With the rising popularity of cryptocurrencies and the blockchain community today, businesses are starting to choose cryptocurrency because it is so practical, simple and easy to use. This has sprouted various investment opportunities that are built using cryptocurrency and blockchain. This has made the investment process easy as you don’t need to go through difficult steps for investing your money. By exchanging fiat money into tokens, you can then spread your investment portfolio through investment startup. The blockchain revolution has spread to the traditional rewards industry. ALLOY is on the run to become the leading rewards network for consumers using the blockchain network. ALLOY aims to benefit businesses with more loyal customers by bringing greater transparency and empowerment to consumers using the blockchain network. ALLOY users will be able to accumulate reward points by shopping within the network and obtain the goods or services they prefer when claiming rewards.
Unredeemed points in the USA alone amount to USD 16bn while that of UK is 6bn pounds, in total.
About 48 trillion Reward Points from Brands that are worth close to $360 billion remain unredeemed globally by users each year. Usually, whenever users sign up for memberships with different Brands, they collect reward points for some specified action taken, be it signing up, or making a purchase among others. However, these are usually not redeemed as they usually end up in a situation where the points can neither be consolidated nor redeemed against a preferred reward that they want due to restrictions. These restrictions are usually created to boost Brand loyalty and may include limited avenues, limited products inside a catalog, limited exchange value etc. As a result of this, users are left with limited choices and a cumbersome reward program that they often end up not utilizing effectively.
So why ALLOY?
The ALLOY Token & Rewards Network is a Blockchain-based Global Rewards Catalogue that works to connect Brands, publishers, and consumers on one multipurpose platform. This Network will bring greater flexibility by allowing the users/customers of partnered Brands and publishers to link, combine and convert all their Reward points to their local Fiat Equivalent ($/¥/€/? etc..). The reward points can also be redeemed for listed Products and services from other partnering Brands.
Users will get a well-integrated mobile app that shows the real-time fiat equivalent of their combined Reward points with an extensive Rewards catalog from popular Brands to redeem from. The system’s core components will comprise of the Codemojo’s time- and scale- tested Customer Engagement kit and Rewards Network. This is an extensive network that currently engaged around 25 million users across 2,000+ Apps, Websites, and Wi-Fi hotspots. The ALLOY – Codemojo partnership will upgrade its existing Rewards Network using the Blockchain network & introduce ALLOY token to make the Redemption experience truly Instant, Secure, and Global.
The ALLOY token will act as the reserve currency, this will allow for frictionless combining and redeeming of rewards and will even have more uses when it comes to converting rewards to fiat currencies. Users of the Global Rewards Network will be able to decide on the value of their rewards for easy conversion among consumers in the network. An essential system to the process of converting rewards points to ALLOY is REPAC (Real-time Points Adoption and Conversion).
It is projected that most major brands will join the Global Rewards Network to boost engagement with consumers, this will allow them to easily integrate a rewards program with their customers. Now, Brands will be able to decide how and where their rewards can be claimed. The network will allow companies to increase engagement with consumers without sacrificing their brand identity.
The major advantage will be Brand loyalty as the possibilities for user redemption are endless. Users can combine and claim rewards points for things they really want. Consumers will be able to get mobile phone minutes or credits, gift cards, credits at restaurants or movie theatres, merchandise, plane tickets, hotel bookings, rentals, etc. Rewards points can be redeemed no matter where you are or where you made previous purchases, this makes the Global Rewards Network borderless.