Batu Permata: BITRewards

AWARD SYSTEM AND LOYALTY BLOCKCHAIN FOR E-COMMERCE BUSINESSES

About BitRewards

BitRewards is a blockchain loyalty platform and ecosystem that enables retailers to reward their customers’ purchases, friends’ invited and other configurable actions with crypto-currency. It has an absolute value for the customers, as they get for their purchases the liquid Ethereum-based tokens, which can be redeemed for purchases or transferred to another crypto-wallet. The price of the tokens is also set for growth due to our unique business model, so these rewards may go up in value in the course of time, rather than expire.

BitRewards also brings a lot of benefits to the retailers, because they get customers that are more satisfied with the rewards in crypto and become even more loyal. A comprehensive loyalty program increases the retailers’ revenue by dozens of percents. The stores are also tapping into the cryptoenthusiasts audience, which is quite active and appreciates the attention from the regular businesses.

The unique value proposition for the retailers is that BitRewards will offer this valuable and expensive loyalty technology free of charge. The retailers will only have to buy BIT in the open market to reward their users. The value of such software starts from $200/month, therefore thousands of retailers will be keen to connect to the platform. We can make such a claim, because we operate in the market of rewards and loyalty software for more than 5 years, have more than five hundred clients – online stores and deeply know their needs. BitRewards also uses AI-based predictive analytics, which allows to configure the rewards and actions for each particular business to address its unique target audience and achieve the highest return on investment from every dollar spent on the rewards.

How BIT works?

The mission is to create the rewards and loyalty platform that will permeate the online retailers of all shapes and sizes and connect them with their customers by virtue of BIT tokens.

The retailers connect to the BitRewards loyalty system by installing the readymade GIFTD extension or by integrating it with their own loyalty system.
This solution rewards customers with BIT for their and their friends’ purchases as well as other actions. The module performs all the required token processing through the BitRewards platform.
The value of BIT may appreciate because of the limited initial issuance of 2 billion tokens and the constant leading demand for tokens from the growing number of retailers joining the platform.
The probable appreciation of BIT encourages customers to save their tokens instead of redeeming them for purchases, thereby also reducing the amount of free-floating tokens.

Technology

With the emergence of the blockchain, the broken loyalty industry is bound to change. We are big believers that smart contracts and cryptocurrency are the core engine and fuel for the new era of customer’s loyalty. Ethereum allows implementing an elegant technical solution.

Why blockchain?

Distributed ledgers and blockchain protocols bring unprecedented value to the loyalty program of the future:

>>For users:

Rewards in cryptocurrency, which don’t depend on the success of the merchant
Rewards, which appreciate rather than expire
Easily redeemable or exchangeable into any other liquid asset
Highly personalised, custom-tailored recommendations, rewards & discounts (see BitRecommendations)

>>For merchants:

Premium software free of charge, which increases the loyalty of users and sales
Tokenization of standalone loyalty programs and merchant-specific tokens generation platform
Use of API to frictionlessly connect any proprietary loyalty programs to BitRewards tokens or any other loyalty and rewards program
Free BitRecommendations API working on blockchain, managed by DAO on IPFS

>>For business development and security:

DAO which ensures the efficiency of BitRewards network development
Merchant data control, ensuring merchants own and benefit from their raw data
Rewards for developers, who create successful solutions and merchants and customers, who incentivize the adoption of BitRewards network

A game-changing solution for merchants

>>AI-based BitRecommendations

Decentralized crowdsourced recommendations solution for ecommerce businesses.

Product recommendations
Reward recommendations
Financial scoring
FREE for BitRewards-connected merchants

>>Factors for massive scaling

We solve several problems that let us disrupt the $20B+ e-commerce loyalty and rewards market. The major factors: high cost and complexity of loyalty systems set-up, integration, and support for all shapes and sizes of the merchants, complexity, and inability to use the earned points for the customers.

Factors influencing the value of BIT tokens

Customers make purchases~ With any merchants who is a member of Bitrewards.Network
Merchants reward customers with BIT (instead of loyalty points).The merchants buy BIT tokens at Bitrewards or at the Crypto Exchange.This drives the demand for BIT tokens up.
Customers hold BIT or spend tokens at the stores. They don’t spend BIT tokens immediately as they expect the exchange rate to grow. This drives the supply of BIT down.

Project roadmap

November, 2016 — February, 2017~ Development of points based loyalty system GIFTD designed to reward shoppers.
February — October, 2017~ Structuring the concept of using Ethereum blockchain with loyalty and rewards tools and customer development of the crypto-rewards for e-commerce industry, team hiring.
October, 2017 — May, 2018 ~ The full-functioning rewards and loyalty platform with web app with the retailers’ and the users’ cryptowallet tied to the loyalty program of BitRewards, USA market expansion, research, customer development, marketing campaign.
March — June, 2018~ Retailer Crypto-wallet and liquidity management smart contract.
June — July, 2018~ Integration of loyalty system with Lightning Network and Raiden Network (after the launch of these technologies).
June — August, 2018 ~ Customer’s Mobile app with crypto-wallet.
July — November, 2018~ The Alpha-version of the AI-basedrewards recommendation and items recommendation, Asian market expansion, research, customer development, marketing campaign.
September — December, 2018~ Mobile SDK for merchants’ apps.
January — April, 2019~ Integration of AI and machine learning into the BitRewards platform.
April — May, 2019~ Blockchain-based traffic exchange between online and offline merchants.

Soft-cap budget allocation