs will be unified and reduce the fragmentation in the current loyalty program sector. It is fair to say that due to low levels of engagement and low redemption of loyalty points by customers translates to liabilities for the brands. The loyalty points are useless outside of the brand context, but with Qiibee the customers can exchange their tokens for another brands token. In terms of security, the brands need to capture the personal data of their customers and this is not entirely secured because data breach can occur. But, with Qiibee being based on the blockchain technology the customers data are secure.

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Downsides of the current fragmented system
The current fragmented system of the loyalty program sector has led to many brands losing their customers. Customers have lost the zeal to participate in loyalty programs. When one has a reward/loyalty cards for different brands of businesses and with all these cards and their gathered points, you have no choice but to use those points on the brands/services that gave it to you. Truthfully, one will lose the zeal when faced with all these troubles. Some would even wonder if you are a credit card vendor. In this fragmented system, it is difficult to attract new customers by the brands. The brands are not on a safe zone either. The lack of engagement and non-redemption of points by the customers translates to liabilities for the brands.

In conclusion, loyalty programs are a good means for brands to retain their existing customers. But, with the advent of Qiibee not only would the brands retain their customers, they can also attract new customers. In the Qiibee ecosystem brands can run their loyalty programs with the benefit from increased data security, cheaper costs and elimination of liabilities due to non-redeemed points by the customers.

Thanks to @originalworks and Qiibee team for this wonderful contest.

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