qiibee: The Decentralization of Loyalty programs on Blockchain

maxiemoses-eu (55)in #crypto • 6 years ago

Overview of the loyalty sector

Loyalty program is largely an effective tool used by almost every industry, they are designed to retain and attract clientele (current old and new costumers). First off, there has to be a real reason for the clientele to come back. That is where setting up an efficient attractive loyalty program application becomes essentially important.

Loyalty is therefore an approach in marketing, where companies engage in building a relational bond with the clientele with a bid to make them come back for a second (time) purchase through the process of giving them an incentive/reward as an honor to their patronage.

This therefore, encourages a continued following by the costumers to the company’s brand (product) which makes the costumers to keep coming back for the companies brand or services with the expectation of getting more rewards or incentives in return.

The problem with the loyalty sector

With loyalty comes the issue of fragmentation in different shades:

Low level of activity and redemption

Unredeemed loyalty points have in recent times sky rocketed to an estimation that runs into billions of dollars. Most often than not many customers accumulate loyalty points without a drive to have them redeemed this naturally brings the program to halt as companies may tend to view the loyalty program as redundant.

Cost associated with integration of loyalty

Loyalty (Standalone) programs forms a huge financial engagement for many brands, this is further envisage to be excruciating when the clientele do not find the program appealing enough to have them engaged in the process

Lack of interperabilty and intrinsic value of points collected

Points most times are not considered to have a real valuable worth (outside the brand) in terms of monetary value as such they cannot be converted to cash or monetary value.

Fragmentation:

Currently every loyalty program birthed by different brands is footed on the platforms model, which is most often unique and different from others, birthing the above problems fragmentation births.

The loyalty points acquired on a brand platform tends to remain useful only on that platform. This is most times done by brands to have clients lock down to that particular brand

Most often customers collect loyalty points the barely redeem due little or no liquidity as this points are basically tie up to just particular brand (this is where decentralization slides better).

Fragmentation which is synonymous to standalone frames, births a situation where a company might hold a large volume of a customer data, making the risk of an abuse or misuse of such data prospectively most likely. The possibility of managing this impending security risk is highly infinitesimal

Recently in a bid to push loyalty programs to the platform of decentralization many firms have birthed their ideas on different blockchains thereby reinventing the problematic issues decentralization aims to tackle.

But with qiibee hinged on the broad basement floor of etheruem blockchain, the innovation slides on a great level of fluidity and flexibility for different brands and clientele to leverage on

Decentralization of loyalty through qiibee

Qiibee is a decentralized loyalty platform and developer interface hinged on ettheruem blockchain that is revolutionizing the loyalty market, on which every brand can build it unique decentralized and tokenized loyalty application.

source

Qiibee input a wallet where with users will be able to store all loyalty tokens earn on the platform from different brands in one place. Qiibee makes it possible for brands as well as customers to engage with one another across the ecosystem.

In process user are given freedom of choice to exchange tokens among themselves. This will in turn reward and incentivize user making them active on each account and more committed to redeem rewards obtained.

Qiibee will tend to connect/link the different fragmented loyalty programs, in the process improving its quality. This is further achieved by eliminating central data authority.

Qiibee will also allow the different brand or business hinged on the ecosystem to generate their unique token (digital currency) which will be integrated to the ecosystem.

This token (currency) can be interchanged on the ecosystem, similar to the processes (of exchange) we have present amongst the different crypto currencies we have available in recent times thereby birthing a high level of flexibility; as loyalty points obtained from the different brand become decentralized and can be redeem or utilized off the other brands hinged on the ecosystem.

Consequently, Qiibee projects its prospects to become a community that offers a combination of loyalty programs on blockchain technology and create a crypto loyalty ecosystem.

The Qiibee ecosystem consists of these layers:

Customer layer: customers, get to access a UI with different loyalty programs such that they can earn or interact with businesses
Decentralized Loyalty app layer: this embodies the Qiibee wallet, exchange and the currency, QBX. The wallet provides users with a digital account that enables them to store all loyalty tokens earned in the ecosystem, in one place .
The bridge layer- links up the app layer to the blockchain (which births security and gives it a great advantage as it become uncontrollable, thereby managing itself and eliminating fraudulent activities like theft) and consists of the platform and the development kit for the tokenizing process to take place

How qiibee works

Imagine a situation where Maxie visits different business giants and signs up to their different loyalty program, as time ticks by the loyalty points from the different brands begins to grow like grass.

But over the process of time it is observed that Maxie does not transact with most of the brand he signed up with, due to different reasons unique to Maxie, allowing the loyalty point acquired to lie fallow amounting to waste. This in turn discourages Maxie from engaging in loyalty programs in the future, this as well as discourages the brand from continuing with the program.

But with qiibee the dream comes alive. First Maxie signs up with qiibee, from that point Maxie is not border anymore as the points acquired can be (exchanged) shopped off from any brand that is hinged on the qiibee ecosystem, without necessarily transacting with the brand that gave the loyalty points.

This therefore birth a decentralized customer base for all brands signed up to the ecosystem, as any user signed up to qiibee is automatically seen as a potential customer to each of the brand on the ecosystem since loyalty point from one brand can be shopped off another brannd

With this innovation the loyalty program is reinvented as clientele will be motivated to remain loyal as they know that even in eventually where they don’t transact with the brand the loyalty point obtained are still useful to them this brings in a high level of flexibility.

This in turn encourages brands to continue with the program as the loyalty point does not go to waste; with this initiative any brand on the ecosystem can leverage the point acquired from by customers from other brands in the qiibee ecosystem.

Qiibee Blockchain Loyalty and the advantage it births

source

Security: with Qiibee the customers and application owners are exempted from fear ot irregularities surrounding insecurity, as the safety of their data is largely guaranteed on the Ethereum blockchain

Simplicity: with qiibee developers are afforded the opportunity to design their unique application that suits for the frame of the brand they represent. This is achievable of the simplicity and user friendly tool kit birthed by qiibee.

Savings: with qiibee comes a big reduction on the cost of running a loyalty program, as an investment in Qiibee's platform will help reduce the customer acquisition costs invented by standalone loyalty programs.

Customer engagement: there is a reinvention in consumers interest as trying to earn more tokens create renewed motivation and engagement

Data ownership and control: control issues have come up strong with centralized loyalty programs with a large authority given to brand owners, but qiibee each user has authority and power to view any transaction that takes place within the ecosystem (this is the beauty of blockchain and decentralization).

Summary

There always exists an underlying risk that is associated with the manipulation of data within and around a loyalty programs.

But with the idea of Qiibee birth a decentralize (customer) reward scheme for the loyalty sector making it a most probable option for trimming down on the huge amount of cost associated with security and data management.

Furthermore, Qiibee will eliminate the risk of attack by fraudsters and the manipulation by malicious third-parties. In the long run,

Qiibee will help business groom their clientele retention abilities by providing an active community, support service, and an API to ensure you enjoy a more comfortable integration of your loyalty rewards programs