Incent Loyalty has launched a new innovative loyalty program using Australia’s first cryptocurrency, INCNT. Leveraging blockchain technology, the new program not only incentivises customers with true rewards but also enables Australians to enter the growingly popular cryptocurrency market.
It is well-documented that reward programs are effective in customer retention, with the latest Nielsen report finding 57 per cent of Australian consumers will buy from a retailer with a loyalty program over one without.[1] However, a recent report by Deloitte describes point-based loyalty programs as a ‘tired’ concept, with 53 per cent of Australians not always redeeming points and 42 per cent indicating they need more than points to continue to shop with a brand.
In a move to reinvent and rejuvenate the sector, Rob Wilson, Incent Loyalty’s Co-Founder and CEO explains that “Incent Loyalty empowers Australian retailers to drive engagement and reach further audiences, particularly the millennial demographic, with an enticing, accessible entry into the burgeoning cryptocurrency market using an intuitive, gamified platform experience.”
Furthermore, research from the University of New South Wales states that cryptocurrency-based reward programs have higher engagement rates compared to industry averages.[3] And popular awareness of crypto-currency has never been higher, particularly amongst tech-savvy millennials, however barriers to enter the burgeoning market are still considered too high with only 7% of Australians owning a cryptocurrency.
The key benefits for Australian retailers to adopt Incent Loyalty’s program include:
- It requires ZERO technical integration by the merchant
- It enables affiliates to build a customer base and harvest detailed consumer insights
- Merchants can contact customers directly through email, SMS, social media and in-app notifications
- Merchants can access anonymised customer demographics with targeted deals and rewards based on time, date, location, cart value and more
- It will provide opportunities to offer rewards to customers both online and in-store
- It responds to the demand from Australian consumers to join the cryptocurrency movement
- It offers true value rewards to customers that never expire and can be saved, sent, donated or spent as the recipient wishes
Incent Loyalty is affiliated with 300+ Australian retailers including Catch.com.au, Europcar and Scoopon, and is in negotiation with leading Australian brands from small to big businesses.
The Sydney-based company also recently exhibited at the Online Retailer Exhibition and Conference, and co-founder, Jins Kaduthodil gave a successful and popular presentation on the future of loyalty. Incent Loyalty was awarded the Best First Time Exhibitor Award, and obtained over 100 expressions of interest from Australian retailers, interested in intergrating Incent directly in their online stores.
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