One of the fast-food restaurant giants in the US.
The Challenge
To increase customer engagement and offer perks and incentives, a customizable loyalty program is highly effective. With Web 3.0, a non-fungible token (NFT) for a large purchase can be rewarded to the customer.
The earned NFT can be sold on a peer-to-peer marketplace for a price defined by the user, or it can be used to gain access to the premium services offered by the restaurant.
Additionally, a fungible token can be generated and assigned for a percentage of bill amount on the restaurant app. This can be elevated by use of stablecoins apportioned as Loyalty points.
Additionally, customers need a loyalty wallet and mobile app to manage and track NFTs and Stablecoins/FTs.
The Solution
Persistent created an accelerator to generate an ERC standard-based NFT Smart Contract to represent a unique asset token on the Blockchain. Each NFT generated is unique and cannot be interchanged with another. The accelerator transferred NFT metadata on IPFS, while providing capabilities to mint and transfer the NFTs to users.
NFTs minted using Persistent’s accelerator are ERC721 compliant, making them sellable on public NFT marketplaces like OpenSea. Additionally, customers owning NFTs gained access to restaurants premium products and services while using the premium privileges on partner websites.
The accelerator improves direct customer engagement with a seamless experience to earn crypto tokens as loyalty points. This provides support for inclusive growth opportunities while making the process near real-time backed by a secured, immutable blockchain environment.
The Outcome
- Loyalty incentives are directly proportional to strengthening the connection with customers and promoting the business brand while attaining new customers through referral marketing. The Loyalty incentives program can be uplifted by offering loyalty points and rewards as Fungible and Non-Fungible Tokens – NFTs. Blockchain, along with Smart Contracts technology, elevates the loyalty ecosystem to be much more secure, tamper-proof, fraud tolerant and private while offering customers to sell the earned NFTs at public marketplaces like OpenSea, Rarible, Binance NFT, etc. to make additional profits.
- A seamless experience to reward customers with tokens managed on a public/private blockchain with almost minimal expenditure while offering security, immutability, and provenance.
- With unique loyalty programs, organizations can increase customer base and improve their referral program.
- Verified ownership of an NFT can be used to gain access to special privileges and services.
- Counter-party risk mitigation using smart contracts to reduce fraud.
