I support any new innovations and attempts.
Some caution i see:
Loyalty points are sort of a gimmick. They are a sort of fictive money or loose change value added to a product or brand. So associating it with hard money and concepts like Bitcoin might be a conflict in the minds of orange pilled toxics for instance, those already familiar with bitcoin. It's sort of in the realm of web3 video games.
I really like your presentation and deploy. If it's combined with an easy wallet like WOS for the average consumer, i could see it getting used a lot.
Thanks for the honest feedback @ribbit! I agree with you. Loyalty rewards and such are very gimmicky. I've always felt that way as well. The truth is, it still works though, which is hard to wrap my mind around at times.
Through diving into the loyalty and rewards space, I've learned a lot more about why it works and it all just boils down to psychology and giving the customer another touch point to keep the brand top of mind.
In any case, it helps businesses retain customers and is a driving force in their sales in some way, shape or form.
It does hit different when it's Bitcoin rewards, though.
The cool thing about what you're saying is that most Bitcoiners already have Bitcoin and earning another 1% or whatever here or there really isn't that appealing if they have to through extra steps. People still do it, though.
But for the everyday consumer, the NPC, the no-coiners, the pre-coiners - they earn those points like they're going out of style and don't really think twice about the fact that they're basically shitcoins.
So if we can more people earning Bitcoin instead, almost passively and seamlessly, I think people will have a far greater chance of looking into bitcoin and effectively being invested in its success without having to lift a finger. We shall see!
Right now we do have some metrics. On average, ~30% of people who received an email to claim rewards (often times completely unaware they were getting them post-purchase) actually do 'claim' them. From there, ~40% of people withdraw them to a lightning wallet. Of note, the majority of people earning these rewards are NOT bitcoiners. They're just buying everyday products from businesses who aren't exactly 'bitcoin' businesses, and getting some sats in return.
thanks again for the feedback and we'll certainly keep this in mind :)
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The cool thing about what you're saying is that most Bitcoiners already have Bitcoin and >earning another 1% or whatever here or there really isn't that appealing if they have to >through extra steps. People still do it, though.
That's a good point, i'm a Sat maximalist, where every sat matters, so i would be marginally more likely to go with a merch that had sat rewards
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