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Benebit, a Virgin Islands-based startup, is planning a token sale for late January, 2018. The startup is attempting to facilitate a universal rewards/loyalty program by leveraging blockchain technology and the platform’s native token. Customers will be able to exchange loyalty points into Benebit Tokens, allowing them to use the tokens to buy online goods the same way they would with fiat.

Thus, unlike rewards programs, the benefit of using Benebit would be the fact that their usefulness is not limited to a specific store or merchant. Additionally, there are also potential benefits for the merchant as they get to utilize the platform as a free marketing scheme that could ultimately help them to reduce costs and even attract new customers.

In essence, the Benebit token will eliminate the need for customers to carry multiple loyalty cards for different stores — insead they will be able to replace them all with one card and an application that Benebit hopes will cover thousands of businesses across the globe one day.

The ICO for the platform will accept numerous cryptocurrencies and commences on January 22, 2018. E-commerce, in general, has already disrupted shopping by helping consumers save time and helping retailers save on the cost of physical brick and mortar operations. However, Benebit believes e-commerce itself could do with some innovation as they argue that online retailers are now facing a similar issue in how to offer efficient customer loyalty and retention programs.

According to a survey by Loyalty360, 83% of consumers participate in at least one loyalty program, and 13% participate in more than five. According to the Benebit team, the current state of loyalty programs lack efficiency – as they are often illiquid in the sense that they can only be used for purchases with one retailer.  

The idea behind a blockchain-based token for loyalty points is to provide businesses a way to reward their customers in a way that the customers themselves find more useful. The way benebit will do this is by trying to replace traditional point systems with the Benebit token, giving users a wider purchasing power and increased liquidity that both allows them to buy more stuff and exchange their rewards for fiat or other cryptos on exchanges.

Consumers will be able to take advantage of this using the Benebit App and the company’s proprietary Benecard by 2018. Consumers will be able to use the APP to find brands, shop and store their points, while the Benecard, in effect, acts as a hardware wallet for the native token.

Benebit will also be a boon to retailers by providing them with a Point of Sale System, which both allows them to collect customer shopping data, but also allows help to keep track of backend processes like inventory tracking, staff payroll, and vendor listing. Finally, through the use of blockchain tech, Benebit will lower transaction fees by disintermediating them and eliminating the need for third parties to help facilitate them.

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