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.
Ron said:
“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”.
