Blockchain naïfs might not know it, but more and more Blockchain applications are quietly working their way into most aspects of daily life. Even voting and property purchases are being transferred onto Blockchain platforms, but at a fundamental level, the most promising areas for the technology are those related to money and smart contracts embodied in functioning cryptocurrencies, also known as tokens. But while many people invest in Bitcoin and price increases hit the headlines, actual spending of cryptocurrencies remains relatively low.
Advances in Blockchain processing, such as lightning networks, will help move forward the day when spending using cryptocurrencies becomes a common occurrence. But as it stands, the convenience just isn’t there to make it a better choice than cash.
This is about to change. GATCOIN is tackling the challenges in using cryptocurrency solutions while the dramatically increasing value of loyalty programs to consumers and merchants alike. The first shoppers and customers to benefit will be in Japan, where SK Planet Japan has agreed to partner with GATCOIN. The globally renowned brands in their network will be the first to benefit their customers by deploying Blockchain enabled loyalty points.
Rank retail rescued
Despite how successful rewards and loyalty programs have been for brands, the sector is still a morass of wasted effort, a effluvia of inefficiency. One would be hard-pressed to find a consumer that hasn’t wasted the value of the vast majority of coupons or loyalty points they have possessed in their lifetime. Expired points and coupons, points worthless below a critical mass, complex redemption schemes and onerous app download processes mean most points go wasted.
From the merchant’s perspective, there are huge drawbacks. Promotions miss the mark and rarely reach the ideal target market.They can either have a minimal effect or be too broadly applied (redeemed at a cost to the merchant, but resulting in minimal repeat business – to wit, Groupon). In an online landscape, there are too many options grabbing the attention of consumers, making it difficult for promotions to have the desired effect.
Right now, cryptocurrencies have the potential to solve these problems. But currently, the sheer complexity of cryptocurrencies prevents businesses from using crypto tokens as a solution, especially smaller businesses that have thrived in the online landscape. But that is about to change.
Towards Blockchain-leveraged shopping programs
GATCOIN has identified how cryptocurrencies and tokens can revolutionize the experience of online shoppers. Their platform will make crypto solutions more accessible to the average online retailer. Other features will provide offline solutions to businesses, allowing retailers to seamlessly reach shoppers on their smartphones and to blend the online and in-store experiences.
GATCOIN will enable retailers to simply create their own tokens, which are more easily saved and promote more brand loyalty than conventional loyalty programs. It does not just involve a coin, but a platform of solutions that cover all aspects of adoption.The major elements of the platform include:
- GAT Wallet: a mobile token wallet, shopping platform and payment portal
- GAT Marketplace: an online marketplace of participating merchant stores where
- merchant tokens can be used for products and services
- GAT Exchange: a full feature cryptocurrency exchange where members can trade
- merchant tokens for the GAT coins and trade GAT coins for other public cryptocurrencies such as Bitcoin and Ethereum or even cash.
- GAT Network: private consortia networks of high-speed, super large ledgers on which
- Merchant Tokens are circulated. This improves transaction speeds and thereby consumer satisfaction.
- Targeted A-DropTM Delivery System: a patent-pending cryptocurrency delivery system that allows merchants to airdrop tokens to specific groups of consumers by demographic, spending preference and geo-location.
Blockchain + Mobile = loyalty heaven
The A-Drop system is an innovation that allows companies to target consumers directly and immediately bring them into stores and, more importantly, into their networks.
Instead of vouchers, coupons and rewards which companies currently look to for attracting and retaining customers, tokens will act as easy means to deliver value to a customer’s wallet.
Technology savvy Japanese, no strangers to innovation in mobile technology, will be the pioneers in adopting this new combination of Blockchain and mobile tech. SK Planet Japan will be adopting the GATCOIN suite of features to fuel their individual loyalty programs and, Cotoco, a mobile gifting application where users can purchase and send gift vouchers from participating vendors and retailers.
This combination of mobile targeting, backed by the genius of smart contract functionality and GATCOIN’s multi-factor platform heralds a new age of incentive marketing that will elevate the consumer experience – and retailer profits. It can’t come soon enough!
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