In the past two decades, traditional retailers and brands have had to adapt to the rise of e-commerce by diversifying distribution channels (website, click-and-collect, mobile apps). However, their main strength remains their stores, where shoppers can see, touch and try the product before buying it, which explains why 90% of retail sales still takes place in brick-and-mortar stores
Universal Reward Protocol provides a unique ecosystem for all retailers to reward their customers for any type of shopping behavior, and for sharing the corresponding Proof-of-Behavior data with the retailer. Retailers offer URP tokens as an incentive for shoppers to interact along a desired behavior, and use the collected data to tailor personalized offers through which the shoppers redeem their tokens.
All shopping behaviors, online and offline, such as store visits, online browsing, making purchases or social media influencing, will be rewardable through URP. Much of the retail industry’s advertising budget is spent on couponing and cashback, but the typical lack of personalization of these campaigns has widened the gap between consumer expectations and their actual in-store experience. This requires a technical solution guaranteeing reach, data quality, and scalability. This article will show how Universal Reward Protocol fulfills these requirements using blockchain technology
The URP is a new way for retailers and brands to interact directly and transparently with their shoppers, and automatically reward their behavior and data sharing in a personalized, streamlined way. This blockchain-based protocol lets retailers reward shoppers for any type of shopping behavior, such as simply visiting a store. By accepting to share their shopping behavior data with the network, a shopper earns reward URP tokens, while the data is used by retailers to build redemption offers that best suit each customer’s needs. Shoppers can redeem their tokens
through these exclusive and personalized offers.
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Through URP, retailers and brands can transparently acquire data that encompasses their shoppers’ entire online and offline behavior, enabling them to bridge the digital gap by engaging with shoppers directly across several communication channels. URP is a new performance marketing tool for retailers and brands. Shoppers, in exchange, are rewarded for their engagement with universal tokens they can redeem through personalized offers and promotions. They have complete control over which data they share with which retailer or brand, according to the trade-off between the level of personalization they are looking for and the privacy settings they choose.
Rewarding a shopper through URP consists of a series of 8 steps:
- Retailers design campaigns in the URP web interface to incentivize their shoppers’ behavior,
specifying the conditions to fulfill and the corresponding reward.
Ex : The retailer is willing to give a fixed reward to each shopper that visits the store. - The campaign is published on the blockchain as a smart contract.
- The campaign becomes available to shoppers.
Ex : The shopper can browse available offers on his smartphone inside the URP application. - The shopper gives their consent to the campaign data collection and Terms & Conditions.
This consent is added to the blockchain state.
Ex : The shopper agrees to get rewarded for a physical visit to a specific store and to share the
corresponding geolocation data. - A dApp collects data on the shopper’s type of behavior relevant to the campaign.
Ex : Occi dApp collects instore geolocation data. - The dApp produces Proof-of-Behavior (PoB) data that certifies that the conditions of the
smart contract have been fulfilled. A hash of the PoB is sent to the Smart Contract.
Ex : A data point showing that the shopper was present inside the store is presented as proof-of-visit. - The contract releases the reward, after PoB authentification.
Ex: The shopper’s wallet is credited with the promised amount of URP tokens. - The full PoB data is encrypted and sent securely to the retailer.
Where traditional loyalty programs only reward purchases, URP now allows retailers and brands to reward individual shoppers for any behavior they deem relevant to their omni-channel customer acquisition and retainment strategy. Below are a few examples of behaviors that can be incentivized with URP
To Learn more, visit:
Website: https://rewardprotocol.com/
Twitter: https://twitter.com/RewardProtocol
Email: contact@rewardprotocol.com