14 lines
1.7 KiB
JSON
14 lines
1.7 KiB
JSON
{
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"HubID": "2151",
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"Date": "2/13/2023",
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"HubTags": [
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"External Platform Posts"
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],
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"Contacts": "",
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"Companies": "",
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"File": "",
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"Image": "",
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"Summary": "#loyaltyprograms are a massive expense and one has to question their value to #consumerbrands considering the breakage.",
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"Notes": "<p>#loyaltyprograms are a massive expense and one has to question their value to #consumerbrands considering the breakage.</p><p>Loyalty program #breakage is the amount of points/rewards that never get spent, with a quick Google searched indicating 80% or more, which is very high.</p><p>If consumers are not using these rewards, they are not interacting with a brand. One has to ask why rewards offer so little value if they go unspent, and how can brands reverse this?</p><p>What could at least dramatically lower loyalty program costs is instead of doing something in house where a brand has to setup their own system, instead move to using the open and public infrastructure afforded by #web3.</p><p>Further, going open can make loyalty programs interoperable to coordinate benefits and collaboration with other brands.</p><p>It also sets up the potential for consumers to sell their loyalty rewards to someone else, which is what #Starbucks is allowing through its web3 shift for its loyalty program.</p><p>Another brand I read last week that has unveiled web3 loyalty rewards is Cha Cha Matcha, a small emerging and innovative brand in #foodandbeverage </p><p>And moving to web3 for a loyalty program could reduce breakage. Why not let consumers do what they want with their loyalty rewards? Let them sell to someone else who cares and would interact with the brand and use the rewards.</p>"
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}
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