A blockchain based protocol that disrupts the world of shopper experience and redefines the relationship between the shopper,retailers and brands Pain point and problem statement.
(1) Retailers: The growth of physical retail has been slowing down for the past decades with competition from e-commerce and mobile purchase eating into their market shares and building new supply chain models.
The importance of marketing both online and offline channel while integrating them seamlessly speaks for itself in recent strategic moves by some of the world’s biggest retailers.
Online and Offline : Whole foods market for $13.4billion in August 2016 and has launched it’s new Amazon go store
format with no checkout required.
Offline to Online:Target bought online delivery service shift for $550 million in 2017
(2) Shoppers: There are currently three main points for shoppers lack of personalization of the shopping experience,data privacy and multiple incompatible loyalty programs. The reinvention of the shopper experience is the biggest retail trend of this decade because while shopping online is more convenient and efficient.
Despite all these challenges to the brick-and-mortar business model, offline sales still represent over 90% of total retail sales. Showing that there is still an extraordinary opportunity for these retailers to capitalize on their assets while leveraging technology to reconnect with their customers and finally provide them with the seamless online-to-offline and offline-to-online gateways that they have come to expect.
Digital marketing is also focusing more and more on mobile,with the ad spend on mobile reaching an estimated $70B in 2018 in the US alone or 40% of all ad spend a 200-fold increase compared to 2008. Universal reward protocol,as a blockchain based product enables any retailer to join the network and easily create reward campaign using smart contracts while granting shoppers full control and security of their data.
This blockchain-based let’s retailers reward shoppers for any type of shopping behavior such as simply visiting a store. By accepting to share their shopping behavior data with the network,a shopper earns reward URP tokens while the data is used by retailers to build redemption offers that best suits each customers needs.
General structure of a dAPP on the URP protocol
A dAPP that implement the URP Protocol therefore needs three basic component.
- A behavioral data collection and intelligent layer that is compliant with personal data protection regulation.
- A contract evalutor that implement the smart contract manager oracle interfaces to be capable of determining whether the shopper has fulfilled the contract’s condition.
- A proof of behavior data API that securely transfer the relevant shopping data to the retailer upon correct execution of the rewards contract.
Their goal is to make it as easy as possible for other rewarding dAPPS to implement the protocol.
URP TOKEN ROLE
The URP token is a generic ERC 20 utility token and has a dual function.
- Retailers will distribute URP tokens to reward shoppers based on rules of their own choosing shoppers on the other hand will redeem these URP tokens in exchange for discount,gifts or premium services.
- The URP token will be used as incentives for all stakeholders to behave correctly,fraud and securing the network.
Total URP created 600,000,000
Max units of URP sold 240,000,000
Price per URP: E0.1
Accepted currencies: ETH fiat
Soft cap: SME
Hard cap: 20ME (240M of URP tokens including bonus).
The awareness of blockchain continues to spread across all corners of the world.
With retailers turning to start-ups to find opportunities and solutions,whether it be guranteeing luxury products or promoting customer loyalty,it is difficult to deny that cryptocurrency is here to stay.