Problem

Blockchain-based: Loyalty and Rewards Program using Fungible Tokens The objective is to develop a blockchain-enabled loyalty and rewards program for E-commerce platforms, leveraging the advantages of blockchain technology to enhance security,transparency, and user engagement.

Solution

Reward Points are also known as Loyalty Points is the best way to encourage your customers by awarding points for the actions[Registering on the site, Product Purchase, etc] performed successfully in my store. Customers can get the benefits to use their points and get discounts on future purchases.

The biggest benefit of a loyalty program is that it has the potential to align your entire business with the most profitable segment of your customer base. Most people think of loyalty programs as an airline that gives miles to frequent fliers, a hotel that gives points toward a stay or a restaurant that offers a punch card incentive. While these may be called loyalty programs, or they can be argued as actually marketing programs disguised as loyalty programs. According to stats, a 5% increase in customer retention can lead to a 25-100% increase in profit for your company. These days customers are educated, knows how to do comparison shopping and just a click away from the competitors.

Earn Points For Purchases And Actions

Points are earned for purchases based on the conversion rate you set. For example, customers could earn 1 point for every dollar spent. This conversion rate can be overridden at the category or product level, so you can encourage customers to purchase specific products. Points earned are displayed on the product page and on the cart/checkout page.

Redeem Points For Discounts

Customers can redeem points for discounts based on the conversion rate you set. For example, 100 points could be worth a $1 discount. You can set a maximum discount at the cart, product category, or product level that will limit the discount available.

Manage Points Transaction

Admins can view all point transactions from the administrative interface, as well as manage reward points while creating an order in the backend (Customer, Point Amount, Points Used, etc.). Seeing the top loyal customers is easy with one click to descend their spent points. Make sure you send them an appreciation gift & they'll be with you forever for sure !

Features

• Registered users can refer other users and earn referral points.
• Loyal Customers often refer your site to their friends and relatives which will bring new buyers to the site.
• It allows you to set products price as Points.
• Reward Points earning percentage can be modified based on Member level [User Role, Earned Points, Purchase History]
• Reward Points for Social Promotion such as Facebook Like, Facebook share, Twitter tweet, and Google+ share.
• It increases your customers and network traffic in your site.
• Customers can exchange their Points for Money.
• Gamify shopping experience using a tiered loyalty program. -It helps to increases the sales without Promotion cost
• Develop Effective Loyalty Program.

Highlight reward points for guests

Motivate your store guests to create accounts by giving bonuses for registration with reward points. Show the motivation message in a Shopping Cart, on Product and Checkout pages.

Enhance your brand consistency

Get positive and free product feedbacks. Wider your brand recognition by rewarding customers for leaving product reviews. This will increase the number of purchases made by customers reading these reviews before placing an order.

Increase your store conversion rate

Encourage prospects to buy in your store by displaying reward points at the storefront. Create rules with 'Get X Points for Completing Order' or 'Get X Points for Each $Y Spent' actions for unregistered customers. Stimulate purchases by showing logged-in customers their loyalty points balance at Customer Account.

Refund with reward points

Decide, whether to return customers reward points when refunding or not. You can add extra points to refunds or even cover the whole order by them, without money back. Moreover, it is possible to deduct rewards granted for order placement.

Strengthen long-term sales

Increase customers’ satisfaction by giving them small gifts on their birthdays. Make the bonus active only during a certain period to create a sense of urgency and receive the next order with a 99,9% guarantee.

Apply reward points right from admin panel

Let your admin apply reward points from the admin panel when creating an order and see how many reward points are left in a customer's account.

Tech Stack

• Html/ CSS
• Javascript
• Php
• Metamask
• Ethereum
• IPFS
• Ether.js
• Solidity Smart Contract

Future Scope

• Blockchain Upgrades: Stay updated with blockchain technology advancements and upgrades, adopting new features that enhance security, scalability, and user experience.

• Global Reach: Scale the loyalty program to target international customers, potentially collaborating with other retailers and businesses worldwide.

• Gamification and Engagement: Enhance user engagement through gamification elements like challenges, quests, and interactive experiences, making the loyalty program more interactive and enjoyable.

• Social Impact : Introduce mechanisms where users can contribute loyalty tokens to social causes or charitable initiatives, enhancing the program's positive impact on society.

• AI and Personalization: Utilize artificial intelligence to analyze user behaviors and preferences, enabling personalized rewards and recommendations tailored to individual customers.

Team Mambers

• Pratham Sharma
• Vinay
• Dharmendra