Incent Loyalty Program Goes Live in Australia, Promising Disruption
Australian blockchain-based rewards system startup Incent Loyalty has officially kicked off its loyalty program in which INCNT crypto tokens will be offered as loyalty rewards. Recently, loyalty programs have struggled to prove their worth as benefits have begun to dwindle. Could blockchain technology reinvent the sector?
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Flexible Tokenized Reward System
Incent Loyalty, thought to be the country’s first crypto-based product to reach end users, has launched its blockchain-based loyalty program. The venture has already onboarded over 300 businesses, including big brands such as Samsung, Sephora, and Michael Hill.
Depending on the retailer, consumers earn from 0.5 to 20 percent of the product value in INCNT tokens, with the majority of benefits falling in the 0.5 to 5 percent range. The most generous rewards are offered by Synctuition, a meditation company, and mobile provider Better Life Mobile.
Australia for Now, Global Ambitions
The program will initially be limited to Australia, but the company plans to roll out its blockchain-based reward system internationally. Future plans also include INCNT token rewards for in-store purchases. The company also envisages the system expanding to reward members for watching videos and reading articles.
As Incent CEO Rob Wilson states:
“Incent is frequent flyers but way better; once earned, it’s yours and you can do whatever you want with it. Imagine frequent flyer points that can be saved, shared, redeemed or exchanged for cash 24/7, and never expire.”
Reinventing Loyalty Programs
Crypto-based loyalty programs promise to revolutionize increasingly maligned loyalty programs. Customer rewards programs have become less lucrative for members, with points decreasing in value over time and perks increasingly less accessible. By offering crypto tokens that can be redeemed for cash, Incent is poised to disrupt the industry entirely.
INCNT tokens are highly flexible, allowing members to save them, spend them, or send them to a friend. Members can even choose to convert their digital rewards to fiat. Although the value of the token is subject to supply and demand, the tokenized reward system offers enormous flexibility advantages over traditional loyalty programs. An added potential bonus is the possibility of the tokens appreciating over time.
Larger, more established enterprises are also starting to see the value in tokenized loyalty programs. Earlier this year, Japanese e-commerce giant Rakuten, which also owns cross-platform instant messaging application Viber, announced plans to introduce its own crypto token, the Rakuten Coin, to its loyalty program. Malaysian budget airline AirAsia also revealed plans to issue its own cryptocurrency via an Initial Coin Offering. If it materializes, the token will become the currency of its loyalty program.
Have your say. Will tokenized rewards programs revolutionize the loyalty program industry?
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