The Disruption Of Digital Loyalty Rewards And Incentives With Nexus Coin[NXC]

Loyalty rewards and incentives have been an adoption in today’s society that has helped both brick mortar e-commerce sites to retain customers and drive down acquisition costs by rewarding them for their loyalty towards their brand. It is a strategy that has been proven to be effective and some carry out this incentive in form of raffle draws and others by selecting their best customer for a particular week, depending on what works best for them.

Customer loyalty programs are believed to have started in the 18th century with a strategy called “premium marketing” or “spend and get”. It was a strategy that saw American retailers give their customers copper tokens for purchases, this token can later be redeemed for products on future purchases. This strategy remained popular throughout the 19th century and paved the way for the loyalty rewards being enjoyed today.

Introduction Of Stamps as Loyalty Rewards

It quickly became established among retailers that copper tokens were an expensive method of rewarding customers and stamps was introduced as a replacement for coins in loyalty rewards in the late 19th century. Retailers started awarding the green shield stamp to customers for purchases which could later be redeemed for catalog products.

Modern Loyalty Programs Became a Thing

At a certain point in the early 1900s, individual brands and retailers started introducing their ways of engaging customers. Box Tops were known to be one of the brand-specific programs. They were coupons printed directly to product packages and could later be redeemed for premiums or rewards.

Frequent Fliers, one of the most well-known loyalty programs ever created, was introduced in the late 1900s. Frequent Fliers was often regarded as the first full-scale loyalty program of the modern era and American Airlines launched their Frequent Flier program in 1981. This program changed the game for customer loyalty and currently boasts over 50 million members in the revamped AAdvantage program.

Then came the Loyal Aggregator programs that rewarded points regardless of the retailer that the customer originally earned them from. The accumulated points can be used to purchase items through a separate retailer in a similar fashion to Green stamps and popular programs like Air Miles and Aeroplane.

The 1990s also saw card-based retail loyalty programs gain popularity where retailers implemented in-store loyalty programs that were easier to monitor in comparison to the collection of stamps and branded currency. This loyalty program is still popular today as brands still find it effective and accountable.

The Era Of Digital Loyalty Rewards and Incentives Begins

The introduction of tech to loyalty rewards and incentives has been a game-changer as it is with every other industry tech has been introduced to. This innovation has made it possible for anyone to start a loyalty reward program for their store or site, meaning that loyalty programs are no longer reserved for only the big players in the retail space.

With digital loyalty programs, customers don’t only get rewarded when they spend certain amounts at a store, but also for a variety of desired actions. From getting points for social media activities that extend the marketing scope of a retailer, to making referrals that bring in new customers and grow revenue, the options have become almost endless for customer rewards.

How Nexus Coin is Disrupting The Digital Loyalty Rewards and Incentives Program

Although we are presently in the digital era of rewarding loyal customers, the value of a company’s digital point can be affected by several factors which range from credibility to accountability. If a company’s trust is affected either by a major security breach or whatever that leads to the loss of valuable data, the value of their loyalty points will plummet and this will not look good on their brand. 

One way to tackle this problem is by implementing a technology that cannot be breached, manipulated, or tampered with. This is why Nexus Coin is proposing the solution of incorporating blockchain technology into their mobile app, SRAY. Nexus Coin is a next-generation digital payment and incentive platform that is based in the UAE, Dubai. 

The incorporation of blockchain technology into the Nexus Coin digital platform will enable them to deal with concerns such as security, transparency, and high transaction fees that may plague the mind of consumers, through the use of smart contracts, asset collaterals, and personal authentication mechanisms.

Providing maximum security for consumers of a digital platform cannot be overemphasized as that brings a level of trust that guarantees that consumers will continue to patronize a digital brand. This is what the Nexus Coin Project aims at achieving.