A new blockchain project called GATCOIN has stepped in the world of online shopping, aimed at enhancing the retailer customer-relationship using blockchain and mobile targeting technology. It simply transforms the traditional discount coupons, shopping vouchers, gift vouchers and loyalty points into digital, tradable tokens.
Discounts are ingenious ways of attracting customers, however, sometimes businesses find the task extremely challenging. The arrangement of discounts, rewards and coupons takes in a lot of effort and thinking as they have to be made in such contrast that they are both profitable for the business as well as reasonable for customers.
Another hurdle that comes in the way is that suppose if the discount or shopping voucher is made generously (focused on customer’s benefit), there is no assurance at all whether the customer would become a loyal customer and would return to avail further services.
Thanks to these enduring troubles, there exists a considerable gap between businesses and customers. It seems like a long time ago when ‘coupon collection’ was a thing, unlike today when customers download apps specific to specific businesses.
Filling the gap with digital tokens
‘Behold! Blockchain technology to the rescue’. Several aspects of blockchain tech can remedy this. A blockchain-based platform GATCOIN will effortlessly connect customers to all the discount-offering brands using digital utility tokens.
“The GAT System will enable merchants to issue Merchant Tokens to a mass consumer audience with minimal set-up, allowing them to quickly adopt token usage as part of their overall marketing strategy,” explained the GATCOIN team.
This will not be a single cryptocurrency but an entire omnichannel platform including different tokens like Cash Tokens, Discount Tokens, Loyalty Tokens, Gift Tokens and Travel Tokens.
Businesses will benefit from these blockchain-enabled tokens and will have a range of choices to diversify and streamline their processes for marketing.
“Merchants will obtain invaluable data on token circulation, token usage, consumer spending preferences, and customer demographics. Efficient use of this data brings benefits to both merchants and consumers. Merchants can engage directly with a more relevant target audience. Consumers can receive offers that align with their preferences and interests,” said GATCOIN CEO Simon Cheong.
Yet the most intriguing thing about this project is that it will combine with mobile targeting technology, with their patent-pending A-Drop™ tech being a vital part of the platform.
Cheong explained that the A-Drop™ (from airdrop) will “allow merchants to reach out to people close to their premises real time. They will be able to select the exact people fitting their best potential customer profile and give them — for free — relevant loyalty points delivered directly into their mobile.”
This idea will result in a considerable rise in mobile social media sharing as customers after getting freely distributed tokens directly on their mobile phones will (obviously) share the results with their friends living in the same area, thereby encouraging them to get their own. This kind of sharing will trigger waves of excitement attracting more customers to the retailers.
SK Planet Japan welcoming the technology
The astounding technology will be first deployed in Japan. The SK Planet Japan will be implementing GATCOIN across 60,000 retail outlets across a range of global brands it manages in the country.
“Japanese consumers regularly lead the world in early adoption of new technologies and this occasion is no exception. They will be the first to be able to trade tokens from multiple retailers and enjoy free loyalty points. SK Planet Japan’s current mobile gifting programme, COTOCO, a unified loyalty programme, will be migrated to the blockchain and integrated with the GATCOIN platform.”
Although the challenges regarding cryptocurrencies will remain the same, GATCOIN has started something new something benefiting for both customers and retailers. Obviously, the project cannot eradicate all the concerns of those unfamiliar with cryptocurrencies but it will surely satisfy many of those concerns.
“We believe that many, if not all of these concerns can be addressed by creating a controlled environment in which enterprises can deploy digital tokens to a mass consumer audience, thereby mitigating risks that might otherwise negatively impact technological adoption, brand value, and potential regulatory concerns,” said Cheong.
GATCOIN’s token pre-sale just ended on Tuesday, Nov 28th while its full token sale will begin next month.