Whether for employees or consumers, loyalty and rewards programs are created to collect information and measure them according to specific criteria. While consumer incentive programs are founded on criteria such as volume of patronage and repeat patronage, employee loyalty programs, on the other hand, are made according to standards like timeliness, productivity, and overall career growth. The two types of loyalty programs are made to create a needed response for businesses. As for consumers, the response would be continued patronage. However, for employees, it should be creativity and enhanced productivity.
Blockchain and consumer loyalty programs
Consumers' loyalty programs are used as tools and incentives which aim at enlarging the consumer base of a company. Brands work on creating incentives like this to push their customers to trust in them. Giving consumers rewards for their purchase of services and products can help them identify better with their brand. This is especially true when the quality of what the brand is offering is high.
Two essential elements in the success of a booming consumer loyalty program are efficiency and transparency. Blockchain is a great way to enhance the transparency of transactions, making it a suitable technology for consumer loyalty programs. Furthermore, brands and consumers can both benefit from the incorporation of Blockchain in such reward programs. Having transparency will encourage the participation of customers in participating and redeeming their tokens.
On the other hand, the brand will have the ability to save money on managing and setting up their programs because Blockchain is an effective technology when it comes to cost. It also has way fewer transaction fees than other technologies. Blockchain can also remarkably process high volume transactions using an incredible speed and incorporate bitcoin in the reward programs.
All information that the incentive programs collect remains secured by Blockchain. This prevents the access of any unauthorized parties. This security that Blockchain offers is beneficial for the consumer as well as for the provider. The provider can benefit from keeping and loss from breaches entirely away. The same security can also inspire the consumer to contribute and redeem tokens. Furthermore, when Blockchain gets involved in loyalty programs, the latter are run more efficiently. This allows consumers to save the interoperable tokens easily and allows businesses to increase the conversions of the reward systems.
Blockchain and employee reward programs
Efficiency, security, and transparency are also important topics when it comes to employee reward programs. Such organizations can also save money and cost on traditionally running their loyalty programs. On the other hand, Blockchain employee loyalty programs can achieve better transparency, incentivized mechanisms, and accountability.
Reward programs for employees are made to encourage them to give the best at their jobs. The transparency of the entire process can push employees to have more trust in the whole process. Transparency is better achieved with Blockchain as it is a decentralized system, which means that all involved parties can monitor the activities going on. Employees and managers can also keep an eye on the process and on how tokens are awarded. Employees also have the chance to follow the actions of their colleagues.