Loyela: Delivering the World's First 'Smart' Loyalty Platform Powered by Blockchain
It seems too good to be true. You shop at your favourite stores and get rewards or credits to buy more things you like. That is the ideal situation for marketeers and brands. But the reality is that today’s world is marked by towering competitiveness and retaining customers has become vital for every brand and retailer. While loyalty and reward programs have traditionally served as effective tools, they are now failing to scale and to keep up with customer demands and expectations.
“Many people today echo the sentiment that such programs are just not worth their time,” says Swati Joshi, CEO of Loyela. “Brands need smarter solutions like Loyela to manage their loyalty and reward initiatives. We are trying to help retailers and merchants to make their loyalty and reward programs easily understandable and worth the time of their customers,” she adds.
Headquartered in Singapore, Loyela has developed the world’s first ‘smart’ loyalty platform powered by blockchain and artificial intelligence (AI). Scheduled for commercial launch in 2019, the Loyela platform will act like a web-based dashboard that enables retailers to easily create loyalty programs and reward templates, check the existing reward points and loyalty cards with customers, and efficiently track their usages.
Presently, the firm is working on its proof of concept and is pilot testing the product by partnering with a few companies. Loyela was presented with an award at the Singapore Blockchain Summit 2018 (hosted by Global Blockchain) in February this year, in recognition of their contribution to the blockchain community.
We are trying to help retailers and merchants make their loyalty and reward programs easily understandable to their customers
As opposed to most conventional solutions that allow merchants to reward customers only for transactions, Loyela brings a new option to the market that can enable merchants to reward customers based on additional aspects such as recommendations to friends or when customers comment and create content for a brand on social media.
Using the blockchain technology, the platform will help merchants in scaling and making their loyalty programs global and interoperable. This will provide shoppers with a universal currency of loyalty, allowing them to use their rewards points across all stores of a particular brand globally and even use the points in other brand and retail stores without any hassle. It is expected to give retailers significant cost-savings due to the disintermediation and automation capabilities which make the whole process of loyalty management seamless.
“Customers, on the other hand, will be able to earn, manage, and redeem all the rewards through just one application,” says Swati. By using the Loyela application on their smartphones, shoppers will be able to keep track of the loyalty rewards from different retailers and merchants, all through one app. They will also stay informed about the exact procedure of using the rewards to gain maximum benefits.
Primarily, Loyela has been built as a loyalty platform for retailers, merchants, and shoppers. But the company will also offer customized software suites catering to the individual needs of the clients who don’t prefer coming under the ‘Loyela Umbrella’.
“Loyela is built after mapping the entirety of the current loyalty landscape and the different kinds of loyalty programs in the market,” says Swati.
Leveraging the vast experience of the team in loyalty, retail and consumer goods space, blockchain, and AI, Loyela strives to serve as the loyalty platform which will offer much more choices in the redemption, access, and exchangeability of loyalty and reward programs.