The loyalty program market is a growing trend. It's becoming more popular across businesses, and it's expected to be worth $6.9 billion in 2023 while having a compound yearly growth rate of 20% in the last five years.
Loyalty programs and rewards are important ways businesses can increase their sales, growth, and customer base. Companies or organizations employ loyalty programs and incentives to acquire new customers, retain them, and motivate their employees.
Over the last few years, most loyalty programs or networks have yet to meet expectations. As a result, it's hard to see an executed technological solution that makes rewards schemes easy for customers and brands.
The present landscape for loyalty networks has inefficient and outdated systems. And despite the billions spent annually on loyalty programs, over 40 trillion reward points are idle in members' accounts with $360 billion in value.
The good news is that Libra Incentix is designed to change the status quo.
About Libra Incentix
Libra Incentix (LIX) is a blockchain-based platform built on a Binance Smart Chain to have the largest and most automated coalition loyalty management platform.
It's committed to helping large and small brands build their ecosystems with loyalty currencies that can be monetized and managed via blockchain.
Libra Incentix acts as a bridge between all major loyalty coalitions by facilitating the transfer of points between them while aiming to replace traditional loyalty points with its native utility token, LIXX.
Meaning of Libra Incentix Loyalty Management System
Libra Incentix created reward schemes to help overcome challenges seen in many loyalty programs in the market. In addition, Libra Incentix uses blockchain technology to consolidate loyalty programs across countries and industries.
It enables customers to secure committed customer engagement and long-term loyalty with blockchain technology. The LIX loyalty management system is for building new loyalty programs or revamping existing ones.
The platform also allows brands to create a system that offers a better experience for consumers while gaining access to exciting new ways to attract broader loyal customers.
Benefits of using Libra Incentix Loyalty Management System
You can up your game, have more customers, retain old ones, and increase business growth when you choose a reliable loyalty program or network. Here are the benefits of using the Libra Incentix Loyalty Management System:
1. Removing complexity and reducing system management costs
With blockchain, the Libra Incentix Loyalty Management System removes complexity and reduces system management costs. All rules, the value of loyalty points, and how they're distributed can be embedded in a Smart Contract. As a result, there's no need for negotiation, and every part of the chain is indisputable and transparent.
The management system also simplifies partner onboarding, enhances the customer redemption experience, and automates cash conversion at the point of sale.
2. Real-Time processing
In most conventional loyalty rewards programs, points take a long time to credit buyers' accounts. And there needs to be coordination between a loyalty rewards program issuer and a loyalty rewards program provider.
The platform's blockchain addresses this issue by allowing transactions to be recorded and accessible in real-time by several parties participating in the process. This also enables the loyalty rewards program provider to quickly credit points to consumer accounts.
As a business owner, with this management system, you can be on top of your program performance with real-time reports and gain visibility of your customers' insights and views to reward their behaviors better.
You can also measure success and your campaign performance in one view and have real-time insights to fine-tune and modify the loyalty programs for growth.
3. The need for a blockchain-powered marketplace and loyalty rewards network
To help solve the problems of poor software adoption rates in organizations and outdated loyalty management, Libra Incentix has a blockchain-powered marketplace and loyalty rewards network.
The critical use cases for LIX include:
- Plugin LIX into your business software to reward employees for using valuable features.
- Integrating LIX in your e-commerce sites to distribute customizable and personalized loyalty points.
- Rewarding staff with Crypto tokens to drive high performance based on configurable KPIs.
Meanwhile, customers can receive LIXX tokens by buying goods and services from systems in which the LIX network is integrated and through their engagement with the LIX marketplace.
4. The platform helps to reinvent and redefine employee-customer management
With the LIX platform, businesses can reinvent and redefine their employee-customer management. The platform allows organizations to remove inefficiencies witnessed in traditional loyalty reward and incentive systems.
The rewards and employee salaries will be more transparent, based on highlighted KPIs and KRAs. The platform can also help businesses create loyalty programs specific to business goals.
5. There's a loyalty campaign
The loyalty campaign feature is used to incentivize small consumer behaviors that can end in long-term loyalty. They can be personalized to include digital gifts, rewards, or unique benefits.
LIX campaigns are embedded into web pages without requiring developers, using the LIX user interface. Businesses can use the platform's behavioral, contextual, and offline data to tailor the right context of experience to the right users.
6. Automatic reward feature
By plugging the LIX platform into a business's existing software, like ERP, businesses can automatically reward their staff with the LIXX utility token every time they perform desired activities within their ERP.
This can make businesses realize the full benefits of their software while enabling their staff to have a compelling reason to continue using all the features that generate the most value.
Why Choose Libra Incentix for your loyalty program?
● It's transparent and immutable
The platform offers transparency and immutability. For example, each time rewards are recorded on the blockchain using LIX, an audit trail will track where the rewards are given. This helps to secure and prevent fraud and verify the legitimacy of the rewards and incentives.
● It has lower fees and is open to all
Fees linked with a LIX transaction are lower than their counterparts, especially those related to debit, credit, wire transfers, and BACS payments. It's also open to all. In addition, the platform's loyalty program is accessible to anyone.
● There's the transaction traceability
Because each new transaction is encrypted and connected to the previous transaction, LIX offers transaction traceability that's more secure than conventional record-keeping systems. In addition, the platform has a complex string of mathematical numbers that can't be changed.
● Easy and safe to use
LIX is safe and easy to operate. You can use it by having just a smartphone with internet. You can enroll, earn and redeem points by just scanning QR codes.
The project technical staff is also constantly auditing and improving the system's security to ensure the platform is highly secured.
● No corporate and government interference
There's nothing like intermediary institutions or government participation in LIX transactions. Moreover, the platform offers quick transactions since there's no inconvenient need for authorization and waiting periods.
Increase your business growth, engage your customers, their acquisition, and satisfaction, and motivate your employees with the Libra Incentix loyalty management system. Click here to start.