The customer loyalty program is also called an integration mechanism, which is deeply advanced into all aspects of current consumption. Points do not exchange, can not be transferred and other problems, making the points mode trouble. Under the trend of gradual segmentation of market products and more frequent brand changes, the long-existing integral model is faced with an urgent need for innovation due to many drawbacks and problems.
Recently, the emergence of the blockchain technology has brought the integrating system back to life. GFX cross-platform customer loyalty program, which was launched soon in southeast Asia, is to explore with blockchain technology and model and build a brand new interaction mode between merchants and consumers on the basis of insight into “utility theory”.
Solve the core “exchange” utility
“Utility theory” is the motive for consumer consumption of goods that are driven by the desire of the consumer, and the reason that the object can be used in exchange for goods, is because it has the ability to satisfy certain consumer desires.
Utility theory points out that the demand for commodities comes from consumers, who are supposed to pursue their own interests through rational economic behavior. The economic behavior of rational consumers is to make the best choice according to their own goal and limited resources under the given external environment.
In this process, consumers are motivated and restricted by two opposing forces: on the one hand, goods are consumed or owned for as much as possible in order to satisfy themselves; On the other hand, consumers’ income or means to obtain income are limited. Therefore, the best choice for consumers is to reasonably spend the limited income on different goods, so as to get the maximum “benefits” from consumer goods.
Utility theory can not only be used to explain consumer psychology and behavior, but also conform to the integral model.
However, in the traditional point system, points can only be consumed at the source of points. It has to be a little bit more sticky, but since there are so many different kinds of integrals, there are different points of exchange, and the integral is not equal to the time of zero, and the integral can’t be exchanged, and the same integral can’t be given to each other. These phenomena mean that the “utility” within the integral domain is lost.
The emergence of blockchain technology can be a good solution to this problem.
Based on blockchain distributed ledger technology and its inherent liquidity, GFX has built a fair and transparent equity issuance and a decentralized trading market based on the Bancor agreement, realizing the marketized exchange of merchants’ equity and general equivalents.
The structure of GFX is good enough to solve the integral “utility theory” requirement. By design governance efficiency, accuracy and democracy, the GFX has built the integral market, and designed the distribution, the flow, the exit mechanism and the rules.
Build a one-stop management platform
In the business ecology of merchants and consumers, the development of some new basic services has a significant impact on the development of the service industry, as well as the improvement of business efficiency and experience. It is welcome to continuously innovate and lead the basic platform, products and services to provide more effective, more interesting and more timely solutions for the service providers and merchants within the ecosystem.
Because the daily life of consumers is very extensive, involving clothing, food, housing, transportation, and other industries, the implementation of the point sharing system, which will certainly have a huge appeal to users if multiple industries can be connected,. But it is very difficult to integrate such a huge amount of resources.
The end user of GFX ecosystem is able to realize one-stop management of service flow, digital equity and assets.
In GFX ecology, consumers can transfer and exchange freely to realize consumption appreciation, that is to say, after consumers can consume in all allied merchants and obtain member price concessions or bonus points, they can transfer and exchange freely in the alliance of points, truly master digital assets independently and maximize the value of points.
For example, business A is an airline and business B is A boutique. A hundred A’s are worth 20 GFX points, while A hundred B’s are worth 50 GFX points. Users can redeem all merchant A and B points for A total of 70 GFX points, which will never expire and can be used to freely redeem merchant A or merchant B or any rewards for participating merchants. Customers can join the GFX platform directly or indirectly through different loyalty incentive programs.
As a result of the distributed nature of the block chain, all information is publicly recorded on the public account book, and the user ‘s revenue and expenditure can be reviewed and traced at any time.
GFX cross platform customer loyalty program can be open to all people, integrating resources, sharing through users and stimulating industries. At the same time, blockchain also reduces the complexity of the existing point plan, and can provide an effective method of exchange between points, making the realization of rights and interests more convenient, faster and cheaper. At present, blockchain application projects have become mature, and GFX cross-platform customer loyalty plan is a new round of breakthrough and improvement of “point system”.
Through the profound insight based on the “utility theory” of consumers, the construction of GFX ecology provides a new solution, and the blockchain is used to profoundly transform the pain points and disadvantages of current integral consumption, creating a trillion-level consumption scene.