How Incent is going to drive commerce
Tuesday 26 July 2016
We’ve built some amazing tools to help merchants incentivise repeat custom through our blockchain loyalty programme.
BitScan believes that blockchain technology can revolutionise the inefficient and ineffective loyalty sector. Making tokens transferable opens the possibility of them operating as a form of parallel money, having value beyond the individual business or businesses that choose to redeem them for goods and services. But there’s more.
Treating reward points differently opens up a whole new set of possibilities for merchants and customers alike. Incent, our own reward scheme, won’t simply be parallel money: it will be smart money.
Elegant, effective user interface for customers and merchants
Here’s how we plan to help businesses drive commerce using our merchant tools. The way you use Incent will be highly configurable - because every business is different. You will be able to set the issuance rate for Incent with every purchase, and any discounts you want to give when customers pay with Incent.
Issuance and redemption of Incent is highly configurable - so you can set what percentage of the transaction you award customers in Incent for each item, and the discount you offer for paying with Incent. The software calculates the purchase costs and rewards in each case.
For merchants, this means every product sold can be tailored to the target market. We believe the walled garden and one-size-fits-all approach of the traditional rewards sector is no longer fit for purpose. Perhaps you’re in a high-margin sector and can afford to give a substantial percentage of each transaction back to the customer in reward points - and incentivise them to spend reward points at your store by offering a discount for Incent. Or perhaps you’re just starting out and looking to dip your toe in the water.
For customers, this is where it gets really exciting. You’ll be able to shop around for the businesses that offer the best deal, both in the points they award you at purchase and the discount they give you for the Incent you have. So you’ll be able to compare stores and spend your cash accordingly.
Of course, given that one of the core aims of Incent is to create a currency that will appreciate in value over time, both merchants and customers might choose to hold it for a few months before they spend it.
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