INTRODUCTION
Commerce over the years has changed, most especially the consumer retail commerce. From time past before the advent of the internet, retail outlet and physical stores has been the only one to shop for personal items, groceries, electronic gadgets etc. With the introduction of e-commerce in the 1990s, this sector/aspect of commerce has taken a great toll. Consumers find it easier and stress free to just order for items online and have them delivered to them rather than to walk down to patronize store outlets. This has affected sales and revenues of those physical retail stores. In a bit to drive in sales and increase traffic to their stores, store managers may point-based loyalty programs (coupons, vouchers etc.) as an incentive to bring back customers to shop more.
The present-day loyalty programs are set up although have real merits but its implementation and adoptability has been a herculean task for most consumers. A large number of these loyalty points are left unredeemed annually by merchants target consumers. It has been estimated that in 2017 alone about $100 billion worth of loyalty points was left unredeemed in the USA according to research findings form the Bonds loyalty report. Top of the problem currently facing the realization of the full potential of the present-day loyalty programs by both the target consumers and the merchants includes:
- No centralized rewarding system: Today, a consumer may have vouchers, gift cards and paper cards from various merchants he frequents and patronizes. It becomes difficult to keep track of them all. Carry these cards around may become unnecessarily difficult as it makes ones’ wallet/purse fat and heavy. Most consumers will rather dump them in their drawers and may eventually forget about them. When they might remember, they find out that the cards have expired. Also because of the difference in policies and terms and conditions surrounding the loyalty programs, consumers find it inconvenient to remember all these terms and rules and would rather choose to forget about redeeming them.
- Inability to Track and Monitor Points: Consumers are unable to identify, track and monitor their point balances most times and their eventual worth or value. These makes the points to keep accumulating but rarely redeemed.
- Loyalty points are Non-transferable: Most merchant providers of loyalty programs as a rule do not allow for the transfer of points from one consumer to another. Unredeemed points are thus left wasted.
- No market for conversion of Points to cash: there is no provision for the conversion of loyalty points and cards to fiat currency (cash). On the part of the merchant, setting up is expensive and more so to maintain. This may affect the overall profitability of the establishment.
Overall foot traffic is reducing on a daily basis due to these inconveniences consumers face. This has promoted them to the wide adoption of online shopping.
The MOZO solution.
We have see the potential of the blockchain technology over the years. The blockchain is a decentralized open ledger that records transaction in sequences using protocols already established. The advent of the blockchain has eliminitaed the need for middlemen in transactions. Imagine combining the blockchain with the retail aspect of commerce. I,e Blockchain + retail commerce = a whole new range of industries of which the loyalty program is a portion of.
Mozo is a blockchain based loyalty reward platform that wants to help retail outlets increase foot traffic and increase sales by replacing the traditional loyalty points accumulation and redemption system with tokenized points. Now imagine if rather than having gift cards, coupons and vouchers from different brands and store outlets, consumers can get a single token redeemable across any partner stores. This will solve the problem of having to remember the terms and conditions and procedures of redeeming loyalty points. The mozo token issued as a reward token for the loyalty program can be transferred across users, it can be sold for cash on exchanges and provides an easy way for you to keep track of your rewarded from various programs all from your digital wallet.
The Mozo platform comprises of two app with which the system will function:
- The Retailers app: this is like a dashboard for the merchants from which they will be able to issue tokens to consumers on actions completed or on certain behaviors.
- The Consumer app: This is the digital wallet the consumer will see tokens earned and will be able to carry out all.
What is MOZO token?
Mozo Token is a crytocurrency that will be used to replace the present-day loyalty cards. It is used to redeem points easilty across partner merchants retail outlet and malls
Token Specification and Distribution
Total Supply : 5 Billion
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Road Map
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AUTHOR DETAILS
BTT username: Romeoetin
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