Crypto assets today have grown far more than just a means of value transfer. Today, they drive ecosystems, represent art, and are even used as digital securities issued by firms.

But one lesser explored potential is the adoption of digital assets in the loyalty incentive programs for mainstream firms. Libra Incentix takes the benefits that token economies bring and merges them with loyalty programs, creating a system that works for the benefit of customers and brands.

Traditional Loyalty Programs are Messy

The loyalty program is a massive global phenomenon. Expected to hit $190 billion in the next 5 years, one would imagine this sector to be efficient and smartly built. However, that is not the case.

The points or rewards have very limited use. They only carry value within the brand’s ecosystem and are practically useless outside. Users cannot swap these points for monetary incentives apart from what the brand dictates (always in the shape of discounts, not cash).

The points are also low in value, forcing users to earn hundreds, even thousands of these points before they can be utilized. As such the practicality of the points is itself a question mark.

From a firm or a brand’s point of view, building a reward program is also intensive. It requires a system creation, management, and tracking of points earned/spent - all of which require time and effort (and therefore, money).

Worse still, with every brand offering its own loyalty system, consumers are left with points across various platforms that they are unable to utilize properly. The points either lay idle or expire, bringing no benefit whatsoever.

How Libra Incentix Approaches The Issue

In a nutshell, Libra Incentix tackles the issue of merging fragmented loyalty programs into one massive blockchain ecosystem. Underneath, however, a lot is going on.

Using crypto tokens is a game changer. The platform uses blockchain technology and offers several benefits:

• Reduction in Complexity: Brands regardless of industry or location can join Libra Incentix. Built on an ready-to-go ecosystem, using smart contracts, these loyalty programs are cheaper to create and execute. This includes distribution, recording time, and the date for points earned. Redemption is done automatically too, thanks to the smart contracts.
• Defragmenting Programs: Instead of joining different loyalty programs, each with its own rewards points and utility, users need only Libra Incentix and its LIXX token to build points. With a single token across different brands and firms, collecting and spending are also made easy.
• Share, Donate, Pool: Unlike traditional reward points, users can share their earned LIXX with their family and friends, or pool their tokens to get a good discount they want. People can also use these points to donate to different charities
• Real Value: Legacy reward points have no real-world value. They only provide discounts or other benefits within the brand’s system. LIXX on the other hand is a Binance Smart Chain based crypto token, which means it is liquidable, should you prefer to cash out.

Libra Incentix is Also Good for Businesses

Libra Incentix’s future of customer loyalty programs is not only for consumers but hosts lots of benefits for firms and brands.

Having a transparent, easy to use and real-life value reward for users helps in boosting the brand’s image. At the same time, brands can take advantage to engage more with users, which helps the brands to increase customer retention.

Customers are more incentivized with Libra Incentix powered rewards as they can use the LIXX tokens to spend and earn, compelling them to spend more on the brand’s products. This ultimately helps brands increase sales.