Akash Singh, CEOThe gamut of propositions that range from rewards for accrued points to free air miles drives a customer to join a loyalty program. However, redemption process becomes an uphill task due to complex point exchange procedures, lack of communication with the program creators, and puzzling point structure. Kryptoblocks leverages the power of blockchain and AI to overcome challenges in making loyalty programs member-oriented and injecting transparency in the redemption of reward points. “We are holistically solving business problems of our customers using the distributed ledger and AI,” states Akash Singh, CEO, Kryptoblocks.
Built on Ethereum network, Kryptoblocks’ powerful loyalty program platform RewardX empowers businesses to create smart contracts using chatbots. These AI driven chatbots follow the rule engine while adding subscribers to the loyalty programs. Businesses issue cryptocurrencies to customers in the form of reward points once they make a transaction with them. The customers can then utilize cryptocurrencies to avail a service or purchase a product from the business running the loyalty program or from the other businesses subscribed to RewardX—all this process gets executed without human intervention. From the creation of smart contracts to the redemption of reward points, the loyalty program tool sets a chain reaction of transparent transactions, and members and merchants can transact in the environment of utmost trust and transparency. The platform also links loyalty programs with the point of sale (POS), e-commerce channel, other means of trade and simplifies customer participation and engagement with social sharing.
RewardX ascertains the loyalty scale of customers with real-time consumer monitoring. The AI native solution learns from the transactions and recognizes loyal customers while simultaneously ensuring that they receive benefits of the program. For example, each time a policyholder renews his policy, tokens will be issued as a reward.
Also, RewardX draws consumer data from multiple sources, which include social media and customer relationship management (CRM) solution, businesses gain more information about a customer profile.
We are holistically solving business problems of our customers using distributed ledger and AI
The platform analyzes this data with AI for propensity scores and builds consumer behavior pattern, offers major insights into demographics, interests, and preferences of customers. The clients can plan their marketing strategies based on these insights and tailor promotional activities to specific individual groups based on factors like age, expertise, concerns, and best uses.
Power of RewardX is made apparent through its application to solve real-life challenges. As modern-day retailers fight to gain and retain customers, RewardX is redefining the paradigms in the retail arena. For instance, deployment of RewardX allowed a retailer to strategize per data, which was aggregated from social networks, mobile applications, contact centers, engagement with agents, and CRM solution. Kryptoblocks ran propensity scores and guided clients on how to tap the most valued customers with promotional discounts and retain them. Eventually, the retailer could improve the customer engagement and build a loyal customer base.
RewardX is the apt choice not just for retail, banking, insurance and telecom industries, where loyalty programs ensure business growth but also supply chain management sector where end-to-end transparency is the critical need. RewardX collects data from IoT sensors along the supply chain, and its underlying blockchain technology makes it sure the data is not tampered with, all the way keeping the involved entities updated with the latest information helping them gain insights from start to finish.
“We foresee the adoption of blockchain in more industries and aim to be disruptors,” says Singh. As blockchain opens up new avenues for industry segments like Fintech, Supply Chain Management, Kryptoblocks looks forward to tapping the unprecedented opportunities.