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5 STARTUPS OFFERING BLOCKCHAIN FOR LOYALTY PROGRAMS

July 14, 2021July 13, 2021 by Stephanie Miles
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Consumers’ daily habits changed during the year-long Covid shutdowns. Many
people aren’t buying the same brands or shopping at the same stores today that
they were before the pandemic began. More shoppers moved online in 2020 than
ever before, and that trend is sticking even now that restrictions have
loosened. 

What’s the solution? In a bid to lure back longtime customers, many retailers
are reimagining their loyalty programs in 2021. The rewards are getting bigger,
the customer-facing mobile apps are getting more robust, and the cash-back
offers we’re all used to seeing are getting traded in for cryptocurrency — all
in an effort to give loyalty members more of what they want. 

In a nod to just how mainstream blockchain technology and cryptocurrencies like
Bitcoin and Dogecoin have become, 44% of people now say they’d like to receive
loyalty rewards in the form of digital assets. By offering digital currencies as
an alternative to cash-back rewards, retailers are helping their programs stand
out and bringing curious shoppers back into their stores.

These are five startups offering blockchain technology that can be used for
customer loyalty programs.


TOOLS FOR RUNNING LOYALTY PROGRAMS ON THE BLOCKCHAIN

1. Aetsoft

Aetsoft’s blockchain-based tool is used to help retailers maximize their gains
from existing loyalty programs and decrease the cost of program maintenance.
Brands with loyalty programs in place can work with Aetsoft to offer
blockchain-enabled tokens as rewards, and they can let customers choose how and
when to redeem those rewards. They can also give away irrevocable blockchain
tokens as reward points that never expire. Aetsoft says running a loyalty
program with blockchain improves security and prevents against hacker attacks.
The blockchain also makes it easier for brands to run highly-targeted loyalty
programs, with unchanging records of customer identity and behaviors.

2. Qiibee

Qiibee is all about loyalty on the blockchain. The company uses state-of the-art
technology to deliver a solution for businesses and consumers on its
blockchain-based platform. Specifically, brands use a plug-and-play solution to
operate their loyalty programs on the blockchain, where every loyalty
application and customer reward can be tokenized. The system takes just a few
hours to set up. Qiibee currently offers a loyalty white label app for brands
that don’t have existing loyalty programs in place, along with a loyalty toolbox
for those with existing programs and a partner aggregator program for
enterprises.

3. Loyyal

Loyyal offers a blockchain-as-a-service solution for incentive management. The
company leverages blockchain and smart contract technology to help brands manage
their loyalty programs more efficiently. The Loyyal platform features
enterprise-grade hosting services and development tools. Using Loyyal’s
blockchain technology means brands don’t have to spend as much time verifying
the number of “miles” or “points” they have stored for each customer. Instead,
they can spend more time increasing engagement through integrated channels and
expanding their marketing with personalized offers and promotions.

4. Permission.io

Permission.io has developed the ASK cryptocurrency, which enables
permission-based advertising for e-commerce. The engagement model being pushed
by Permission.io rewards consumers for loyalty and builds long-term
relationships through a concept dubbed “incentive mechanics.” Retailers leverage
the company’s blockchain-based digital rewards to collect permissioned data from
consumers and meet customers online with their consent. In addition to improving
ad performance on major platforms, Permission.io says rewarding consumers with
digital currency improves engagement and promotes customer retention.

5. DigitalBits

DigitalBits is an open-source blockchain network that’s focused on supporting
consumer digital assets. Brands that use the DigitalBits blockchain can quickly
launch their own digital asset on-chain, usually in the form of a digital
currency or non-fungible tokens (NFTs) that are embedded into a brand’s own
consumer-facing application. Examples of the types of digital assets that brands
and retailers can create include loyalty points, store credits, and gift cards.
DigitalBits says branded assets support “heightened levels of consumer
engagement” and increase the value that consumers spend everyday.

Stephanie Miles is a senior editor at Street Fight.

Tags: Aetsoft blockchain homepage loyalty Loyalty Programs Loyyal Permission.io

Stephanie Miles
Stephanie Miles is a journalist who covers personal finance, technology, and
real estate. As Street Fight’s senior editor, she is particularly interested in
how local merchants and national brands are utilizing hyperlocal technology to
reach consumers. She has written for FHM, the Daily News, Working World, Gawker,
Cityfile, and Recessionwire.

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July 14, 2021
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