Universal Reward Protocol
What if you could be rewarded
- for visiting a store ?
- for buying a product?
- for visiting a website?
- or for sharing your data?
Introducing Universal Reward Protocol (URP)
In the world today, up to 90% of sales is currently done on physical stores despite the growing influence of online shopping. This insinuates that a good fraction of the world population like to go to the shops to see, feel and try products in a bid to ensure they are what the shoppers need before actually buy them. However, times are changing and online platform is already influencing 56% of every dollar spent in the brick and motor stores.
Customers who use the online stores are 40% more likely to convert to actual sales and it is pre-empted that digital and mobile marketing will reach 70 billion in 2018 which is 40% of all revenue spent globally. Shoppers have been sharing and suggesting on the need to improve their experience in store by making them more individually personalized. 77% of shoppers want loyalty programs that have personalized rewards. 75% want the loyalty program reward their other shopping behavior like visiting the shops or visiting their websites besides only rewarding purchases.
Loyalty programs promote shopper’s attachment to stores. 72% of shoppers admit that with all other factors constant they would prefer shopping from a retailer that runs a loyalty program over one that do not.
This is the case even for the large retail outlets as they reported to have made 50% of revenues with members of the loyalty program. Numbers do not lie and these figures clearly point out why services such as URP that create loyalty programs are valuable and every serious retailer are willing pay for their services.
URP OVERVIEW
Universal Reward Protocol (URP) is an ecosystem where customers or rather shoppers interact directly and more transparently with retailers and brands; in the process, they get automatically rewarded for their shopping behavior and data in a more efficient and personalized way
Retailer-side components
The retailer has a software that comprises of two components, reward manager and redemption manager collectively known as the campaign reward manager. The reward manager allows the retailer to create a campaign and part of creating the campaign would mean setting the reward to intensify their customers to take part in that campaign.
For example, a retailer would create a campaign to improve customer shopping frequency and set a reward for the same by giving discounts or tokens for customers who shopped at least five times within a month span. The redemption campaign manager tool is used to then create a personalized offer for the participating shoppers. Upon complete population of the campaign details the campaign is the converted into a smart contract and deployed on the blockchain. At the same time the reward tokens for the shoppers will be held on a different escrow and then released to the shoppers as required by the smart contract.
The campaign reward manager concurrently collects data such as the campaign performance, amount of tokens redeemed in each campaign among others as a campaign runs. The collected data is useful to the retailer as they can analyze it to find out what is the most effective marketing strategies they can implement for their business.
Shopper Mobile Interface
The shopper interacts with URP through a decentralized application on their mobile devices. The application consists of three main components. The first one is the digital wallet that stores the URP tokens that they earn. The URP tokens can then be used to items in the shop or sold in exchange for money. The second component is the profile manager through which a shopper can browse current campaigns in which they are eligible to participate. The shopper has a choice to be open for all campaigns or pick to be informed and asked for authentication before any of their data is collected during any campaigns. The privacy manager also allows the shopper to authenticate what data they share with what retailer and when they actually share that data. This is an interesting model where the shopper has the full control of their personal data and actually get paid for sharing the same.
Data collection;
This happens through a simple plug and play IOT device. The device collects received signals from smartphones through the dApp. The data is then sent to the retailer and through to the blockchain. The device is auto-calibrated and is easy to use, literally plug to play into the store. The hardware also stores a mapping software that analyses the in store behavior and can be used to point out where to best locate each item category within the store.The Occi dApp;
After data is collected by the sensors they are analyzed by an interesting feature technology the Occi dApp that is installed in store. The Occi dApp compares real time shopper’s data to the actual purchasers. The whole system is run by AI as the shoppers walk in store. They collect the signals from the sensor and analyze them not personally but against other people’s data that is stored in the blockchain database to find out what new patterns and shoppers interest. For example, it can find out what the shopper is looking at and find within other nearby stores if there is matching patters of that shopping behavior the send the data to the retailer in synthesized forms of what products the shoppers are interested in, where they went and got the product if not in the same store. The Occi dApp can also suggest to the customer what other products they might be interested in and show the where to get them in the store.dApp-side: establishment of proof-of-behavior;
Finally, the information type collected from the entire process right from reward campaign creation to the data submitted by the plug and play devices and the Occi dApp, is called the proof of behavior. This is the information that validates the smart contract in the blockchain system. The smart contract is executed when poof of behavior has been verified and the shopper receives a confirmation that the proof of behavior was received. The customer is then rewarded with URP tokens. The URP tokens are not only used as rewards to customers who participated in the retailer’s campaign but is also used to curate the campaign contracts to ensure fair campaigns to the shoppers and encourage good behavior in the system.
Project Information
Introduction Video
Token: URP
Price: 0.1 EUR
Platform: Ethereum
Accepting: ETH
Soft cap: 5,000,000 EUR
Hard cap: 20,000,000 EUR
Country: France
Compliance: Whitelist/KYC
Restricted areas: USA, China, South Korea
Important Links
If you wish to learn more about Universal Reward Protocol and how it will revolutionize the shopping experience, you can join its active online community. I have included the relevant links below for your convenience.
[ Username Isinya ]