What is RewardsToken?
Rewards.com is introducing a global marketplace that brings together over 100,000,000 products and 7,000 merchants, including restaurants, travel, entertainment, and retail. This marketplace will allow customers to earn and redeem, what we call RWRD tokens, at any participating merchant. We believe this solution will transform loyalty by taking cryptocurrency mainstream, building a healthy and strong token economy, and restoring true value to the consumer reward.
How Does Rewards.com Add Value to the Cryptocurrency Ecosystem?
Problem-Solving:
One of the greatest challenges we face in the cryptocurrency community is finding startup projects with true value. Rewards.com aims to solve this problem with their innovative RWRD token, which inherits fungible value that can be distributed to the community in a number of ways.
- By shopping on Rewards.com, consumers can earn RWRD tokens on everyday purchases like groceries or clothes from their favorite brands.
- com offers consumers complete control over their user experience and engagement with brands through agile delivery.
- RWRD Buybacks. Rewards.com will buy back tokens from an exchange to distribute amongst the earners. For every 100,000 shoppers, Rewards.com will buy back approximately $5,000,000 ($5M) worth of RWRD tokens. This will naturally increase buying pressure as more people shop on Rewards.com.
- Users can liquidate their RWRD tokens by using them to redeem discounts on products from Rewards.com merchant partners.
- RWRD tokens are fungible with both fiat currency and cryptocurrency, meaning that consumers will be able to trade RWRD tokens for other cryptos, or purchase RWRD tokens directly using fiat money.
- By shopping on Rewards.com, shoppers will have opportunities to earn and redeem RWRD tokens without any changes to the customer or merchant experience.
- com offers a single crypto wallet capable of managing multiple membership programs. Say goodbye to stacks of plastic membership cards!
- com provides transparency between customers and merchants to reduce fraud, loss of points, and other types of manipulation that could be attempted on transactions.
- Tokenized loyalty points (RWRD tokens) are traceable, unlike plastic membership cards, which creates a virtually fraud-proof loyalty program.
- No personal data is ever released to third-party merchants. For their protection, consumer data is always stored privately and securely.
Significant Liability Reductions for Small Businesses and Corporations:
Since loyalty points are a growing liability on corporations’ accounting books, businesses and program sponsors try to significantly devalue their points over time by adding expirations and other complications to their systems. This creates a conflict in driving true customer loyalty. Customers may feel rewarded when they first earn a point, but they will certainly be disappointed when they try to redeem expired rewards.
Corporations can reduce liability by rewarding customers with RWRD tokens in lieu of a point system, undoubtedly removing millions of dollars of liabilities (unused points) from their balance sheets.
Reducing Customer Retention:
Studies show that it can cost five times as much to keep an existing customer as it can to acquire a new customer in the first place. So, companies need to pay as much attention to retention as they do to acquisition, but customers don’t often benefit from being loyal to a specific merchant over time. We aim to reduce costs of customer acquisition and retention through the power of blockchain networks.
Increase Consumers Engagement Using RWRD Tokens:
To understand the power of the RWRD program, imagine, for instance, that Joe has a reward point with Macy’s and he wants to redeem it through JCPenney’s. He is likely unable to do so. And if JCPenney’s does happen to allow that, they will have to purchase Macy’s loyalty points for the consumer to redeem, costing precious time and money.
With Rewards.com, our decentralized blockchain-based model creates a universal loyalty point redeemable from any merchant, which radically expands the consumer base for all companies reaching to the international level.
Decentralizing the Loyalty Program Coalition:
No one central bank, government, merchant or entity can control the value of the RWRD cryptocurrency. The community dictates the value through supply and demand. Traditional loyalty providers control loyalty value by embedding parameters such as expiration dates, exchange methods, blackout periods and other fine-print rules that most consumers will never read.
Decentralization enables customers to have control over their own experience and engagement with a brand through agile delivery.
Conclusion
Loyalty systems are an obvious match for blockchain and cryptocurrency technology. The key to developing a successful loyalty program is to put the customer at the center and design the program in a way that caters to their needs while still supporting the objectives of the merchants. Rewards.com accomplishes exactly that by offering a program that increases loyalty value for consumers while decreasing and simplifying liabilities for corporations. We will transform the loyalty industry and put our RWRD token in the hands of the masses.