The opening of UK-based British Virgin Islands Benebit's retail makes big plans to grab the online retail market. Benebit launched a platform that will offer global consumers the opportunity to turn loyalty points into Token Benebit, which is then used to purchase online goods similar to fiat currencies. The platform will look to get rid of the aging system that requires retailers to carry multiple loyalty cards and split them, replacing them with a single card and an app that will include thousands of businesses worldwide.
It's no secret that e-commerce has disrupted massive spending. From books to clothing and even groceries, consumers choose utilities and time savings by doing their online business. It has revolutionized the way consumers buy products and services, benefiting retailers and consumers. Retailers see substantial savings on these operations while customers save their time and money.
Cashback and loyalty programs are a way to incentivize customers by giving them some cash for every purchase they make. The main idea is to create better consumer-merchant relationships by facilitating consumers and making them feel valued. And, of course, consumers also tend to participate. According to a survey by Loyalty360, 83% of consumers participated in at least one loyalty program, and 13% participated in more than five. By saying, the efficiency of the program is very tragic. Most programs are too slow and very illiquid, because consumers can only spend their "points" at the same retailer, and also lose points after a certain period of time.
With retailers and consumers, Benebit.io aims to revolutionize the world of cashback and loyalty programs through the adoption of blockchain technology. How? Benebit will replace the point system of the last century with Benebit Token, allowing users to exchange their Benebit Tokens into cryptocurrency currencies or major currencies. Now, customers do not have to worry if they are in the UK or Europe, because they will always be able to shop from their favorite brands around the world by using Token Benebit (BNE).
For consumers, startup will introduce Benebit Application, as well as Benecard in 2018. While buyers can use this app to find brands, shop and store their points, Benecard solves the problem of countless loyalty cards. The card is basically a hardware wallet for all cashback points, which can be used anywhere because proprietary technology allows users to use it as a banknote or credit card.
From a business standpoint, Benebit empowers retailers with a Point of Sale System, which not only collects customer spending data but also enables the management of internal processes such as inventory tracking, staff payroll, and vendor lists.
While there are many blockchain projects that not only generate some hype words, Benebit is seen to have an actual use case where the benefits of blockchain technology add real value to businesses and consumers
