Initial Research Results
With the completion of the Unify Rewards blockchain loyalty research project, participants were surveyed to measure how they found earning a cryptocurrency vs points as part of a loyalty program.
A full research paper is being written by the University of NSW and will be released in January 2018, but here are some of the interim results:
- Participants reported that Unify Rewards was more influential than their favourite loyalty program in motivating them to spend money with participating retailers
- Nearly 60% of participants spent more money that normal on Campus during the trial period
- 86% found earning a cryptocurrency more appealing than points as part of a loyalty program
- 80% will continue to find out more about cryptocurrencies as a result of the trial
The results indicate cryptocurrencies indeed do have the potential to be a viable and attractive substitute for points as part of loyalty programs. Interestingly, loyalty programs also have the ability to act as a mainstream conduit for introducing the mass market to cryptocurrencies by making access easy and earning low-risk (vs investing one’s own money).
A video detailing participants view on Unify Rewards was created to further promote the research:
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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