Good afternoon. It seems to me that many store owners still remain wary of cryptocurrencies. How are you planning t increase the level of their trust?
We are constantly working on the customer development, and know the needs of our customers, e-commerce businesses very well. They are struggling with attraction, conversion, activation, and retention of their users and want a solution.
The statistics show that online merchants are spending annually billions of dollars on such solutions and often do so extremely inefficiently - over 50% of loyalty programs are closing within the first year after the launch, because they don’t pay off and create more customer frustration, than satisfaction
The user experiences in loyalty programs leave much to be desired, leading to clients frustration and worsening of their loyalty.
BitRewards will equip the merchants with the premium set of tools, which will increase their revenue by double-digit percentages. The software, which usually costs hundreds of dollars will be offered free of charge.
We don't plan to impose the limitations on the merchants — they can both issue points or BIT tokens to reward their users on our system. E.g., they can choose to reward for shares and likes with points, and for the purchases of the referred friends with the crypto. We aim to give the suite of tools that solve the merchants' problems better, rather than tie them our platform. It will result in broader adoption in the long run
The merchants want to have a tool that enables them rewarding not only with points, but with something the users deem more valuable - cash, or cryptocurrency (which in certain aspects is better than cash).
The adoption from the stores presently will, besides the other factors, be driven by the fact that rewarding in crypto helps to stand out among the competition, and in the future, it will become the industry standard and will be demanded by the users.
The question of the ban on crypto often arises. However, it will already hardly be possible. We are following the regulators and in reality, approve of the majority of their decisions. Because they show the desire to shield the large public from scam, misconduct, and negligence, rather than uproot the cryptocurrencies as a class. SEC's head of blockchain division is actually very supportive of the blockchain technology and cryptocurrency developments. Regulators have hard times now figuring out how to approach a lot of concepts and technologies, as the speed of evolution is extraordinary.
Therefore we are most assured that very soon the crypto will become a standard of the retail industry and will be adopted by almost every store. It's not hard to figure out how to legitimize the typical retail transactions in crypto, and given that a lot of great minds are applying their skills to this area, it's a matter short time when we will see it. If you think about it, crypto is much safer and more transparent, than physical paper cash, in which no one objects transacting.
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