On today’s daily tech podcast, I explore why it’s time to prepare for loyalty 3.0 Universal Reward Protocol turns to Ethereum Technology to engage consumers.
Universal Reward Protocol is a blockchain-based protocol where retailers can reward shoppers for any shopping behavior, online and offline (store visit, online browsing, purchase, etc.). By accepting to share their shopping data with the network, a shopper earns reward tokens, while the data is used by retailers to build redemption offers that best suit each customer’s needs. Shoppers can redeem their tokens through these exclusive and personalized offers.
Essentially, URP is a protocol in the sense that it ambitions to be the overarching ecosystem for a myriad of rewarding dApps. It aims at streamlining the collection of relevant shopping behavior data and validating smart contracts on the blockchain. It is universal because the URP token is redeemable across all retailers in the network, as opposed to most loyalty points which are “captive”, meaning they are only accepted by the retailer/brand who issued them.
However, the Universal Reward Protocol is not a loyalty program. URP ambitions are to improve all interactions between shoppers and retailers. Generally speaking, loyalty programs only focus on purchases to retain existing customers. Earned points can then be, for instance, redeemed through generic offers. URP has a broader reach. It provides retailers with the opportunity to reward any behavior they deem relevant to either better target existing customers or attract new ones. Earned tokens can be redeemed through tailor-made offers designed to meet the shopper’s needs based on collected data.
Louis Millon, CTO & Co-founder of URP talks about how the Universal Reward Protocol is bringing shopping back to brick & mortar and the effects that Blockchain acceptance will bring to retail space when consumers begin embracing solutions.
Useful Links
- Connect with Louis Millon on LinkedIn
- Learn more about Universal Reward Protocol
- Follow on Medium, Telegram, YouTube, LinkedIn, and Twitter
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