Enter Libra Incentix (LIX), a company that aims to redefine the loyalty rewards and marketing industry through blockchain technology. As a result, Libra have created the most automated coalition loyalty management platform in the world.
The LIX ecosystem offers a wide range of benefits. For example, through a trustless, decentralized technology solution, customer loyalty programs can be consolidated, and points can be redeemed anywhere in the world with complete transparency. Simply put, the loyalty management system significantly improves traditional loyalty reward systems.
LIX Project Overview
For over a year, the team at Libra Incentix has been building the platform on which its crypto loyalty services will be launched. The next stage in their development will be to release a crypto loyalty marketplace that will use the LIXX cryptocurrency for the transactional processes among brands and consumers. This platform will be ready for release in the first quarter of 2023.
The business model behind LIX platform is based on the idea of introducing loyalty tokens that are interchangeable between loyalty programs and do not lose value over time. These tokens are exclusively granted by the participating brand to the customer, and while the transaction is publicly recorded, there is no risk of it being taken away, expiring or losing cost — which is intended to ensure a transparent and fair loyalty system.
The interchangeability of tokens across loyalty programs — from air miles and credit card points to discounts at your favorite restaurants — is designed to maintain the consumer’s enthusiasm by offering a less rigid, more flexible and timeless alternative. This allows the customer to sustain loyalty to a variety of brands in one platform, removing the effort associated to tracking multiple loyalty memberships, cards and credentials.
More Efficient Loyalty Point Redemption
By using blockchain technology to consolidate loyalty programs across countries and industries, LIX has created a system that offers a better experience for consumers while gaining access to exciting new ways to attract a broader pool of loyal customers. The value of loyalty points, how they’re distributed, where, when, and how they can be redeemed is embedded in a Smart Contract, thus streamlining the reconciliation and settlement process significantly.
LIX Loyalty Points Marketplace
Brands, shops, and partners can use LIX Loyalty platform across borders. Brands can form coalition models and even build their own loyalty currencies with complete control over the earning and redemption logic. LIX is also the bridge to other coalition programs where points are seamlessly transferrable anywhere in their global ecosystem. Brands can also monetize their loyalty program by negotiating different redemption values with each of their partners, transforming their marketing department from a cost center to a revenue stream.
The LIX project consists of a strong team of industry experts including Andrew Doxsey, co-founder and CEO who possesses over a decade of technology consulting experience and Ahmed Sulaiti, Libra's other co-founder who brings 25-years experience of launching sustainable businesses. The team say that their business model was designed to form emotional relationships between individuals and brands. Customers are more likely to recommend and actively engage with a brand that they feel part of therefore the objective is for the LIX reward system to be used to build communities of passionate brand advocates.
In summary, the business model behind the Libra Incentix project is based on creating two primary roles; Shoppers and Brands. Brands are incentivized to buy LIXX to submit their discount offers to the LIX Marketplace and reward customers for making purchases or joining their community. The more tokens a customer holds the higher the discount they are eligible for. The use of these mechanisms creates buying pressure for LIXX. By setting a high entry bar for marketplace submissions, LIX maintains a high standard in its ecosystem. This, in turn, attracts more investors and other highly respected brands.