This month in Blockchain Loyalty News, Max reviews the emerging blockchain loyalty marketplace plays.
A marketplace is effectively an eCommerce site, connecting buyers and sellers. Some good examples of marketplaces today are eBay for products and Uber for services.
A great example of these new type of blockchain marketplaces is Buying.com.
There are two interesting plays here:
- Connecting wholesalers and consumers directly, by cutting out the middleman
- Leveraging people’s unused spaces into hyperlocal distribution points, meaning much faster delivery. Anyone who leverages their free space will earn revenue. Quite ingenious really – think AirBnB, but for warehousing.
Bringing it all together will be the BUY cryptotoken, which will act at the internal currency of the entire platform. Buying.com are aiming to raise a total of US$50m at ICO, which is currently in market.
Universal Reward Protocol is a platform that’s hoping to bring bricks and mortar retailers into the future, by bridging the gap between offline and online and provide a platform for retailers to engage with customers directly. This platform is built on the blockchain and powered by the URP token.
The way it would work is:
- The shopper is rewarded with the URP tokens for sharing their personal data with a retailer.
- The URP token can then be redeemed back with the retailer to take advantage of offers or promotions, that have been tailored based on the data the shopper has already shared.
The URP platform is also bolstered by geolocation and machine learning, thus allowing the data to be further analysed and profiled. It’s then accessible for retailers to customise offers to each shopper.
Both platforms, whilst different, allow that direct to consumer communication. This in turn creates simplicity and, in turn, a much better experience.
Max Savransky is Loyalty Director of Loyalty & Reward Co, a leading loyalty consulting firm based in Sydney. He has 10 years’ experience within the loyalty industry including roles at Mastercard Loyalty (Pinpoint), Silverneedle (Next & Sage Hotels) and Pureprofile. As Loyalty & CRM Manager at HOYTS, he launched the highly successful partnership with Qantas Frequent Flyer, including a world-first Qantas Points in-store redemption proposition. He is an active cryptocurrency trader.
Max regularly contributes to www.blockchainloyalty.io, a global resource centre for everything blockchain loyalty.