ShopperCoin are hoping to raise up to US$57.5m for a global blockchain loyalty program
Sal Jaffer (CEO & Co-Founder) and Mike Jain (COO & Co-Founder) believe current loyalty programs do not offer sufficient opportunities for customers to earn enough points quickly enough to be motivated to make additional purchases or the opportunity to combine their points. They also perceive other limitations such as the inability to transfer their points to anyone they choose or exchange them for a fiat currency.
They present ShopperCoin as a viable solution. Members of the program will be able to earn SCO at multiple merchants, transfer them to family and friends, redeem at any merchant and even sell on a exchange for other cryptocurrencies or fiat currency.
The ShopperCoin eco-system has been extensively developed with multiple elements:
- ShopperCoin Wallet: A Decentralized QT Wallet for Windows, Mac and Linux for storing, sending, receiving and minting ShopperCoin
- ShopperCoin Mobile App: An interface where all the activities related to ShopperCoin take place.
- ShopperCoin Bazaar™: An online marketplace of participating merchant stores offering product and services which can be bought by customers using ShopperCoins.
- ShopperCoin RushHour™: Shoppercoin RushHourTM Technology will allow merchants to run timely campaigns to bring footfall to their stores by publishing limited-time offers to customers using our geo targeting feature enabling merchants to send offers to customers based on radius, spending stats, and purchase history.
- ShopperCoin CryptoCash™: Shoppercoin CryptoCashTM will allow brands to give cashbacks in the form of ShopperCoins when customers purchase physical products from them.
- ShopperCoin Exchange: Owners of ShopperCoin can trade their ShopperCoins for other public cryptocurrencies such as Bitcoin and Ethereum and vice versa.
- ShopperCoin Ecommerce Plugins: ShopperCoin Readymade Ecommerce Plugins for WordPress, Magento, Shopify will be used to accept Shoppercoin as payment as well as reward customers with ShopperCoins when they purchase products using fiat currency.
- ShopperCoin API: ShopperCoin API will allow developers to create new plugins and existing software vendors to create a bridge between legacy system and the ShopperCoin blockchain enabling customers to easily convert their existing traditional points to ShopperCoins.
- ShopperCoin White Label: Branded and/or Co-branded App, Wallet, Website and Custom Points System for Merchants and Brands
As with all other blockchain loyalty companies, the biggest challenge facing ShopperCoin is their ability to rapidly build a network of participating merchants. This is essential to attract members to the program and provide them will enough transaction opportunities to build a sizeable account of SCO. With a US$57.5m war chest (assuming a successful ICO), they should be well-placed to achieve this, particularly if a reasonable percentage of the funding is invested in merchant acquisition activities.
Philip Shelper is a specialist loyalty consultant based in Sydney, Australia who obsesses about everything to do with loyalty and rewards. His company Loyalty & Reward Co are a leading loyalty consulting firm.
Phil is the author of “Blockchain Loyalty: Disrupting loyalty and reinventing marketing using cryptocurrencies.”
www.blockchainloyalty.io is a global resource centre for everything blockchain loyalty.
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