This Startup Wants To Rethink Retail Rewards As A Unified System http://ift.tt/2lXaHV9

This Startup Wants To Rethink Retail Rewards As A Unified System

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This Startup Wants To Rethink Retail Rewards As A Unified System

This Startup Wants To Rethink Retail Rewards As A Unified System

Benebit hopes to simplify loyalty programs with a single app that works across retailers

Around check-out time, shoppers are often asked if they are a part of a loyalty program or want to join it. Even as technology changes the way we shop, rewards programs remain a key way to get consumers coming back for the benefits. Benebit is a startup with one goal in mind: to transform the way loyalty programs work.

Research shows that 83% of consumers participate in at least one loyalty program and 13% of these consumers participate in at least five different programs. Based on these statistics, Benebit wanted to decrease the confusion for consumers and create a platform that allows consumers to know exactly what their perks are and how they can be redeemed.

The loyalty points that are collected will be converted into something called Benebit Tokens. Benebit Tokens can be exchanged for cryptocurrency or fiat currency that can then be used for online purchase or redemption of any other perks.

Benebit wants to replace numerous programs and cards with just one program that can be used at any retailer. It’s obviously a difficult feat, but it will also benefit retailers by lowering transaction fees. The app will allow brands to interact directly with consumers. Retailers will also be able to have easy access to a system that collects valuable consumer shopping data that will help them manage things like inventory tracking. At the end of the year, the company plans to create an app and a physical card, the Benecard, that will track points and make it easy to redeem.

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via PSFK http://www.psfk.com/