Here at Loyalty & Reward Co HQ, we’re somewhat excited by the forthcoming ReChain ICO. Their blockchain marketing approach is exactly what we predicted in “Blockchain Loyalty: Disrupting Loyalty and Reinventing Marketing Using Cryptocurrencies.”
ReChain makes some bold claims about the loyalty industry in the US and throw some exciting numbers around to tantalise investor tastebuds, such as:
- 29 Rewards Memberships per household
- 50% unhappy with the programs they belong to
- $100 bn unredeemed points every year
- Loyalty programs worth over $500bn
- 3bn memberships
And the solution to all this misery? ReChain.
“ReChain will solve the industry problems with one digital wallet and one-point system, providing a secure ecosystem for users and brands to connect and create value for each other. Users will be able to safely share data and allow brands and publishers to give them offers and rewards they really want.”
From a loyalty perspective, blockchain marketing involves rewarding members with cryptocurrency or cryptotokens in exchange for their attention, brand advocacy and data insights, while giving them full control over their personal data which is stored in a secure digital wallet on the blockchain. The essence of blockchain marketing is marketers earning the member’s permission to promote to them and access their personal data, with members able to earn a benefit for providing their attention and sharing their data.
ReChain have embraced this approach whole-heartedly with a really neat approach that allows:
- advertisers to serve members targeted content, for which the member receives a reward for viewing and clicking.
- brands to send members targeted offers, for the which the member receives a reward for taking an action or purchasing.
Under the approach, the ReChain digital wallet securely collects and stores member information in order to allow brands and publishers to give them offers and rewards they really want.
According to ReChain, under this approach, “Brands can learn what customers want and make offers based on a deeper level of detail, developing a personal relationship that was previously impossible. Users can be rewarded for sharing their data, turning off ad-blockers, and receiving offers that make sense to them. All transactions will be tracked transparently on the blockchain, allowing user loyalty to finally be recognized and redeemed in a way that everyone wins. In bringing this technology offer to over 11 million of our own registered users, plus millions more through our partnerships, we are in the perfect position to create a new loyalty landscape—rewarding users for the right actions, at the right times.”
Double thumbs up!
ReChain is raising $20 Million via a Securitized Token Offering (STO), strictly to accredited investors. Their whitepaper is due to be released on the 25th September 2018.
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.
Let’s connect! LinkedIn, Twitter