Top 5 Loyalty Use Cases of the Week #3

How Web3 could revolutionize loyalty programs

Retaining and drawing in customers has been a consistent challenge for businesses globally. Through loyalty programs brands have been able to alleviate some of these headaches, but they aren’t perfect.

Challenges, such as geographical limitations, limited reward options, and complex redemptions can arise. That being said, this is where web3 and blockchain technologies overall come into play. Attempting to solve these inefficiencies and challenges to redefine the loyalty space.

The Impact Of Choice Deprivation On Loyalty Programs

“A recent study from the Journal of International Marketing, however, found that consumers more frequently experience choice deprivation than choice overload.” (Forbes)

The “2022 Rewards Redemption Survey” from The Wise Marketer shows that consumers value loyalty programs with various options and choices. Deloitte’s research also ranks “choice of redemption options” as a high-value feature for loyalty program participants. 

How Partnerships Fuel Successful Loyalty Programs

“Enterprises in the Middle East, Asia, and the Caribbean such as Al-Shaya, ENOC, and Grace Kennedy, recognize the value in the cross-brand promotion & have given genesis to enterprise-level value propositions.” (The Wise Marketer)

Adopting a partner-driven loyalty model allows brands to capitalize on the opportunity to increase wallet share across categories and build value (wider audience reach and enhanced loyalty offerings) for multiple businesses within a loyalty ecosystem.