You may think that's how the business model works - reward customers for spending, but hope they never 'cash in' their reward points. But what's way more profitable is a rewards program people actually use that keeps the customer coming back for years.
So, what if the excitement behind cryptocurrencies, was leveraged and blended with the world of customer rewards? That's the idea behind Momentum Token.
They've identified why the old way of doing it has failed - people who sign up for these loyalty programs end up feeling spammed, that they lack in personalization, and the end result doesn't make them feel like they received something of value.
Using Momentum Token's platform however, companies are opened to a variety of new options to revitalize their reward programs, by allowing a company, though them, to launch their own cryptocurrency based reward system and even their own cyptocurrency, or even give new life to their existing rewards program by allowing people to convert what they've already earned into a cryptocurrency.
"By using the Momentum Token or launching their own branded crypto tokens on the Momentum Platform, companies can not only reward their customers in exchange for their purchases and loyalty, but also reward attention, brand advocacy and data insights, whilst giving the consumer full control of their data. Consumers will be able to easily use and enjoy their cryptocurrency reward tokens, but can also exchange their reward tokens into other branded reward tokens. For example; tokens collected while flying can be exchanged and used to enjoy a Burger meal or upgrading a rental car. Any unused tokens can be saved, traded or even gifted or donated." explains the company.
In addition to this, new ways to earn rewards can be enabled. Don't just think 'spend some money recieve some points' - that's an old business model.
Momentum Token can facilitate rewarding users for a variety of actions beyond purchases as well - posting reviews, sharing links on social channels, helping other shoppers - how the company wishes to distribute rewards is completely in their hands.
It's a model that has another huge plus - for cryptocurrency lovers who may not be ready to purchase expensive mining hardware, participating and earning tokens will be like mining with their online activity - a new way to earn tokens by simply promoting the companies they like.
The Momentum Token will be an ERC20 token, while the platform will allow companies to issue their own tokens within the platform think of this as the master token of the platform which all others can be exchanged for.
Their ICO will begin April 26th, and more information can be found at https://momentumtoken.io
Author: Adam Lee
Asia News Desk
