BitRewards brings a lot of benefits to the retailers, because they get customers that are more satisfied with the rewards in crypto and become more loyal. A comprehensive loyalty program increases the retailers’ revenue by dozens of percent. The stores are also tapping into the crypto-enthusiasts audience, which is very active and appreciates the attention from the regular businesses.
The unique value proposition for the retailers is that BitRewards will offer this valuable and expensive loyalty technology free of charge. They will only have to buy in the open market the BIT tokens to reward their users. The value of such software starts from $200/month, therefore thousands of retailers will be keen to connect to the platform. We can make such a claim, because we operate in the market of rewards and loyalty software for more than 5 years, have more than five hundred clients - online stores and deeply know their needs.
BitRewards is compatible with most existing e-commerce systems (Magento, Shopify, WordPress, Ecwid, etc.). It is easy to integrate and has a simple API.
Internal BitRewards tokens are called BIT and comply with the ERC20 standard. BIT is an internal currency and is used to conduct all operations within the BitRewards ecosystem.
Customers of the online stores participating in BitRewards Network will receive BIT as a cash-back — a certain configurable amount or percent on their purchases, purchases of the friends that they referred to the store, shares and likes in social networks and other actions. The cash-back will be credited to the customer’s automatically created crypto-wallet connected to the store via BitRewards plugin.
BIT can be redeemed at the same store or with the other BitRewards participating merchants via an online crypto-wallet connected to the participating merchants. Customer crypto-wallet’s BIT balance may also be connected to the bank debit card, which the users can spend just as if they used their regular Visa or Mastercard. The customers will appreciate the opportunity, because they get a liquid crypto-currency instead of loyalty points.
The customers can also buy BIT at an exchange or via the Bancor liquidity smart contract.
The private key to a token holder’s BIT can be stored on the wallet provided by BitRewards network platform, on the standard Ethereum wallet, or on any wallet supporting the ERC20.
The value of the BitRewards token is determined at the open crypto-currency exchanges. The tokens can be exchanged to ETH, Bitcoin or fiat currencies. The token is accepted by all merchants that use the loyalty platform and other partners of BitRewards Network.
The BIT token’s exchange rate may grow because of the limited initial issuance of 2 billion tokens and the demand for tokens from the growing number of retailers joining the platform exceeding the supply from the customers who redeem the tokens for purchases or sell them at the exchange, which will create an ascending path of least resistance.
Paul Ryazanov Founder and CEO, MageCloud.net (Development and services for Magento online stores)
Victor Sadygov Managing Partner Nika Estate (Elite real estate boutique)
Development of points based loyalty system GIFTD designed to reward shoppers.
Structuring the concept of using Ethereum blockchain with loyalty and rewards tools and customer development of the crypto-rewards for e-commerce industry, team hiring
The full-functioning rewards and loyalty platform with web app with the retailers’ and the users’ cryptowallet tied to the loyalty program of BitRewards, USA market expansion, research, customer development, marketing campaign.
Retailer Crypto-wallet and liquidity management smart contract
Integration of loyalty system with Lightning Network and Raiden Network (after the launch of these technologies)
Customer’s Mobile app with crypto-wallet
The Alpha-version of the AI-basedrewards recommendation and items recommendation,
Asian market expansion, research, customer development, marketing campaign.
Mobile SDK for merchants’ apps
Integration of AI and machine learning into the BitRewards platform
Blockchain based traffic exchange between online and offline merchants