ALLOY Tokens & Global Rewards Network Creating A Global Catalogue with Real World Rewards Using Blockchain Technology
Powered by Codemojo - A Technology Startup backed by Investors, PayPal Incubator, Reliance GenNext Hub, Nasscom10000, with a strong team and track record of providing customer engagement solutions since 2015.
Overview
Globally, 48 trillion Reward Points from Brands that are worth close to $360 billion go unredeemed each year. When users sign up for memberships with different Brands, they collect these points for every action taken, be it signing up, or making a purchase among others. But, they usually end up in a situation where the points can neither be consolidated nor redeemed against a preferred reward (the reward they want) due to restrictions. These restrictions include limited avenues, limited products inside a catalogue etc. In short, users are left with limited choice and a cumbersome reward programme that they often end up discarding.
In fact, unredeemed points in the USA alone amount to USD 16bn while that of UK is 6bn pounds, in total.
ALLOY Token & Rewards Network, our Proposed Solution is a Blockchain-based Global Rewards Catalog connecting Brands, Publishers and Consumers on one Platform. The Global Rewards Network will allow the Users of partnered Brands and Publishers to link, combine and convert all their Reward points to a local Fiat Equivalent ($/¥/€/₹ etc..), which in turn can be redeemed against listed Products and services from other partnering Brands.
For Consumers, this platform will be a mobile app that will show the fiat equivalent of their combined Reward points with an extensive Rewards catalogue to redeem from.
The core components of the proposed solution will be Codemojo's time- and scale- tested Customer Engagement kit and Rewards Network, currently engaging 25mn users across 2,000+ Apps, Websites, and Wi-Fi hotspots. Codemojo will upgrade its existing Rewards Network using Blockchain & introduce ALLOY Token to make the Redemption experience truly Instant, Secure, and Global.Global Rewards NetworkThe Global Rewards Network will be a Rewards catalog that will consist of products/services subscriptions listed by partnering Brands who are on the lookout for driving transactions or acquiring new users. This will be accessible for users through a consumer facing Mobile App & Website.
The User downloads the ALLOY app ; Signs in ; Links different membership accounts ; Sees the total combined worth of Rewards points in Local Fiat Equivalent ; Accesses the Rewards section & Checks out with a product of his/her choice.
Users will have the option to Consolidate their points, if the participating Brand or Publishers come to an agreement.
| Micro Redemptions |
Mobile Recharges
Bus ticket bookings
Store Value Gift Cards
Pharmacy
Café
Restaurants etc.
|
| Macro Redemptions |
Merchandise
Air Tickets
Hotel Bookings/Upgrades
Events & Attractions
Grocery
Rentals etc.
|
The OpportunityThe total unredeemed points sleeping in consumer accounts stand at $360B. Considering only USA and UK, we see an opportunity of $24bn worth points that go unredeemed. These points go unredeemed due to no visibility of points, not knowing the value of such points, not able to find suitable rewards during redemption, and no process to combine points across program operators to receive meaningful rewards. The USA is first, with $16bn, with the UK following at $7.7bn (£5.7bn). These stagnant unredeemed points that are not driving sales pose huge liabilities for these companies. A universal solution that enables frictionless, secure, traceable way for mobilizing these points can have a huge positive impact for both Brand and Consumers.
