Loyalty programs can be a great way of gaining customers, especially if they offer great redemption value and allow timely withdrawal. In many cases as few as 50% of eligible participants in a loyalty program are active members, and even among them, as many as 20% often do not redeem their points. During Bitcoin Wednesday on 7 June 2017, CEO Ron Dijkstra and CTO Kiril Ivanov of Loyal Garden presented their solution for managing more effective loyalty programs.
Loyal Garden is a blockchain-based network that can interconnect different types of loyalty programs. The unique proposition about this solution is that it allows users to store loyalty points from different loyalty programs in a single consolidated wallet. This wallet can be used to redeem loyalty points almost instantly or to donate or send these points to others.
“The reason why these programs are not efficient enough yet is because they all have different platforms, different kinds of paths, and even in some cases, use the old-fashioned card system.
Bitcoin gives us the ability to transact with currencies, services and goods on a global level, so why not make use of the technology in loyalty programs as well? We think we have a solution that can enhance customer experience in loyalty programs and also reduce the cost of maintenance of these programs”.