Author: Regan Schoultz, MLG Contributor
This piece is part of a collaboration with MLG Blockchain Consulting, a leading global blockchain development and consulting firm headquartered in Toronto, Canada, with a distributed team across North America, Europe and Asia that is focused on building next-generation applications using blockchain and smart contract technology.
Raise your hand if you are interested in a free skydive in New Zealand? A discounted hot air balloon ride over the rock formations in Turkey, or a night of free accommodation in Moscow?
You would expect almost everyone to have raised their hands to at least one of the above, particularly if they love to travel.
There is nothing better in the travel world (or the world for that matter) than getting something for free. Be it a flight upgrade, a night of accommodation, a massage— travelers are constantly on the hunt for great deals.
One of the best methods for finding these deals is through accumulating reward points with travel-related businesses and using those points to get something in return for your loyalty.
Loyalty systems are an age-old mechanism most people will have encountered at some stage in their lives. From a business standpoint, it’s a method of encouraging and maintaining customer loyalty while for the customer, it’s a way of capitalizing on their loyalty to a brand or business.
But what if you found out that that the points you’ve been accumulating over months, or even years, could be worth way more? Or what if those points had huge limitations in how you could spend them? Would you still remain loyal to that brand or business?
And as a business, what if there was a better way to drive customer engagement and you could connect with them in an entirely new and unique way?
Well, there is a better way; the chozun way.
Why traditional loyalty schemes are outdated.
Loyalty is an inherently centralized system designed to lock users into one loyalty system or brand.
When customers accumulate points, they will likely only be able to use those points to receive rewards from that particular brand.
What customers will also find, is that they cannot exchange their points amongst one another, or reap the benefits of combining their points.
Businesses, on the other hand, are unable to take advantage of these systems when reaching out to new customers or attempting to engage with them in new ways.
Because of these outdated systems, brands often find it difficult to connect to millennial consumers, and millennial travelers in particular, as these groups are less engaged with traditional loyalty systems.
According to recent studies, what drives millennial travelers the offer of a fun and novel experience, instant gratification, and connection to peers— none of which are catered to by traditional loyalty systems.
The Chozun Way Of Approaching Customer Loyalty.
Chozun is the world’s first travel destination service, experience, and lifestyle ecosystem powered by a cryptocurrency and backed by blockchain and smart-contract technology.
Best thought of as an ecosystem of travelers, the technology allows individuals to share their adventures, thoughts, and tips while matching travelers to the best-personalised experiences in any country around the globe.
A unique aspect of chozun’s business model is its decentralized loyalty system. In moving away from traditional methods, chozun has created a robust business model that incentivizes providers and industry leaders with existing customer bases to join the chozun network and drive traffic to the ecosystem.
With a stable and growing base of 3000+ providers, offering everything a traveler could want or need in many countries, chozun’s loyalty system has already proven itself effective at attracting and retaining the loyalty of its millennial travelers.
The chozun system allows millennials to spend their loyalty points on hundreds of options— from transport within and between cities, to massages, dining experiences, nightlife, and accommodation. chozun allows them to make the most of any reward points they have.
Users can also exchange loyalty benefits on a secure and traceable platform, thereby maximizing user return on their loyalty to the ecosystem, while allowing them more control.
CZN – The Chozun Loyalty Token.
The chozun loyalty system is based on the earning and spending of CZN – the cryptographic chozun loyalty token.
As with other cryptocurrencies, CZN is fractionally divisible, transferable and fungible. It is used within the chozun ecosystem to perform transactions and to incentivize interactions and engagement.
The benefit of tokenizing loyalty is that it represents a new way for providers to engage a customer with token bounties, challenges, influencer campaigns and loyalty bidding.
It also enables chozun to reward its traveler community with an asset to the ecosystem, which they are part of driving and making a success. Users are much more tied into and responsible for the success of the entire community.
Users who own CZN tokens will enter chozun’s decentralized loyalty system when they make bookings and will be rewarded with CZN for doing so. The more tokens owned by a user, the more they will benefit.
Meanwhile, companies, brands, and businesses will be able to curate loyalty with the CZN token to increase interaction with customers as well as offer particular bounties for performing certain activities. They will also be able to use a loyalty bidding system to attract customers.
On the chozun system, users can accumulate tokens by either purchasing them or by being awarded them for activity within the chozun ecosystem.
So take control of your loyalty by using CZN.
Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.