BitScan – the popular bitcoin business directory and merchant hub recently announced the launch of a rewards program called Incent. For this initiative, BitScan is collaborating with the custom blockchain tokens platform Waves. Traditionally, BitScan believes in the idea that commerce is the driver of adoption. Hence the company has always been interested in building out its merchant relationships, now with it latest initiative to tackle the multi billion dollar loyalty and rewards industry.
Problems with current loyalty reward programs
According to BitScan CEO, Rob Wilson, loyalty and rewards programs, as they currently exist are incomplete. They are increasingly complex for both the customers and merchants alike.
Loyalty programs traditionally generate 12-18% additional revenue to the retailers than a customer base that indulges in no loyalty schemes. The existing loyalty programs are increasingly expensive and complex for customers to adopt. While it is true that the loyalty programs indeed aid business development with incremental revenue, they are difficult to understand. Hence the solution is to simplify the system to harness the growth and future prospects of the loyalty rewards stream.
The estimated worth of the US loyalty rewards industry is $65B. The projections show that this would grow up to $100B by 2020. BitScan believes there is profit to be made by employing a blockchain solution that would overcome the limitations of traditional loyalty reward programs. At the same time it will also be able to reach out to customers through new channels.
How Incent solves the problem
Incent was designed as a solution to the problems posed by traditional loyalty reward programs across various industries. Incent’s system is based on a universal loyalty token that is valuable across industries. The token value could easily increase with significant adoption and could be a very attractive investment to hold medium to long term.
The Incent loyalty platform assists merchants and retailers to launch customizable loyalty programs with no additional costs or resources. As an open blockchain solution, Incent handles the distribution, storage, exchange, and creation of tokens and loyalty systems. The customers can spend the incent tokens with the original retailer or other retailers using the system. They can also alternatively sell them in exchange for cash or other digital currencies. Hence the flexibility which the platform offers helps it in capturing the potential loyalty rewards market of future.
Role of Waves
Waves is a decentralized platform that allows users to issue, transfer, swap and trade custom blockchain tokens. These tokens may represent a share in a crowdfunding project, financial instrument, or any other item with inherent value. The Waves blockchain network protects the security and maintains the platform. Hence merchants, marketplace operators, and ecommerce sellers need not deal with technical issues surrounding the digital assets.
Opportunity to invest in the ICO
Incent will fuse Waves blockchain infrastructure with a huge industry, ripe for disruption. The team is launching the application token through an ICO. ICO investors will benefit from a token backed by merchant sales volume from launch.
The ICO launches in a little over 2 days from now. Interested investors should CLICK HERE.