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In a world where loyalty programs are worth a lot of money, the market size is expected to reach 6,200,000,000 USD by 2023. Large store chains and other service providers use the loyalty membership technique to retain customers by giving them a number of points for services they use. The points are given a certain value so that loyal customers can redeem the points for discounts and other packages.
Issues With Current Loyalty Programs
On paper, the loyalty programs sound wonderful: Give users points whenever they use a service or a product, translate that into discounts within the service or with partner merchants and companies. Yet, the whole loyalty program’s concept is snagged with issues that no company ever addresses:
Points collected have very little value in the real world. Too many points are needed to be collected before use. Points usually expire before use. Limited redeemable options within service or with other merchants. Transfer of points to the user account takes time due to third party involvement such as credit card companies.
The traditional method of loyalty programs is losing their effectiveness due to inefficiencies within the system and lack of user engagement. A report by Deloitte in 2016 showed that only half of the customers enrolled in a loyalty program are active, with one-fifth of them never redeeming their points.
EZToken’s Approach To Loyalty Programs
EZToken Rewards is a blockchain based loyalty program that aims to disrupt and change the current market forever. Instead of points, the platform gives users and loyal customers EZTokens, a crypto token that is more than just points to be redeemed. The EZToken Rewards captures the true essence of blockchain technology and delivers:
- Customer Loyalty: WIth a token that can be used as a medium of exchange, traded on other digital exchanges and having n expiry, it is the perfect token for customers to hold on to and use.
- Rising Value: As the demand for the token rises, the publicly traded EZToken’s value will only increase over time.
- Instant Pay Out: Since blockchain transactions are in the seconds, transferring the tokens to redeem, or earning the tokens themselves will be fast and easy.
- A Vast Ecosystem: With the option for merchants and brands to join- and as more do, the EZToken Rewards will actually become an ecosystem where brands and other companies will offer their services, expanding the options for users to use their tokens.
- Always Up: Unlike traditional programs, where a card is issued that needs to be swiped like a credit card, there is no choke point in EZToken Rewards’ system that can go down and halt the system.
- Cheap: With leveraging of blockchain technology, the EZTokens will allow direct transferring between merchant and user, eliminating traditional banking cost.
Partners Of EZTokens Rewards
EZTokens Rewards has recently partnered with Surpass Business Solutions. With this, more than 3000 Australian retailers have joined the platform, catering to thousands of customers who now can claim and redeem EZTokens. As more merchants and retailers will continue to join, the EZToken value will only increase.
For more information about the blockchain, loyalty tokens visit their website: https://www.eztoken.io/.