The ‘For Love or Money 2018’ loyalty research study revealed benchmark insights on Australian consumers (members of loyalty programs) knowledge and ownership of cryptocurrencies and then specifically identified the preference for cryptocurrency rewards instead of points.
- Knowledge of cryptocurrencies is low with 14% indicating a good to excellent knowledge
- Ownership is low with 7% of members indicating they own or have owned cryptocurrencies
- Perhaps the most revealing insight is that 36% of consumers express a level of interest in being rewarded with cryptocurrency instead of points.
From research to reality:
The EZToken Rewards blockchain cryptocurrency coalition rewards program launched in Brisbane, Australia on 26 June 2018.
It has been a fascinating process to have combined the 'For Love or Money 2018' research insights with the reality of consulting on EZToken Rewards, Australia’s first blockchain coalition cryptocurrency rewards program.
It provides members with the opportunity to earn EZToken (the ERC20 crytpotoken based on the Ethereum blockchain platform) as a reward each time they shop at participating retailers.
Consulting on this project has been insightful and rewarding, combining our loyalty strategy and research insights with the team at Loyalty and Reward Co , to help the company behind EZToken Rewards - EZPos Holding Pte Ltd. make it a successful launch for all audiences involved:
- For members: They earn EZToken each time they shop at participating retailers (as per EZToken Rewards APP). They can then trade these for a saving, transfer to family or friends (who are members), hold and see if the value rises (making them even more obsessed) and they never expire.
- For retailers: The program is driving members to acquire more EZToken, thereby increasing their visitation and spend at the participating retailers and hence more revenue for these participating retailers.
- Investors: As the demand for EZToken increases, the value of EZToken is likely to increase, benefitting the investor’s holdings.
The reality is compelling with over 3000 consumers signing up in the first few days earning EZToken and 41 retailers joining this new and exciting opportunity to drive more spend and repeat visits to their businesses.
Cryptocurrency as a reward mechanism within loyalty and rewards programs are venturing into a new partnership that will have a profound impact on the future of points based programs.