One of the most pressing issues for merchants and retailers currently face is the lack of brand loyalty in millennials. Companies are trying to use reward and loyalty programs to keep people from switching to another brand. However, these sometimes turn out too expensive for companies and attractive for customers. This is where Giftz steps in to revolutionize the process.
Millennials are used to having a lot of brands to choose from. This is why they tend to often switch between brands with similar products. For example, marketing wars like the one of Coca-cola and Pepsi do not really catch the attention of millennials. One of the most important aspect of their buying behavior is that people in this generation often decide to go for the one with the better rewards system. One of the reasons is the gamification effect of unlocking cool prizes.
So now we know that consumers expect rewards. But on the other hand stand-alone loyalty based programs are too costly for most merchants. Just to underline this statement – Best Buy spent $50 Million just upgrading their loyalty systems (1).
The core idea behind this project is simple. People accumulate tokens by using the product or service of network members. For example an airline company would want to give back to those who accumulated the most miles. A retailer would want to reward those who spend the most in their store.
Merchants can give itCoin away as a reward for engagement. Customers can then either cash out their loyalty points or use them to get additional benefits (like adding miles to a frequent flyer account). As well as that customers can trade points with each other. If a frequent flier wants a higher discount at a retail store they simply go to the marketplace and sell them for loyalty points at the desired retailer. Businesses can also sell their rewards on the Giftz marketplace for consumers to buy or trade them.
Giftz makes reward programs more fun and flexible. The option to trade different kinds of loyalty points is simply brilliant. With Giftz you can cash in on all of those frequent flier miles you accumulated from business trips. Or you can exchange them for points at a high-end fashion store to get a new suit at a price for loyal clients without ever before stepping foot at the store.
Also Giftz reduces the possibility of dissatisfaction from reward programs. Even if the program is not well suited for all customers, with Giftz those who are unhappy can simply exchange their points for others they like better without having to switch brands!
Giftz.io was already nominated in the top 10 ICOs to watch in 2018 (2). And beyond that, they again got published on entrepreneur magazine as the 5th best blockchain company to watch (3).
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