Companies now accept cryptocurrency, will loyalty programs too?

Since 2020 we have seen many industries shift. The world adjusted to major lifestyle changes, and more people began to welcome developments in the tech industry. One such development is the introduction of digital currencies. 

Retailers have already started to adopt this technology as a form of payment: Whole Foods was one of the first major outlets to start accepting crypto in the US in 2019. Starbucks followed suit, working with a 3rd party payment app to allow customers to buy their morning coffee with Bitcoin. Here at White Label Loyalty, we believe that the future of loyalty is centered around tech. So how could the worlds of crypto and loyalty work together? 
 

According to The Harris Poll, at least 44% of Americans have expressed an interest in cryptocurrencies as a reward for their loyalty to retailers, instead of the more traditional cash-back system.  Millennial consumers are even more keen, with over half of them feeling enthusiastic about blockchain technology and it’s potential to replace conventional reward systems.

If crypto does become the currency of the future, it’s only a matter of time until it spills over into the rewards industry. But are businesses ready for that?

The problem is, many of the current loyalty programs out there are falling at the first hurdle. This is because businesses just don’t have the right data, can’t personalise their rewards offerings or are not flexible enough. If there’s any chance of loyalty programs successfully integrating with cryptocurrency rewards in the future, retailers need to innovate and be flexible with their rewards programs so they can attract audiences who want to engage with digital currencies. Here are the key elements of loyalty programs that retailers need to nail today:
 

• Data-Driven
  Loyalty programs should be based on solid data, not guesswork. It’s important to arm yourself with as much data as possible: payment data, online behaviour, demographic data and more. Our system provides you with meaningful insights - including custom queries and charts - so you can be sure your decisions are backed up by solid customer information.
   
• Personalized
  It’s more important than ever to make sure you are giving your customers more of what they actually want. If you want to increase engagement with your customer base, our rewards software can help. It allows you to unlock insights, such as individual points balances, available rewards and earning opportunities, then interact with them using personalised loyalty emails and onsite notifications.
   
• Event-Based
  Many businesses currently only reward transactions, but this method has become outdated. With our loyalty platform’s event-based architecture, you can reward any kind of customer action. This could include referring a friend, providing feedback or any other kind of custom event. Our flexible model allows you to take your loyalty program beyond just rewarding transactions.