One of the most important and often used metrics for measuring today's retail ecommerce success is the customer loyalty and reward program. Nowadays, virtually all the retail and e-commerce stores use some sort of loyalty reward programs; either to reward the existing customers or woo the potential ones. As a result, the loyalty and reward programs have spread across different industries including but not limited to financial services, travel, and retail. In reality, you, my dear reader, most likely have been involved in any of the loyalty programs on different occasions. You must have used digital notes, plastic cards or coupons which carried some values within the ecosystem of a particular company that issued the points. The 2015 Colloquy loyalty census reported about 29 different loyalty programs for different U.S households. The study also highlighted different redemption options and point systems, typified by long and complicated methods of exchanging points and redeeming codes among the several program partners.
From the foregoing, therefore, it is obvious that the traditional loyalty reward program is suffering from a whole host of maladies. While most loyalty programs can be redeemed online or even now traceable, they still do not have the properties of a digital asset. Of course, there is often the need to adopt different approaches like banks or other intermediaries; which in itself has additional security threats and increases the costs. To aptly put it, a lack of a unified reward system is evident and which has led to a low liquidity of the reward points. These points are only redeemable at a particular E-commerce store and not always easy to do. To make this easier, ArawCoin is here to disrupt the traditional loyalty reward industry and introduces tokenization to the world of E-commerce reward system.
“ArawCoin,” owned by LoyaltyWallet Ltd, Uk and a new cryptocurrency, seeks to change the conventional method of rewarding consumers by offering greater value to customers in the form of a universal loyalty currency usable by the different E-commerce stores and/or retailers.
Cryptocurrency, through blockchain, permits a transaction ledger to be easily shared among a network of members or participants. When a loyalty point is redeemed or exchanged, for instance, a unique token generated by an AI is built and assigned to that specific transaction. For every 10 minutes, these tokens are sectioned into blocks and the ledger will be updated at once when it has been distributed across the network of participants. While creating a verifiable, secure, and strong record of the transactions, new blocks are developed and linked to the older blocks without any need for centralized databases or intermediaries. The above illustration explains how blockchain, adopted with cryptocurrency, is applicable to the loyalty reward industry. By now, cryptocurrency has been adopted in several industries and the recent paradigm in cryptospace and reward programs won't be an exception. Between E-commerce industry and cryptocurrency, the loyalty and reward sector lies in between. The impacts are real and clear. Cryptocurrency gives E-commerce stores, retailer or merchants the needed efficient and simple tools to reward their consumers which further enhance the unmediated interactions and transactions between individual merchants, retailers, and consumers.
For customers missing a variety of reward programs, cryptocurrency offers instantaneous exchange and redemption for several E-commerce stores on a single platform. For Instance, using ARAW wallet, all ARAW token holders do not need to look for each program's redemption rules, limitations, and options. The tokenization of loyalty points is worth mentioning here and has, to some considerable extent, reshaped and incentivized the loyalty reward industry. Based on cryptocurrency, it is easy and simple to transfer rewards between merchants and even exchange for cryptocurrencies or fiat on any of the crypto exchanges.
Built on the technology of Blockchain and smart contracts, ArawCoin is owned by Loyaltywallet Ltd, UK, and is Blockchain based loyalty and rewards platform specifically for the retail and E-commerce industry. ArawCoin aims to revamp the present fragmented industry and introduces different dynamic redemption options and alternatives customized for the different E-commerce stores on the platform.
As a loyalty reward platform specifically for the E-commerce world, we plan to eliminate the existing barriers from the loyalty programs to create room for a more sophisticated process of customer intensification. This means that the different merchants on the platform can build their own loyalty program that meet their customer’s demands and customized to their needs. A token, called ARAW token is generated by built-in AI capabilities and can be used to purchase goods from any of the participating merchants. In essence, ArawCoin provides the retail and e-commerce community with a further integration of loyalty and reward program by erecting and designing several solutions that are devoted to improving and enhancing the productivity and quality of customer's online shopping experience worldwide.
We aim to liberate ourselves from the existing retail/e-commerce constraints and therefore ensures substantial benefits to all the players involved in the industry. At Arawcoin, we are on the track to develop the first respected and innovative decentralized retail/e-commerce platform, which would further reward our participants (loyalty) for their contributions on Arawcoin network. We intend to do this by empowering our community members and team with an exceptional work culture to reinforce the growth of the Arawcoin community in a way which in turn reveals our project goals of delivering the best products and services for our merchants, seller, and buyers under a blockchain-based ecosystem without compromising our commitment to integrity, value, and service.
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