The blockchain company Polygon Labs collaborated with Accenture and Google Cloud to publish a white paper exploring web3 loyalty programs. It opens by arguing that current loyalty programs are too product focused. Younger generations are more drawn in by meaningful experiences.
“Most loyalty programs today remain static and product centric, functioning essentially like a discount scheme that fails to meet the preferences of the newer generation of experiential centric consumers,” say the authors.
They argue current programs are a race to the bottom, lack personalization and are too closed. Program members redeem less than half of the reward points earned.
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