The purpose of purpose
Everyone knows the 4 P’s of marketing: Price, product, promotion and place. There is now a fifth ‘P’ in the marketing mix.
LoyaltyX launches new blockchain loyalty project with UNSW
The experimental agency has invited uni students to trial a new program set to to disrupt traditional loyalty programs
Experimental loyalty agency, LoyaltyX, and the University of NSW (UNSW) have partnered on an innovative blockchain loyalty research project, giving students an opportunity to earn ‘Ethercryptocurrency’ at the checkout of participating merchants simply by scanning a barcode in their digital wallet.
As part of the new ‘Unify Rewards’ program that goes live on trial today, UNSW students and staff can earn $5 of ‘Ether’ for every 10 transactions they make across 11 campus retailers, including Boost Juice and IGA.
The program claims to give members access to the Ethereum network-supported cryptocurrency, Ether, with no risk or investment required. The platform solution also leverages loyalty platform technology from Loyaltycorp, data capture technology from PicoLabs, and Honeywell scanners at checkout.
LoyaltyX chief design officer, Philip Shelper, described it as the first major advancement in loyalty program design since the frequent flyer programs launched in the early 1980s – and the potential is massive.
“Consumers are tiring of big loyalty programs that devalue points balances over time to boost their profits,” he said. “Cryptocurrency democratises the program design, with the value of the currency increasing as demand increases. Our project also allows members to own cryptocurrency without having to invest their own money, thus de-risking the experience.”
LoyaltyX MD, Andrew Lowe, said the project steps into uncharted territory to disrupt traditional loyalty points programs.
“This is the first time a loyalty program allows members to transact across multiple retailers and earn a popular cryptocurrency which fluctuates based on market forces,” he added. “Last month, the value of Ether rose by 30 per cent, so we’re excited to see how members respond to this type of loyalty currency vs traditional approaches such as points. We’re confident they’ll find it much more engaging, but the research will give us a more definitive answer.”
UNSW students and staff have been invited to join the project, with registrations now closed. The project runs for the next six weeks, with regular updates posted on the Unify Rewards website.
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