The face of ecommerce, here defined as the purchases and sale of goods and services, or the transmitting of data or funds, over an electronic network (mainly the internet) is changing. Whether occurring as business-to-consumer, consumer-to-business, business-to-business, or as consumer-to-consumer transactions, customer loyalty and the corresponding rewards are drastically changing the way ecommerce is done.
Customer loyalty, here defined to be the result of a consistently positive emotional experience and the perceived value of a product or service, leads to customer retention. And as businesses know, retaining customers is much less expensive than acquiring new ones. Customer experience management is thus the most cost-effective way to increase customer satisfaction and drive customer retention and customer loyalty.
Loyalty Wallet is at the forefront of creating a loyalty enabled ecommerce world, and is taking ecommerce to the next level with loyalty. Being one of the core drivers of a universal and unified reward ecommerce world, the company is introducing Arawcoin as a unifying and universally accepted medium of exchange. The idea behind Arawcoin is simple, and is driven by the ideal of creating retail loyalty programs and customer retention strategies that work while ensuring maximum profiting for both customers and businesses.
Customers who are loyal to a business accumulate loyalty points and earn loyalty rewards in the form of Arawcoin, a digital coin that focuses on valuable, digital-based rewards system, which is outperforming traditional rewards programs.
Operating on a smart contracts blockchain technology, Loyalty Wallet provides an avenue for customers to be more engaged with businesses’ loyalty rewards programs and acquire better rewards for their consumption. The Arawcoin digital coin serves as the medium of exchange in this open source ecommerce rewards system, and customers can earn the coin at the point of purchase. When customers redeem any available rewards, Arawcoins are restored to the merchants.
Customers, who earn Arawcoins, can use the coins in a number of ways beyond the traditional customer loyalty programs. Customers can use the points earned from one merchant to receive rewards from other merchants within the Loyalty Wallet system. This thus allows customers to do business across several industries without restriction.
Loyalty Wallet is partnering with businesses and merchants across the UK, the US and other countries to support this omnichannel idea of customer loyalty enabled ecommerce world. These businesses and merchants are supporting the issuance of Arawcoin to replace their conventional points systems and will accept Arawcoins earned from other merchants in the partnership. This allows for a wider scope of usage for Arawcoins, a more satisfying customer experience, and an inducement for customers to stay loyal to the brands that are part of The Loyalty Wallet alliance. Taking ecommerce to the next level, the company is working assiduously to engage more stakeholders and participants and to drive a wider coverage and acceptance of the platform and Arawcoin.
The benefits to acquiring Arawcoin whether as customers or as participating businesses in the Loyalty program are endless. It has the unique ability to facilitate peer to peer payment; facilitate micro payments between customers and merchants; and can be used by virtually everyone from around the world, and does not require any special qualifications for use. Thus, it boosts the growth of the global digital rewards industry, and is already being touted by industry experts as one of the best digital currency ever created.
Running on the Ethereum smart contract technology, Loyalty Wallet will also reduce costs because a unified customer reward system based on blockchain technology brings about trade-off cost savings in customer acquisition system, management, and transactions. It will help businesses reduce system management costs with smart contracts that report secure, transparent, and tracked transactions to legacy systems, thereby reducing costs that are typically associated with errors and fraud.
Loyalty Wallet will also be providing and enabling a frictionless loyalty rewards program. While businesses and loyalty providers decide the basic parameters of how a customer might use his or her rewards, that customer’s ability to access and manage such rewards is frictionless and unhampered.
One other way the company is driving ecommerce to the next level is by making the process of customer loyalty real-time. Information on every transaction are stored in a way that is transparent, and the information can be accessed by any of involved parties any time, and this significantly increases the chance for participating businesses to break through coordination indolence to credit points in a very fast way. In simple language, customers have an easier and faster access to their rewards.
The way forward for any customer loyalty program to work is to create it as a decentralized ecommerce ecosystem on the blockchain, and this is what Loyalty Wallet is doing. Customers and brands can interact without restrictions in a reliable, trustworthy and mutually beneficial manner.
Customers’ expectations are daily changing and increasing when it comes to interactions with businesses. Because smartphones and tablets are now the focal point rather than laptops and PCs, Loyalty Wallet is bringing the competitive edge through its design as an Open Enterprise API Platform. Because of this, the Loyalty Wallet Platform is fully flexible, scalable and secure.
Using Loyalty Wallet’s decentralized e-commerce marketplace allows users to get access to and enjoy the best offers and rewards possible. Apart from using the points earned from one merchant to acquire rewards from other merchants within the system, users also have access to information about nearby deals and nearby offers, which they can capitalize on by grabbing deals (at a discount and at the same time earning ArawCoins) and/or check in from the Loyalty Program platform app for every of their visits to a shop. Customers also have access to information about nearby businesses offering deals, discounts and loyalty points.
It is a win-win situation for all involved because not only do customers benefit in terms of loyalty rewards, businesses also profit through higher sales, customer retention and stronger brand loyalty. Businesses can use the business app to have easy access to information about who checked in to their businesses from the app and can assign points based on how much such customers purchased from their businesses. The Loyalty Wallet platform provides a win-win situation for all participating businesses and customers, and is the future of e-commerce and customer loyalty made available now.