Apac
  • Home
  • CXO Insights
  • CIO Views
  • News
  • Conferences
  • Newsletter
  • Whitepapers
  • About us
Apac
  • Admired Tech

    Agile

    AI Healthcare

    Artificial Intelligence

    Augmented Reality

    Aviation

    Big Data

    Blockchain

    Cloud

    Cryptocurrency

    Cyber Security

    DevOps

    Digital Transformation

    Drone

    HPC

    Infrared

    Internet of Things

    IT Services

    Marine Tech

    Networking

    PropTech

    Remote Work

    Robotics

    Scheduling Software

    Sensor Tech

    Simulation

    Smart City

    Software Testing

    Startup

    Storage

    Unified Communication

    Web Development

    Wireless

  • Automotive

    Banking

    Capital Market

    Construction

    E-Commerce

    Education

    FinTech

    Food and Beverages

    Gov and Public

    Healthcare

    Insurance

    Legal

    Logistics

    Manufacturing

    Media and Entertainment

    Metals and Mining

    Pharma and Life Science

    Retail

    Sports

    Travel and Hospitality

  • CISCO

    Google

    IBM

    Microsoft

    Oracle

    Salesforce

    SAP

    ServiceNow

  • Business Intelligence

    CEM

    Cloud-based Planning

    Cognitive

    Collaboration

    Compliance

    Contact Center

    Contact Tracing

    Contactless Payments

    Corporate Finance

    CRM

    Custom Software Development

    Data Center

    Digital Signage

    Enterprise Architecture

    Enterprise Asset Management

    Enterprise Communications

    Enterprise Contract Management

    Enterprise Performance Management

    ERP

    Facility Management

    Field Service

    Fleet Management

    Gamification

    HR Technology

    IT Infrastructure

    IT Service Management

    Managed Services

    PLM

    Procurement

    Product Management

    Project Management

    RegTech

    Revenue Management

    Sales Tech

Menu
    • CISCO
    • Collaboration
    • Compliance
    • Contact Center
    • Healthcare
    • IT Service Management
    • Microsoft
    • Retail
    • MORE
    #

    Apac CIO Outlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIO Outlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • News
    • Blockchain
    Editor's Pick (1 - 4 of 8)
    left
    Supporting Business with the Right Technology

    Andy Jurczyk, CIO, Seyfarth Shaw LLP

    A Closer Look at Block Chain Technology

    John Shea, CIO, Eaton Vance

    How 5G + blockchain + IoT + Mobile apps and devices are about to lead us to a

    Maurice Audinet, Head of Digital Transformation, Jurlique Hong Kong Limited

    Crypto Exchanges: The Markets Unsung Hero

    Lennix Lai, Financial Market Director of Okex

    How Could DLT Redefine Roles in Post-Trade?

    Boon-Hiong Chan, Head of Market Advocacy, Securities Services, Deutsche Bank

    Blockchain - Based Financial Service Applications

    Boon-Hiong Chan, Director, Head of Business Control Unit & Market Advocacy, APAC, Deutsche Bank

    Powering Industries with Blockchain

    Gopalakrishnan P, Development Leader, Blockchain Solutions, IBM Industry Platforms

    Knowing How to Approach Blockchain

    Thomas Jakob, Regional President Asia Pacific, Bosch Software Innovations

    right

    Opportunities and Challenges of Blockchain-Integrated Loyalty Programs

    By Apac CIO Outlook | Friday, January 24, 2020
    Tweet

    Loyalty programs are a great way to maintain as well as enhance the customer base. It is a structured marketing strategy used by companies and retail shop owners to encourage customers to continue to use their services and products.

    In recent years, customer’s interest in the loyalty programs is on the wane, encouraging the companies to explore the possibilities of blockchain technology in loyalty marketing. The decentralized ledgers can be a great asset to boost loyalty programs for businesses. Let’s discuss the opportunity and challenges of blockchain technology for loyalty programs: 

    Reward redemption: Redemption rates have been falling for loyalty marketers. Blockchain-integrated loyalty programs can address many issues that drive the customers away from the traditional loyalty programs. It allows a customer to manage multiple programs in a single wallet. Blockchain-integrated programs also help to streamline different loyalty programs by providing a single set of rules for acquiring and redeeming points from various loyalty programs.

    Flexibility: Blockchain-based loyalty programs allow customers to receive and redeem loyalty points in real-time. It can be a great asset for data analysis as the data stored in the digital ledger is abundant. This data can help businesses to get insights into a customer’s buying patterns and their interest in a particular product. The loyalty points in blockchain can be tracked easily and redeemed in smaller increments.

    Reduced frauds: Blockchain-integrated programs allow the organizations to store private and sensitive data on legacy systems with which only the authorized customers can interact. The network members are allowed to store information on the digital ledger which can help in general data protection. Blockchain-integrated loyalty programs can help to reduce loyalty frauds to a great extent.

    Reduced costs: Loyalty programs take time and money. Blockchain-based loyalty programs can eliminate this barrier with a distributed ledger. It can also benefit the customer as the savings can be passed on to the customers.

    Blockchain technology can eliminate some of the barriers of loyalty programs, but there is a scope of improvement. The customers will need to set up their accounts after downloading their digital wallet. The existing infrastructure does not allow more than five transactions per second. This might not be sufficient for the implementation of a large-scale loyalty program.

    Blockchain-integrated loyalty programs are still in its infancy, but it has shown enough potential to garner the interest of businesses.

    Check out: Top Loyalty Management Solution Companies

    Weekly Brief

    loading
    Top 10 ITSM Consulting/Service Companies 2020
    ON THE DECK

    IT Service Management 2020

    Top Vendors

    IT Service Management 2019

    Top Vendors

    Previous Next

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Four Security Issues in IoT

    Four Security Issues in IoT

    Four Use Cases of AR/VR Technology in Employee Training

    Four Use Cases of AR/VR Technology in Employee Training

    Five Major Trends in Digital Transformation for Businesses

    Five Major Trends in Digital Transformation for Businesses

    How Blockchain Reinvents Regtech

    How Blockchain Reinvents Regtech

    Five AI Technologies to Help Boost Business

    Five AI Technologies to Help Boost Business

    Popular E-Commerce Growth Trends in 2021

    Popular E-Commerce Growth Trends in 2021

    Loading...

    Copyright © 2021 APAC CIOoutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy  |  Sitemap |  Subscribe

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://www.apacciooutlook.com/news/opportunities-and-challenges-of-blockchainintegrated-loyalty-programs-nwid-5949.html