Friday, January 6, 2023
As digital currencies continue to grow in popularity, online merchants are moving towards adopting blockchain technology into their loyalty programs. This will allow them to offer customers a secure and transparent way to redeem loyalty rewards and points, such as exclusion discounts, early access to products, and even custom-made products.
Companies like Try Your Best (TYB) use blockchain technology to help brands build customer loyalty, circumventing pricey ads on third-party platforms. TYB is built on Avalanche blockchain and allows companies to reward customers for participating in the community with virtual loyalty coins. These can later be redeemed in exchange for products, or entry into special events.
TYB debuted last summer with wellness company, Joggy, where special “Joggy Doggy” NFTs were sold for $250-$500 to founding customers, which gave those customers access to 5% of Joggy’s revenue through a revenue-based rewards program, along with opportunities to earn free products and a “friends and family” discount. 30+ brands are participating in the pilot program which is continually rolling out new opportunities for customers to engage.
For more information see Elizabeth Kerr “62% Of Merchants Plant to Introduce Tokens and NFTs as Part of Their Loyalty Programs”, Crypto Monday, November 21, 2022 and Anita Ramaswamy and Lucas Matney “Athleisure icon Ty Haney raises $9.8M in fresh funding for her blockchain rewards startup”, Tech Crunch, June 2, 2022.
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