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delisting from bittrex.
I think this is horrible news.
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My questions appear to have been ignored. Perhaps anyone in the community might have an answer? If I trial the incent platform, will INCNT be purchased on my behalf on the open market and credited to my trial account?
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Thank you IncentSocial, Re this; The reason we invite people to try out the program for 30 days before they subscribe is to give them the chance to see what rewards they can accrue..... but you will get rewarded across all your spend including bills etc.......
Can you confirm whether or not INCNT is actually purchased from the open market on behalf of trial users? |
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my opinion of Incent continues to be shaped by difficulty in getting clear answers to basic questions about the platform behaviour. The team seems well meaning, but stretched and focused on intangible 'launches' over a period of years, rather than solid communication and clarity. I hope my questions can be answered.
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Is my understanding that INCNT is purchased from the open market by Incent the company on behalf of users who have added a bank account, but not paid a subscription amount, correct?
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I would like to understand further what happens when a user signs up, adds a bank account, but doesn't pay for a subscription. My understanding is that Incent, the company, will purchase INCNT on behalf of this user from the open market. Is this correct? Could you also confirm the platform terms. Is https://incent.com/terms-of-use/ up to date? |
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I think you have misunderstood the model. There's no need to pre-buy. Incent are bought as required off the open market. And there's no limit to how many users the platform can support.
When a user joins Incent, and adds their bank account, the platform purchases Incent on their behalf everytime they spend any amount anywhere. Incent, the company, pays for this Incent 'as required off the open market'. Is this correct? |
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I have a question in regard to the purchase of Incent tokens by Incent the company - how do you determine scaling of purchasing before users have paid subscriptions? ie. how much value have you set aside to purchase Incent? How many users could the platform support? - Also, what currency do you use to purchase Incent on behalf of a customer, and how do you manage any risk in that regard?
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Telegram conversation indicates that Incent as a company purchases 1% of the total $ spend per customer in Incent from the 'open market', with withdrawal limited to customers paying for a subscription.
Something else I'd like to confirm - that the withdrawal of Incent is limited to 2x my current subscription fee? This gives rise to some interesting incentives. Is there any other rule or policy in regard to withdrawals? Is there a comprehensive policy document available, such as might be expected by an australian consumer?
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I have reviewed material once again, but at this point still do not understand how a spend of $100, for example, results in any reward. How much Incent would I receive if I linked a bank account, and spent $100?
I need this information to evaluate the cost / benefit.
I do understand that it will cost me at least $10 to access whatever I receive.
Please confirm details, and that my understanding is correct.
Can you please give at least 1 concrete example, I haven't yet seen one. Because of the requirement to purchase a $10 subscription in order to receive any Incent, I would like to calculate what spend that would require to represent the added value I would receive in return for sharing my spending details. |
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I have reviewed material once again, but at this point still do not understand how a spend of $100, for example, results in any reward. How much Incent would I receive if I linked a bank account, and spent $100?
I need this information to evaluate the cost / benefit.
I do understand that it will cost me at least $10 to access whatever I receive.
Please confirm details, and that my understanding is correct.
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There is talk in Telegram of a delay to launch. I could not work out if any reason was given.
Has the platform launched, and have the subscription prices for users to receive any benefit been published?
I would also like to confirm that any user wishing to actually receive any Incent into their sole possession will have to pay a subscription.
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Can anyone explain what exactly is launching in fact? What does it do? Why would I want it? Who pays, and how does this help a merchant? - and how does Incent get paid?
These are the absolute basics. Communication from Incent is poor, imho.
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..the money comes partly from regular subscriptions and partly from retailer deals.
Can you explain this step by step please? By 'regular subscriptions' do you mean that you are charging your users a fee to join the platform? How much will this cost? Do you have any retailer deals in place? |
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I think the best thing would be if we put together an example explaining exactly how it works. Will get back to you on this.
Yes, I agree. tbh I think your offering should be clear before you announce a launch. The two new articles indicate an approach nothing to do with loyalty, as far as I can see. Incent is now more aligned with projects such as https://getamber.io/ - but using a custom premined token. Is https://www.wavesworld.io/#team a more loyalty focused product now? In the management of loyalty products for (larger scale) merchants which is the better product, and why? |
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(copied to telegram)
The latest news confuses me further. Is Incent now a user-pays crypto saving scheme? Could you explain in simple terms what would happen if I join Incent, and spend $50 at woolies? Do I end up with Incent, and if so, who paid for it?
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A lot of this information is available on our blog. Have you read it?
It's probably best to let someone from the Sydney team answer some of your other questions. That's easier on Slack.
I read everything I could find about Incent, and have researched it in as much detail as possible within a limited time resource. I am present in Slack and Telegram, where almost no conversation occurs, but will copy further queries across channels. https://blog.incentloyalty.com/ (or https://www.incent.com/news/ ?? ) doesn't offer details of any 'customer subscription' scheme that I can see - this is, again, an interesting idea, but nothing I am learning at the moment gives me any faith in execution. I had assumed that you were a full time member of the team, but you imply that you're not - it's part of a picture for me of nothing quite adding up tbh |
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It is dramatically better than the current system, which requires consumers carry multiple cards.
You are misunderstanding the friction point, which in my view is concerning. It is a huge challenge to persuade consumers that they should send you details of every transaction they make. That information is both highly personal, and highly valuable, and you appear to view it as something a large number of people will do gladly for the sake of receiving Incent. I don't believe they will, and I don't believe they should. You didn't answer my question in regard to your plans to onsell this data, and I think you should. Half the rewards come from customer subscriptions. Half will come from retailers who are willing to pay for repeat custom and the insights it gives them.
What are 'customer subscriptions' ? - Does Incent plan to charge customers for this loyalty service? 'the insights it give them' sounds like you are planing to give / sell merchants the data I referred to above - can you confirm. Finally, could you confirm your role, and the current size of the team - how many people work full time on delivering this platform? |
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Insync was never part of the original idea but is a brilliant way to track spending frictionlessly. It also removes the need for website integrations (like WooCommerce etc) because it takes place one step further back, at the level of bank transfers not the e-commerce platform.
If I've understood Insync correctly, it requires a customer to integrate a bank account in order to access loyalty rewards. That is, in my opinion, a huge amount of friction. You are asking people to give you details of their every transaction. Under the terms and conditions of your program, do you then own the details of their spending? Is it part of your business plan to sell that data? If not, why are you collecting it, and if so, are you being transparent about this? Further, am I correct that you are funding all loyalty payments to users yourself at this time? How do you plan to make any money from this activity? |
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