Boardroom Media || Future of Retail: Abandoned Loyalty represents a real opportunity to retailers
Loyalty is key; don’t get it wrong. Simplify it!
Providing consumers with a loyalty program in the digital age is simple and fast. But, there is regularly a substantial divide between the numbers of programs in which consumers join and the number in which they actively engage.
Co-Founder and CEO of RainCheck, a Decentralized Loyalty and Rewards Platform, Cameron Wall states,
‘Obviously people who shop online and offline are much more valuable than people that just shop online.’
Loyalty should be like other new technologies, simple, logical, clear and valuable. Rewards should be acquired, exchanged and used at any loyalty program, and accessible everywhere.
During a short period of the pilot it was measured ‘1.8 million dollars in merchandise that was RainChecked, and that basically led us to the point of understanding, did the transaction occur’. ‘And that’s that’s when we went into the phase of tackling that problem and integrating the payments side of it so that we could close the whole loop’, says Wall.
The RainCheck Platform based on Stellar will establish RAIN Tokens. In applying the distributed ledger technology, people will be able to acquire loyalty and reward points in a smooth way from any retail brand and use it to share or convert them into a service unit that can be used at other retail brands.
Having multiple brands accessible to consumers, via online channels, indicates that there are a great number of reward programs that are driven by various loyalty programs.
The arrival and access of online channels sets loyalty programs to be tailored to the consumer and pertinent through the use of mobile apps and in-store engagement. RainCheck delivers instant content that enables the shoppers loyalty program to be more personalized and consistent across frequent purchases.
‘We basically make money from the platform play. So we license the platform out to the brands if they want to use all the different modules for their own app or we actually can click the ticket on loyalty on the payment side’, says Wall.
‘Loyalty is a big one on card linking so linking offers and loyalty points to everything on payment cards’ says Wall.
RainCheck adopt and focus more on a SKU level of the card-linking approach in order for shoppers to save money on purchases by linking their payment cards to a merchant, cash-back or loyalty program.
Wall continues, ‘So it’s sort of a cloud platform it’s quite flexible depending on what the retail brand wants to do because they all want to do different things.’
RainCheck establishes a decentralized loyalty and rewards platform that can combine reward points across a number of loyalty programs. It aims to allow the consumer to pass reward points for one program to another. Shoppers will now have the opportunity to collect their points into one unit and use at that one loyalty program, or even share points to a third party.
Establishing a simple, logical, clear and valuable loyalty program will lower the increasing debt that is owed, as well as managing the level of loyalty contentment of it’s program shoppers.