Disintermediation of Loyalty Points and Rewards Ecosystem, not only for (C2C) exchange of value, but also the B2B Alliances marketplace for Loyalty Issuer brands and businesses
Earn Rewards Anywhere, Spend Everywhere Disintermediation of the Loyalty Rewards Ecosystem at the peer-to-peer consumer level, as well as peer-to-peer B2B Loyalty Issuers level. Ability for Loyalty Program Issuer to bring their Loyalty Liability to PearlZZ platform, thereby "minting" the PRLZ token on the platform. Various Loyalty Program Issuers come together to form an "alliance" to offer a marketplace where their collective consumers/customers can bring their "Earned Loyalty Points" for trading (buy/sell) with each other. Thereby, providing better liquidity of points and consumers can extract most value out of their loyalty program memberships. The consumers are also able to manage their loyalty program membership accounts from a single unified wallet on PearlZZ. The Loyalty Program Issuers - the members of the "Alliance" - gain much larger breadth of data on their customers, thereby allowing them for much more precise, micro-personalization (1:1 personalization) to their customers. And, offer them better "promotional offers" and more precise marketing. The issuers would also be able to expand their own customer base from the pool of consumers that interact with the rest of the other issuers (brands & businesses) within the alliance.
How it's made
The PearlZZ Dapp Proof-of-Concept built during this Hackathon has two main components: (1) Onboarding Loyalty Program Issuers (brands and businesses) onto the PearlZZ platform, to bring the loyalty liability from their balance sheets to stake on PearlZZ (allowing PearlZZ to mint PRLZ tokens) equivalent to their respective loyalty liability amounts. (2) These loyalty program issuers can then form an alliance with other issuers and collectively enable their cumulative set of customers to transfer, trade points and rewards and gain better value from their loyalty membership accounts with these issuers. we've assumed an alliance of five loyalty program issuers (as you'll see in the demo). (3) This enables better customer engagement, provides a more holistic set of data to all issuers (beyond the data from the interaction a customer/consumer would've had just with themselves. Providing a much better 360 understanding of the consumers and therefore provide a more precise 1:1 personalized marketing offers. And, that too directly to a consumer's PearlZZ wallet. The trading of points is done via the PearlZZExchange functionality.From the blockchain point of view - the solution has two smart contracts (i) PearlZZToken, and (ii) PearlZZExchange. The front-end is build using React, Redux, and other related components and technologies. We've tested this only on Ganache so far. But, as we progress on this project we are obviously looking to deploy it on other test networks. Also, consider deploying this on the Layer-2 solutions like Polygon as well. While working through this project, some of the details of how a value of "1 loyalty point" differs from one brand to the other, and how we could/should calculate that - we achieved better clarity on that and applied that to the wallet. Also, the concept of local community, town or city, county, province or state, country, and international scope of the "loyalty alliances" become more clear. We believe that this "loyalty alliance" based approach would really help us get traction in the real-world.