Place/Date: Singapore - January 30th, 2018 at 8:39 am UTC · 3 min read
Contact: Marat Arslanov, Source: Bitrewards
BitRewards is a blockchain loyalty platform and ecosystem that enables retailers to reward the purchases their customers make with cryptocurrency. The end-users are rewarded for their purchases with liquid Ethereum-based tokens, which can be redeemed against future purchases or offers, or transferred to another crypto-wallet and spent on other products or services. The public pre-sale started on January 12st, 2018.
The conversion optimization, referral, and loyalty solutions market is estimated to be worth a staggering $20 billion. On top of that, there is more than $50 billion worth of loyalty points that are issued globally every year. Despite the strong growth, the efficiency of this market leaves much to be desired: customer loyalty programs are not realizing their full potential. The main problems of loyalty management are:
– Account inactivity
– Low retention
– Low motivation by offered rewards
Those issues can be caused by different factors: poor user experience, inconvenience, and sophisticated registration process can prevent users from signing up for loyalty programs. Sophisticated rules of participation can also drive up the cost of customer service. Customer retention is another problem as it’s a commonly known fact that it’s cheaper to retain an old customer than to attract a new one. All the abovementioned problems can be easily solved with an integrated loyalty system.
BitRewards is based on a successfully working product in the field of user rewards and loyalty (GIFTD) – for small and medium-sized e-commerce businesses. The team has been engaged in the product development for more than five years, knows the market and client needs well and has great expertise in motivational marketing solutions.
With BitRewards, the merchants can both issue their internal points or BIT tokens to reward their users on our system. They can choose to reward for any custom action (likes, shares, referred friends’ purchases) with the crypto. The platform provides all necessary infrastructure for a solid loyalty management system: modules or plug-ins for all popular online trading platforms (OpenCart, Shopify, Magento, etc.), mobile wallets for customers, mobile apps, and extensions for browsers.
BitRewards also includes BitRecommendations – a decentralized crowdsourced recommendation system tailored to the needs of e-commerce that uses blockchain to monitor the quality and integrity of Big Data. The system is AI-based as its training is carried out on the data of thousands of stores, which ensures the high quality of recommendations. All data received from stores is stored on a decentralized IPFS file system. Metadata, including the rating of data quality, is stored on the Ethereum blockchain.
BitRewards token BIT is an ERC20-compatible utility token. BIT is an internal currency and is used to conduct all operations within the BitRewards ecosystem. BIT tokens allow for the payment of goods and services within partner merchants of the BitRewards system and can also be exchanged for ETH/USD at independent exchanges, or at the BitRewards liquidity contract.
The BitRewards team has scheduled several token distribution stages. The private pre-sale took place between December 25th, 2017 and January 11th, 2018. The public pre-sale started on January 12th, 2018 and will end on March 31st, 2018. The main token sale will start on April 1st and end on May 1st.
The total volume of BIT tokens will be up to 2,000,000,000 with a $3 million soft cap and $15 million hard cap. At the moment, the estimations show that the optimal amount of tokens should be around 1 billion BITs depending on the ETH price. 64% of the total supply will be made available for acquisition during the entire Token Sale.
Disclaimer Bitrewards is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.