Entering the final week of Unify Rewards blockchain loyalty research trial, all thoughts were on what to do with earned ETH balances.
Participants had a range of choices:
1. Cash out to buy a gift card
2. Cash into their bank account
3. Transfer to another member
4. Transfer into their personal ETH wallet
A quick straw poll indicated most participants were keen to transfer into their personal ETH wallet and speculate on the future potential price of ETH. This indicates a clear distinction between the engagement potential of loyalty points and cryptocurrencies. If members believe their loyalty account balance is going to increase in value in the future, they are psychologically likely to ascribe a higher current value to it, compared to a loyalty points balance where they expect the value will remain unchanged.
Philip Shelper is Chief Design Officer & Co-Founder of LoyaltyX, an experimental loyalty agency and the program operator of Unify Rewards. He is also CEO & Founder of Loyalty & Reward Co, a leading loyalty management consulting agency.
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