IOU: Blockchain-Based eCommerce Loyalty System Platform

IOU: Blockchain-Based eCommerce Loyalty System Platform | Ecency

What Is IOU?

IOU seeks to reinvent the existing customer loyalty programs in a bid to offer more benefits, control, and flexibility to the merchants. Doing this will make it possible for the merchants to guarantee their clients the best possible consumer satisfaction levels. This will be in exchange for the marketing expenditures already incurred. The loyalty system being proposed by IOU will make it possible for the business owners to build new interaction levels with their clientele. Additionally, they will also be able to provide an opportunity for their consumers to freely exchange the IOUs in their possession with other consumers. IOU Respect is a unique and amazing platform for childhood collaboration, non-public development, and international networking and communication. IOU challenged me to articulate my beliefs and values, appreciate and discover splendor in each other’s differences, study from the “other” perspective, and mildew and strengthen my individuality.

E-COMMERCE MARKET: A GIANT

The e-commerce market is a global giant. For private consumers around the globe, the most well-known form of e-commerce falls into the business to consumer (B2C) category, which includes online retail or online shopping. In 2017, an estimated 1.66 billion people worldwide purchased goods online. During the same year, global e-retail sales amounted to 2.3 trillion U.S. dollars and projections show a growth of up to 4.48 trillion U.S. dollars by 2021. In Asia Pacific, e-retail sales accounted for 12.1 percent of retail sales in 2016 compared to 8.1 percent in North America, and only for 1.8 percent of retail sales in the Middle East and Africa.

E-COMMERCE CHALLENGES

In the era of internet, e-commerce is the king. However, this exponentially growing market faces some serious challenges:

1. CUSTOMER LOYALTY

It is a key issue as it takes lots of efforts for companies to make a new customer and maintain the same customer for long time.One of the reasons why ecommerce companies face the struggle while building trust and loyalty with customer, is because a seller and a buyer don’t know each other, nor they can see each other while making a transaction unlike street-shopping. It takes few transactions, time and plenty of efforts by the company to build the customer trust and loyalty8.

2. ACHIEVING PROFITABLE LONG-TERM GROWTH

Increasing sales is one way to grow the business but in the end, what matters most is profitability. Online retailers must always find ways to cut inventory costs, improve marketing efficiency, reduce overhead, reduce shipping costs, and control order returns.

3. CHOOSING THE RIGHT TECHNOLOGY & PARTNERS

Some online retailers may face growth challenges because their technology is limiting them, or they’ve hired the wrong partners/agencies to help them manage their projects. Retailers wanting to achieve growth must build on a good technology foundation. They must choose the right shopping cart solution, inventory management software, email software, CRM systems, analytics and so much more. In addition, hiring the wrong partners or agencies to help them implement projects may also limit their growth. Online retailers must choose carefully who to work with.

IOU VISION

IOU reinvents existing loyalty systems in order to provide more flexibility, control, and enhanced benefits for Merchants in order to guarantee the highest possible level of consumer satisfaction for the incurred marketing expenditures.IOU “loyalty system” allows business owners to create a new level of interaction with consumers and, most importantly, provides the opportunity for consumers to freely exchange their IOU Offers with other consumers for other IOUs which are needed more for those trading parties.IOU Peer-to-Peer (P2P) platform providing new opportunities for each Merchant (Business Merchant) in the world with regard to loyalty system organization, interaction with consumers, investment attraction, and revenue growth by the means of issuing its own freely tradable IOUs (IOU Crypto-Obligations / “IOU-CO”).

TOKEN UTILIZATION

The token IOUX is expected to be utilized in many ways, including:

• Escrow Management

• VIP Merchant Status

• Consumer Purchases of IOU Merchant Offers

• Loyalty Token Grants

• Promotional OffersMerchants must pay 5% Gas fee in IOUX Tokens for every IOU offer issued for Consumers (in addition to the 5% Fee on any purchases made by other cryptocurrencies, while purchases made by IOUX Tokens would be exempt).

In exchange, to provide incentives for the IOUX Token holders, every IOUX Token transaction would be granted an additional 5% Discount to the Consumers. Additional 10 Loyalty Tokens would be given equally each time to both Merchants and Consumers after accumulating transactions of 1,000 Tokens.

Merchants would also have an option to Guarantee the Service and issue refunds of payments if product or service offered by their IOU offers was not satisfactory. Thus, additional IOUX Tokens would be escrowed until the completion of the term of the IOU Offer.During issuance of IOU offers, Merchants must agree to the Token Discount, Service Guarantee, and Gas Fee Terms.

Website : https://iou.io/