In an interview with Cryptonews Podcast, Gabriele Giancola, the CEO of Qiibee Foundation, delved into the challenges surrounding the lack of value and liquidity of loyalty points. He highlighted the potential benefits blockchain and web3 technologies bring to the rewards program landscape, emphasizing their role as game-changers in the industry.
Making the Points Liquid
Giancola pointed out that one of the major issues plaguing loyalty programs is the value of the points, a concern shared by both users and brands. He emphasized that if points hold no value, users are discouraged from participating, leading to a significant amount of points being locked worldwide. This lack of liquidity poses a considerable challenge, with over $500 billion worth of points sitting idle.
To combat this issue, the Qiibee team advocates for the creation of more liquidity for loyalty points. They propose that brands should collaborate to make points more usable, allowing users to spend them with any brand within the network or exchange them for different brands, thereby enhancing the perceived value of the points and fostering customer loyalty.
Getting Free Money
Giancola highlighted successful loyalty programs, such as the American Express 'Amex' card, as models that deliver substantial value to customers, effectively equating to "free money." He underscored the importance of evolving loyalty programs in the web3 space to enhance engagement, improve liquidity, and drive profitability for brands.
The efficiency of blockchain technology streamlines the partnership process between brands, enabling seamless point exchanges and boosting customer experience. Giancola emphasized the significant advantages blockchain offers to enhance loyalty programs, such as automation and increased efficiency.
Blockchain is the Full Package
Qiibee aims to elevate reward currencies to become one of the top payment methods globally by providing a blockchain-based infrastructure for brands to tokenize loyalty currencies and facilitate seamless tradability. By leveraging blockchain technology, brands can tokenize loyalty currencies on a decentralized database, enhancing security and making point exchanges more straightforward.
Blockchain's role in enhancing efficiency and improving customer experience is pivotal in driving the success of loyalty programs. Giancola emphasized the necessity of adapting to the digital landscape and capitalizing on the benefits that web3 technologies offer to create better loyalty programs and foster direct relationships with customers.
Future is Rewarding
Giancola envisions rewards evolving into significant payment currencies, emphasizing the growing importance of loyalty programs in brand strategies. As brands increasingly focus on partnerships and liquidity, loyalty programs become key touchpoints for direct customer engagement in an increasingly digital world.
That’s not all.
In addition to discussing the challenges and opportunities in loyalty programs, Giancola shared insights on the origin of the name 'qiibee,' the value brands seek in loyalty solutions, and the shifting dynamics of consumer priorities driving blockchain and web3 adoption. These discussions shed light on the evolving landscape of loyalty programs and the role of emerging technologies in shaping the future of customer engagement.
About Gabriele Giancola
Gabriele Giancola, the CEO of Qiibee Foundation, brings a wealth of experience in the loyalty ecosystem, working with renowned brands to enhance customer engagement and drive loyalty program success. With a vision to revolutionize reward currencies and empower brands through blockchain technology, Giancola is at the forefront of shaping the future of loyalty programs.
