Loyalty reward programs are great options to increase customer retention and market capitalization across industries - retail, banking, consumer goods, travel, hospitality, telecom, or e-commerce.
However, the current reward points management processes come with a number of inefficiencies including limited redemption options, lack of real-time transactions and settlements. Blockchain as a digitally distributed, decentralized, and single public ledger brings speed, flexibility, security, and transparency. Hence the blockchain-enabled reward points management becomes a highly competent and cost-effective solution for organizations.
Quartz™ DevKit helps enterprises build blockchain apps 40% faster
The traditional loyalty programs come with challenges for both companies and customers including a basic lack of fungibility of reward points.
A customer cannot use them for purchases at an online store or a grocery supermarket and is, instead, forced to redeem the points with the institution which may not always be possible or meaningful for the customer. Organizations struggle with creating personalized reward experiences, tracking reward points, poor conversions, reconciliation issues due to delayed settlements, and an inability to measure the success of the rewards program.
We were impressed by the start-up friendly aspect of Quartz and the solution’s technical capability to help us launch to aggressive timeframes and support our vision of geographical expansion. The objective is to support numerous merchant venues and redefine how they deliver services, and in the process increase customer loyalty. The solution from Quartz provides a hybrid network that allows our customers to pre-order goods and services from merchants utilizing the rewards on the private blockchain network and manage the Zap tokens on the public network simultaneously.