An integral characteristic of those reimagined loyalty applications is the creation of a dynamic market that may allow the trade of rewards.
Polygon Labs is collaborating with Google Cloud and Accenture to rethink loyalty applications utilizing Web3 applied sciences. The corporations have launched a whitepaper detailing how leveraging Web3 may also help develop applications that profit customers whereas remaining worthwhile for manufacturers.
The paper discusses the potential to supply rewards in kinds that transcend conventional factors techniques, together with tokenized privileges, gamification, collectibles, and alternatives for customers to provide content material.
An integral characteristic of those reimagined loyalty applications is the creation of a dynamic market. This could allow the trade of rewards, thereby growing their worth and suppleness. The report means that this technique aligns properly with the preferences of Gen Z shoppers, who favor significant interactions with manufacturers.
Firms like Nike, Flipkart, and Nubank are cited as examples of corporations which have began incorporating Web3 options into their loyalty applications. As an example, Flipkart has built-in gamification into its Grasp loyalty program on Polygon, which has led to a big enhance in engagement and reward redemptions.
“Our collaboration with Accenture and Google Cloud is a big next step for customer engagement, and by leveraging the Polygon CDK and advanced zero-knowledge proofs, we provide customers better data protection and utility with loyalty rewards,” mentioned Marc Boiron, CEO of Polygon Labs.
The partnership additionally focuses on privacy-preserved information sharing to facilitate a “multiplayer commerce” mannequin. This mannequin entails the protected sharing of consumers’ loyalty statuses amongst complementary manufacturers and addresses the challenges and dangers related to information sharing in conventional loyalty applications by using zero-knowledge proofs, which allow the verification of data with out revealing the knowledge itself.
This could allow manufacturers to reinforce one another’s loyalty applications, stack worth, and appeal to new clients by collaborative efforts.
