Customer loyalty programs have become one of the most important marketing tools for companies. A recent study by Accenture found that 90% of retail companies in the US employ loyalty programs, and 77% of all the consumers participate in them. So you can imagine the volume of the global investments in loyalty.
There is, however, a problem: as more consumers participate in those programs, more of the loyalty points are going unclaimed?—?to the tune of $100 billion just in North America. It’s no surprise, as loyalty points have limited options for use and don’t tend to be interoperable between programs. The redemption can be quite a complicated procedure, so it may take the users a lot of time to sort out. As a result, customers often become dissatisfied with loyalty programs that fail to perform to their full potential.
Two pioneers of the blockchain industry combined their efforts to offer a solution. This week, REM Loyalty Rewards, a global provider of a fully decentralized digital loyalty rewards platform that allows customers to manage and combine multiple loyalty tokens all in one place, partnered with Crypterium, the world’s first cryptobank which enables those users to spend their points in the real-world environment. Here’s the easiest way to get a cup of coffee by cashing your air miles.
Coming closer to true loyalty
REM Loyalty introduces a loyalty rewards token, Remuneror (REM) designed to boost the engagement of users in various loyalty programs across the world. REM can be exchanged for points in partner programs or redeemed for goods, services or cash-back. For instance, through REM Loyalty’s partnership with RentalMiles, users can exchange tokens to pay their rent and landlords and tenants can earn REM in exchange for loyalty.
REM Loyalty has already established an impressive partnership network, which will provide users with significant loyalty rewards options including 29 major airlines and 80% of international hotel chains. REM Loyalty is also in talks with ride share providers, major gas stations and credit card issuers. Its first client, RentalMiles represents a new reward category that is 3.4 times the size of retail, gas, airlines and groceries rewards combined. The company can boast an audience of millions upon millions of users, with many more joining in the future. It’s technology makes it easy for loyalty programs to join the platform and link their reward programs, unlocking value for all loyalty reward holders.
Finding the perfect gateway
One of the most attractive solutions for redeeming tokens would be spending them just as easily as cash. Whatever loyalty points you earn now, you can’t use to shop in the nearest supermarket. That’s something to be changed with the help of Crypterium, the world’s first cryptobank.
The Crypterium App allows its users to issue a virtual card, link it to Apple Pay, Samsung Pay or Android Pay, bind it to their crypto account, and use it any time they pay with their smartphone.
Crypterium users will get the opportunity to pay with all the most popular cryptocurrencies, and REM will be one of the first tokens to be added on?e it’s launched. With Crypterium App, purchasing REM tokens will also be a breeze: all you need to do is press the “Buy” button within the app and choose the payment method.
“We are happy with the opportunity to work together with REM Loyalty. The concept fits directly with Crypterium’s vision of reaching the everyday person and helping to cash out their rewards wherever they want,”?—?says Austin Kimm, co-founder of Crypterium. “With REM Loyalty, it will also be much easier for us to bring together fiat-based and crypto-based companies, as well as develop a global payment infrastructure and support an efficient market to exchange digital assets. We believe there are numerous mutual benefits in our partnership and we are eager to see what the future has in store for us,”?—?Austin adds.
“We are very excited to partner with Crypterium. Our loyalty program really works well with Crypterium’s financial solutions. It makes redeeming easier both in terms of fiat and goods. Moreover, REM Loyalty’s volume as well as frequency of redemption is expected to be very large, so I can only see this benefiting Crypterium’s token holders in terms of value for them,” says Zdravko Loborec, founder of REM Loyalty.