[FADO Go Product Updates] How Features of Blockchain Loyalty Solution is Differentiated
What is a loyalty program?
Also known as the customer reward program, this program is a great tool for businesses to encourage customers to continue to shop at or use the services of businesses associated with the program, it is an effective marketing tool because the cost of keeping current customers is always lower than getting new ones. Program loyalty formats have been around since as early as gifts and discounts, nowadays customer loyalty progressions technology has become more mainstream as a vital race between brands.
In this article, we temporarily classify the type of loyalty program which has physical cards as retailing’s reward programs and digital reward points of e-commerce companies are traditional Loyalty Programs.
In contrast, the Blockchain Loyalty Program is a system that applies Blockchain technology considered a new development trend in the digital economy. The Blockchain Loyalty Program of FADO Go Solution is one of the leading companies in this field. It has completely full functions of a Traditional Loyalty Program, but we have differences that the traditional system does not have. Let’s check out some vitals!
Easily implement Cross-sell programs
Imagine your business is planning to organize a cross-sell program with another brand. For example, businesses in fashion for instance clothing, shoes, or accessories often have these programs with cosmetics businesses such as perfumes and lipsticks. The main purpose of this activity is to share the customer base and increase revenue and brand awareness. Back to the point if both parties are using the traditional Loyalty Program, it will be very difficult to convert the value between the two types of bonus points, usually, the two parties will have to negotiate, but there may still be cases that the agreement is not accurate due to lack of information or negotiation ability of the two parties. In this situation, Blockchain Loyalty Program can help, with a transparent mechanism, all information after being uploaded to the network cannot be revised, from which we can provide an accurate reward points redemption framework between publishers. sell.
Moreover, this process is also done automatically, businesses do not need to spend a lot of time and money to perform the same steps as the traditional process. On the contrary, the accuracy and reliability are almost absolute.
NFTs membership cards
This is a feature that is both extremely attractive to customers and brings value to businesses. A regular traditional Loyalty Program will provide customers with a form of membership tiers such as physical cards or ratings on applications. These types of membership certificates are very attractive to customers, not only bringing financial benefits such as promotions and discounts, but also other privileges such as for airlines such as access to the airport’s private lounge. flights, participate in member-only programs and have priority in purchasing limited or exclusive goods. Because of this feature, this Membership Certificate is extremely attractive to customers due to the feeling of special care and enhances the shopping experience.
However, to achieve these tires, users often have to spend a lot of time interacting and making many transactions on applications to earn points in order to increase tiers. Some users would love to save time and effort then they could buy membership certificates from businesses. Going back to the traditional Loyalty Program these membership certificates are just centralized data on the brand’s server, while with this Blockchain Loyalty Program membership, it will be created as an NFT that can be traded on the market and has unique values. Users after achieving these tiers can freely trade certificates when there is no need to use them or when they want to innovate to upgrade quickly.
Connecting customers with more convenient services (FADO Go ecosystem)
When businesses use FADO Go’s Blockchain Loyalty Program system, they can also use utilities located in FADO Go’s ecosystem, such as FADO VN, FADO Cambodia, FADO Travel, Giaonhan247, and Pearla. These utilities can be vouchers when paying by FADO tokens. Moreover, businesses that use FADO tokens as reward points, will receive a reduction in the fee for using our Blockchain Loyalty Program
Tracking and security
The reward points on the Blockchain system are encrypted at a specific time, the transactions can be easily tracked carefully and have been posted to the system so that the business can know where the reward points are located. Besides, the use of Blockchain Loyalty Program also makes the data difficult to be attacked by hackers. Thanks to the decentralized principle of the Blockchain system, anyone who wants to fake, change, or steal data could not be done on all the servers. If data are modified in one sever the other still remains the true information.
However, there is an exception when hackers control more than 51% of the system’s servers, but it’s barely happened and can be avoided by using reputable networks.
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