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.
Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+:google.com/+CmoAu
Every flagship smartphone in Australia includes hardware and software purpose-built for AR. A huge audience is ready and waiting. We have an opportunity to craft extraordinary, innovative work. But to get there, we need to push our creative thinking a little harder, writes Gil Fewster.
There are five tell-tale signs your brand needs to take a long hard look at itself.
How do we price goods and services? As business leaders, we have asked ourselves this question since the history of trading.
In this bonus last episode of this new podcast series, BrandHook MD, Pip Stocks, talks with former ANZ group general manager of marketing, Louise Eyres, talks about the importance of thinking like a customer and using intuition to solve customer painpoints.
Why it's important for me to know that? I don't get it, sorry.
James Fogle
7 things you need to know about Facebook's mood experiment
Info graphic have proven to be very useful to create brand awareness and drive traffic. Thanks for sharing these Information.Graphic Desi...
Govind Dadhich
Image intelligence:10 must-see infographics for marketers
Best web hosting packages Vancouver WA understands that only technical support and domain associated email address can bring huge leads ...
Radiata Solutions
6 Ways to ramp up Social Media to Your Web Design
I had the same vision about change from CX terminology to HX. Even with almost the same title: 'Forget customer experience...' https://ww...
Ekaterina Khramkova
Forget customer experience, human experience is marketing's next frontier
Thank you, so do I.
David Freeman
Sustainability of message: H2coco founder's commitment to consumers