If you’ve been living in any corner of this planet for the last couple of years, then chances are you are already familiar with the blockchain technology. In general, this technology comprises of encrypted bulks of data that are linked to one another, and they’re called blocks. Put enough blocks together, and you get a chain; ta-da!
Now, according to experts from all around the world, the said technology has a plethora of innovative applications that are still left to be explored. Currently, the fields that this tech is being used the most are data security, transparency, and cryptocurrencies.
The Universal Reward Protocol (URP) platform, however, seems to have found a new kind of use for blockchain technology, and we have to admit; it’s genius!
What is the Universal Reward Protocol?
If we’re going to present this accurately, we need to start from ground zero. See, every idea is born as a solution to an existing problem. Here’s the problem that the creators of the URP platform seem to have spotted,
Reward systems and loyalty programs present some quite interesting potential for retailers in all sorts of markets. Specifically, a Harvard Business Review conducted back in 2014 showed that increasing customer retention rates by 5%, profits for retailers could get skyrocketed by a staggering 25%-55%. That’s all theory though. In reality, for every 1,000 consumers across the United States, only 24% uses any kind of rewards system and 38% of them doesn’t even know if they’re already using one.
It’s a tad confusing, isn’t it? If loyalty programs are so beneficial on paper, what goes wrong with the execution? The answer is rather simple, really. It’s the complicacy of any reward system or loyalty program that repels customers from using them.
URP is striving to change all that by allowing retailers to reward shoppers for any kind of behavior, not just buying their products. From sharing personal data such as location and reviews to purchasing the product or getting the word out, consumers can earn rewards from the blockchain-based protocol in the form of ACIURP tokens’. That’s the platform’s cryptocurrency.
This decentralization of the rewarding system in any market will allow retailers to make tailored offers to shoppers and increase their profits by establishing a more personal relationship with the customers. At the same time, each customer individually will maximize their earnings from rewards, since they will be getting offers that are tailored according to what they’re willing to do in terms of sharing personal data or making an extra trip to the store around the COME,
If you’re still struggling to see the difference between the URP model and a loyalty program, let me stress out the main differences between the two:
- The URP platform allows retailers to reward any type of consumer behavior, not just the actual purchase
- The URP platform is universal, meaning that the rewards a customer receives from one store or brand are recognized and redeemable by all other stores and brands that are registered on the network.
- The URP platform gives businesses the chance to reach out to candidate consumers. Specifically, the platform does not require a specific registration process or fee. Any individual can visit the website or download the app. If they like the offers and the rewards, then they can enroll and start completing the tasks in order to earn the tokens.
- Unlike a loyalty program, the URP platform is totally transparent and gives full control to the consumer over what data is being shared and collected by either the platform, the store, or both.
So, at this point, it should be clear that the Universal Reward Protocol is the first 100% win-to-win model for businesses and shoppers alike.