It has been eight years since release of bitcoin, however cryptocurrencies have not yet gained as wide of a spread in the EU&US as expected. Some of the reasons might be:
- Lack of expertise in the technology;
- Suspicious portrayal in the press;
- Volatility of the cryptocurrency;
However, exponential growth of bitcoin and other cryptocurrencies shows that cryptocurrencies can survive outside of traditional markets, even though, coming short of widespread payment systems.
High quality use of blockchain technologies and cryptocurrencies lays in a convenient integration with real world services and products. With additional incentives to small business to utilize cryptocurrency and work together with consumers for mutual benefit.
The creation of Point-X is possible because of the arising opportunities on the market, the experience of the team, and the ability to adapt well known market principles with the latest innovative technologies.
Without the motivation of the end user to receive a tangible benefit and with large market entry barriers the highest threat is the lack of such real world integration that might continue to be the market trend, leaving mining as the only option for people to benefit on cryptocurrency.
Done well, loyalty programs can help drive more frequent visits and heavier purchasing. More than seven in 10 global respondents (72%) agree that, all other factors equal, they’ll buy from a retailer with a loyalty program over one without.
More than half of global loyalty-program participants (51%) say product discounts are among their three most-valued loyalty-program benefits, followed by monetary rewards in the form of rebates or cash back (45%). Generic deals, however, create little differentiation; retailers must focus on connecting with consumer needs and delivering greater value.
Consumers crave flexible loyalty programs. Roughly eight in 10 global loyalty-program participants say it is somewhat or very appealing to be able to earn rewards regardless of whether a purchase was made in store, on a website or on a mobile device (81%) and to choose among several types of rewards (79%).
Digital tools and features are particularly appealing in Asia-Pacific, where the highest percentage of loyalty-program participants in the worldwide study rate as appealing store- specific loyalty mobile apps (69%), integration with digital payment systems (78%) and integration with third-party apps that consolidate loyalty-program information (63%).
The market size for the loyalty and rewards program in the U.S. is astonishing.
According to various sources, more than 75% American Adults actively participate in loyalty programs in industries such as banking, hospitality and retail. More than $50 billion are distributed or awarded to U.S. customers yearly. In addition to that, loyalty programs are the most effective and popular way to retain current clients and attract new ones. According to Koen Pauwels, sales promotions are the most effective tool that manufacturers use, and also represent the majority of manufacturers’ marketing budgets, amounting to 16% of their revenues.
The good news is that 57% of the brands plan to increase their investments into loyalty programs by the end of 2017.
The main markets for Point-X is the EU&US where we could meet all the legal standards in order to run our business. It seems to be a great opportunity for us to start a platform and grow it exponentially as the loyalty market is estimated to be over $20+ billion per year.
Large number of different programs makes it difficult for a consumer to commit to one, however, there are still programs that customers value over others.
The goal which we are passionate about:
- Increasing the versatility and usability of many loyalty programs in Europe through the introduction of blockchain technology.
- Implement a new channel of direct communication between producer and buyer.
- To transfer the European experience to the World market.
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