The referral and loyalty rewards market is estimated at over $20 billion. In addition to this, a great part of loyalty points equivalent to more than $50 billion is used by companies to reward their customers in an attempt to retain them and make them permanent buyers.
But, it is obvious that none of the current loyalty rewarding platforms can perform in a required manner, which makes the tremendous potential of loyalty rewards such an interesting sphere to be exploited.
The main issues with the current rewarding platforms include: the lack of integration resulting in lower account activity, lower levels of success in customer retention and low motivation from this promotional outreach. For the reason of poor previous experience and complex user registration it is difficult to promote a rewards scheme based on the current platforms.
Bitrewards, a new blockchain-based rewarding platform, aims to deliver a successfully working rewarding platform especially for small and medium enterprises around the world.
The dedicated team of the BitRewards platform has been in development mode for over five years and has successfully delivered a workfield of user rewards and loyalty (GIFTD). The native currency BIT token populates the platform and can be used for rewarding earlier purchases made by customers of any brand or company.
The platform has been designed to reward any action taken by a user, including likes, shares and referred friends’ purchases. There are loyalty management systems in place for all major outlets, including plugins and modules for all big stores like OpenCart, Shopify or Magento, etc. Mobile wallets and extensions for browsers are also included.
Another innovative approach created by the BitRewards team is an AI-based decentralized recommendations system that uses blockchain to its advantage. The recommendations system handles “big data” from stores around the world and its AI-based approach allows it to ensure extremely high level of recommendations.
The data is stored on a decentralized IPFS file system, while the metadata, including the rating of the quality data, is based on the Ethereum Blockchain.
The BIT token is an internal currency based on the Ethereum ERC-20 token and is only used for the rewards-based platform. Partner merchants can trade goods at the platform with rewards for effective loyalty points, but the currency can also be exchanged in ETH/BIT pair at independent exchanges and BitRewards liquidity contract as well.
The private Pre-TGE has finished in mid January 2018 and is now followed by the public Pre-TGE, which is planned to run until March 31, 2018. The main TGE officially starts on April 1, 2018, and will last until May 1, 2018. The total number of tokens is 2,000,000,000 BIT.