Universal Reward Protocol
Today we will consider one ambitious project Universal Reward Protocol. So, let’s begin! Universal Reward Protocol, which provides a unique ecosystem for all retailers to reward their customers for any type of shopping behavior, and for sharing the corresponding Proof-of-Behavior data with the retailer. Retailers offer URP tokens as an incentive for shoppers to interact along a desired behavior and use the collected data to tailor personalized offers through which the shoppers redeem their tokens. All shopping behaviors, online and offline, such as store visits, online browsing, making purchases or social media influencing, will be rewardable through URP.
In the past two decades, traditional retailers and brands have had to adapt to the rise of e-commerce by diversifying distribution channels (website, click-and-collect, mobile apps). However, their main strength remains their stores, where shoppers can see, touch and try the product before buying it, which explains why 90% of retail sales still takes place in brick-and-mortar stores.
The importance of mastering both online and offline channels while integrating them seamlessly speaks for itself in recent strategic moves by some of the world’s biggest retailers:
• Amazon gained an instant brick-and-mortar presence in the U.S when it bought supermarket chain Whole Foods Market for $13.4 billion in August 2016, and has launched its new Amazon Go store format with no checkout required.
• Chinese e-commerce platform Alibaba invested a $2.9 billion stake in China’s top grocer Sun Art Retail, announcing a partnership with Auchan (biggest shareholder of Sun Art) to bring together their respective offline and online expertise to explore new retail opportunities in China’s food sector.
• Walmart bought Jet.com in 2016 for $3.3 billion and online apparel retailer Bonobos in 2017 for $310 million, confirming the group’s announced strategy to focus on developing its online distribution channels.
• Target bought online delivery service Shipt for $550 million in 2017.
The mobile opportunity is even more important given that shoppers who use their smartphones in store are 40% more likely to convert to sales. 69% of loyalty program members agree that they are more likely to participate in a loyalty program if it’s available on mobile. Almost 90% of Chinese shoppers are already using their smartphones while shopping in-store, and globally over half of all respondents said they wanted immediately redeemable coupons sent to their phones while they’re inside the store. This means that for shoppers to be digitally engaged and influenced during their in-store experience, the retailer has to offer them a clear incentive.
Offline to online shopper journeys are even more important for non-FMCGs (Fast Moving Consumer Goods), where the typical conversion rate of store visit is around 10%. With knowledge of the content of this visit, brands can retain shoppers across different channels. Having prior knowledge of the visitor’s profile can give the brand or retailer an edge in getting them to convert.
Physically going to a store is a clear indicator of interest and intent, even if shoppers don’t buy immediately. A visit without a purchase is likely to be an influential step in the customer journey, not its end.
Universal Reward Protocol, as a blockchain-based protocol, enables any retailer to join the network and easily create reward campaigns using smart contracts while granting shoppers full control and security of their data. The main advantage of Universal Reward Protocol is to be able to reward multiple behaviors online and offline. Universal Reward Protocol team is already working with major retailers worldwide that gives a concrete competitive advantage in terms of business expansion. Universal Reward Protocol is competing with traditional rewarding programs applications like Shopkick and analytics solutions made for retailers like RetailNext. As for NucleusVision, its product enables retailers to reward shoppers who visited their store and shared data with the store manager. Universal Reward Protocol is different by nature. It’s a rewarding protocol while Nucleus Vision is a dApp.
Rewarding a shopper through URP consists of a series of 8 steps:
- Retailers design campaigns in the URP web interface to incentivize their shoppers’ behavior,
specifying the conditions to fulfill and the corresponding reward.
Ex: The retailer is willing to give a fixed reward to each shopper that visits the store.
- The campaign is published on the blockchain as a smart contract.
- The campaign becomes available to shoppers.
Ex: The shopper can browse available offers on his smartphone inside the URP application.
- The shopper gives their consent to the campaign data collection and Terms & Conditions.
This consent is added to the blockchain state.
Ex: The shopper agrees to get rewarded for a physical visit to a specific store and to share the
corresponding geolocation data.
- A dApp collects data on the shopper’s type of behavior relevant to the campaign.
Ex: Occi dApp collects instore geolocation data.
- The dApp produces Proof-of-Behavior (PoB) data that certifies that the conditions of the
smart contract have been fulfilled. A hash of the PoB is sent to the Smart Contract.
Ex: A data point showing that the shopper was present inside the store is presented as proof-of-visit.
- The contract releases the reward, after PoB authentification.
Ex: The shopper’s wallet is credited with the promised amount of URP tokens.
- The full PoB data is encrypted and sent securely to the retailer.
Then, the shopper can choose to redeem the tokens with the same retailer, or another retailer
belonging to the URP network, through a personalized offer that the retailer has created based
on the previously collected PoB data.
Where traditional loyalty programs only reward purchases, URP now allows retailers and brands to reward individual shoppers for any behavior they deem relevant to their omni-channel customer acquisition and retainment strategy. Below are a few examples of behaviors that can be incentivized with URP.
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Цена: 0.1 EUR
Soft cap: 5,000,000 EUR
Hard cap: 20,000,000 EUR
This project looks very interesting and ambitious. In my opinion, the project has a good chance of success. Since the team has a very interesting vision of the future Universal Reward Protocol makes a revolution among shops. We wish the team success in achieving their!
Conclusion: Basically, Universal Reward Protocol is a decentralized reward system for customers who share their data with their favorite stores. As a result, the project will make it easier for offline companies to create better customer experience, which can lead to increased sales. We can not wait to see how Universal Reward Protocol will work in the future!
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