Ribbit.me raises $1.5 million for blockchain-based customer loyalty program solution

Ribbit.me, a blockchain-based loyalty program solutions provider, has announced that it has secured $1.5 million in seed funding led by Dubai-based investment firm Hayaat Group.

A customer loyalty program is a marketing strategy used to maintain customer loyalty to a brand so that they become "regular customers" of the brand. Incentives generally include discounts or redemption reward points.

Rewards programs also act as an effective market research tool for brands. Every time a customer uses a loyalty card to make a purchase, the customer's information and purchasing patterns are captured by the company that issued the card. This information will help businesses formulate effective marketing, offers, advertising, and other strategies. Using the information collected from customers, businesses will also be able to customize services for them based on their purchasing patterns. Ultimately, all of this will lead to more sales and more customer retention.

Blockchain-based loyalty programs

We live in an era full of innovation. Bitcoin, as an innovative technology, is influencing the development model of the global economy. Mainstream financial institutions are scrambling to adopt Bitcoin's underlying technology "blockchain" in the hope of creating a faster, cheaper and more efficient banking and financial system. Customer loyalty programs are also one of the application areas of blockchain. The Royal Bank of Canada announced in November last year that it would test blockchain technology, and the first area to be deployed was the customer loyalty program.

New York-based Ribbit.me is a provider of customer loyalty solutions. After seeing the advantages of blockchain technology, Ribbit.me decided to switch from traditional means to new technology.

Ribbit.me wants to change the customer loyalty program industry, which has seen little innovation over the past two decades. Ribbit.me has created a unified customer rewards program based on blockchain that provides real-time rewards and redemption of reward points. The highly customized platform is able to execute instant reward points as soon as users confirm their purchases. Ribbit.me allows cross-brand promotions so that customers can use reward points earned from other partners. In addition, suppliers can choose the classification of points based on the type of service. For example, hotel points can be stored separately from shopping points and airline miles points. But customers can convert one type of points into another as needed.

By enabling instant rewards and buybacks, Ribbit.me can help businesses reduce burdens while being convenient for customers. Merchants and customers will be able to quickly trade Ribbit.me points. As the first company in the United States to create a crypto token rewards mechanism, Ribbit.me has already reached multiple strategic partnerships. With the help of this new funding, Ribbit.me will continue to expand its team and accelerate its development.

Original article: http://www.newsbtc.com/2016/02/28/ribbit-me-crypto-loyalty-solutions-on-blockchain/
Author: Gautham
Translator: printemps
This: printemps
Source (translation): 8btc Information (http://www.8btc.com/ribbit-me-150)