Loyalty programs have been around for a while. Returning to the 19th Century, loyalty programs were introduced to encourage customer retention and support re-purchase. The first loyalty program was in 1793 when a merchant running his business in the USA gave out copper coins to customers after every purchase. The customers would later redeem these coins in the store for other items. This trend continued to pick pace, up through 1972 when it was introduced to the airplane industry.
Decades on and loyalty programs have evolved and become a multi-billion-dollar industry. More and more emerging ways, such as applications and online marketplaces, are springing up to offer more services and serve various customers instead of the physical loyalty card. According to multiple studies, the worldwide loyalty management industry was estimated to be worth 3.65 billion dollars in 2020 and 4.43 billion dollars in 2021. According to market estimates, the loyalty management ecosystem will be worth more than 18 billion dollars by the end of 2028.
However, as the industry expands, it is bound to face problems. For example, as we did our market research, we found that consumers belong to an average of 14.8 loyalty programs, but only 54% of them are active on their loyalty programs. The other issue we noticed was that loyalty points are only redeemable at the same merchant who issued them, hindering their access to a diverse range of products and services. The other central pain point we saw was the painstaking and complicated calculations of point systems and redemption points the customers had to navigate.
Introducing LIX
As technology evolved, and after studying these problems, we set out with a plan to address these issues. Enter Libra Incentix (LIX), a company that aims to redefine the loyalty rewards and marketing industry through blockchain technology. As a result, we have created the most automated coalition loyalty management platform in the world.
Our 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, our loyalty management system significantly improves traditional loyalty reward systems.
What is The LIXX Solution
The LIX Application is a pay-as-you-go loyalty management system that aims to connect people to your brand. As a company, you can now reward people for engaging with you. Through an API integration with POS software and ecommerce platforms, LIX automatically rewards your customers based on real-time expenditure. Why join LIX? There are various benefits to enrolling in the LIX ecosystem.
1. Cost Cutting
Using LIX, all the rules governing a loyalty program, such as the earning logic, redemption options, value, and expiration date, are coded into smart contracts, eliminating the administrative overhead associated with reconciliation and settlement. Points can be backed by any currency selected by the organization owner or replaced with the native utility token, LIXX.
2. Efficient service delivery
By using blockchain technology to consolidate loyalty programs across countries and industries, LIX has created a system that offers a better experience for your consumers while also gaining access to exciting new ways to attract a broader pool of loyal customers for your brand. The value of loyalty points, how they’re distributed, where, when, and how they can be redeemed is embedded in a Smart Contract. Our platform also simplifies partner onboarding, enhances the customer redemption experience, and automates cash conversion via partnerships with commerce and POS technology providers at the point of sale.
3. Broad marketplace
Anyone can use Libra Incentix products and services, allowing it to be utilized freely across borders. LIX enables your brand to quickly form coalition models and build your 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. In addition, you can monetize your loyalty program by negotiating different redemption values with each of your partners, transforming your company’s marketing department from a cost center to a revenue stream.
4. New technology adaptation
The LIX platform can also help your business adopt new technology. For example, in offices, Via API integration, we can easily recognize which of your software systems are being underutilized by staff members so that LIX can automatically reward employees based on their willingness to adopt digital ways of working. In addition, LIX is building a multi-organization crypto-based platform-as-a-service (PaaS) with corresponding add-ons into popular productivity platforms used by millions worldwide, such as ERP, CRM, Accounting, and Task Management solutions. This also includes plug-ins to Point-of-Sale (POS), eCommerce platforms, and open-source content management systems such as WordPress.
5. Fast and Efficient
A critical aspect of loyalty programs is the fact that customers want easy and immediate access to their rewards. Blockchain technology addresses this by allowing transactions to be recorded and accessible in near real-time. LIX enables your business to credit points and tokens with varying reward values, following configurable logic that be executed immediately, thus improving the customer experience of the loyalty program.
6. Transparent, traceable, and safe
LIXX comprises a complex string of mathematical numbers that cannot be changed. Each time the rewards are recorded on the blockchain using LIX, an audit trail is provided to track where the rewards are given. Because each new transaction is encrypted and connected to the prior transaction, LIX is significantly more secure than conventional record-keeping systems. The security of the system has been audited and understood constant evaluation.
Final Thoughts
The benefits your brand is set to gain by joining LIX are apparent: customers can earn and spend points while shopping at various brands, while participating businesses see an uplift in revenue, touchpoints, and user data, not to mention cross-promotion. Your customers will receive heightened experiential benefits, faster loyalty rewards growth, more-flexible redemptions, and unmatched simplicity and daily relevance. Your brand will see a rise in reach and frequency of usage. In addition, you will gain access to richer, more confidential consumer data, shared infrastructure, and cross-marketing opportunities.
Join LIX today and revolutionize your loyalty rewards program and grow your sales.