Our current business model is highly pointed to customer satisfaction and customer demands. Most business especially retailing stores are based on customer data and demands. This structure has created many big companies and earned the customer satisfaction. Even after the e-commerce and other things, real shops are still the most used place for products. Collecting these data for the customer is really hard as not every people would share their experience and wants publicly or share at all.
Introduction to Universal Reward Protocol
Collecting data of consumers has never been easy and it has always been an important part for any kind of business. In commerce language, Consumer is the king. The most business ultimate goal is to attain consumer trust and satisfaction. To improve the situation for retailers, brands, a system, a way to collect data would be very convenient as that would help them move in the direction according to the consumers. But sadly, currently, there's no convenient and trusted source of collecting peoples feedback through any platform and it's keeping the whole industry growing.
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Universal Reward Protocol has taken a good look at these and came up with an idea. Universal Reward Protocol is a blockchain based project and what they aim for is to gather consumers data, feedback, experience, demand everything in exchange for tokens with the help of retailers. This will help the retailers understand their consumers, tastes and get products and behave according to them. This is not only for a single shop or retailers. It's for understanding the consumers from all around the world. In the end, the satisfaction consumers get, it will increase the value of commerce market and also make the growth faster.
Current State of the Market
Business concept has improved over time and changed a lot. One of the newest concepts is the e-commerce or the online commerce. It has seen an enormous growth over the past years and spreading all around the world. E-commerce market trillion dollar market. But even after the popularity, 90% shopping are made offline and physically and normal business still has the lead. But in the past years, commerce has seen some low growth rate compared with other years.
For advertising, loyalty programs are still at the top where mobile based advertisements are almost as useless. Loyalty programmes have allowed to bond and connect with the consumers for some short information gained. Currently, there's still no place for gathering solid data about consumers.
This shows an amazing opportunity for Universal Reward Protocol to show people, the retailers their power of gathering data as this side of the market is still in its infancy. Their service can actually change many things.
Existing Problems
Problems are in the commerce system and we all know it. The first problem that comes to the mind is the lack of enough data. Not getting enough consumer data leads to the place where they have no idea what they should keep in their shop and what would satisfy them. For this reason, some retailers invested in new sales channels but it proved not so effective. After that the online-offline thing. Online shops sometimes get chances to actually interact with consumers. But for offline or the physical way has no way of doing that whatsoever. Sometimes they don't even know what they are looking for and starting a communication between them is hard.
After that, we have the reward and loyalty program. Many retailers hold loyalty programs and rewarding programs to actually reward the customer. Here the customer shares their experience feedback and so on. A statistics showed that 77% of people want loyalty programs should have a personalized reward and 75% of people want to get rewarded for their engagements. Sadly many retailers don't pay attention to these as they are time consuming, complex and pricey.
While in a good relationship with a company especially big companies, people are often afraid to share details about their demand and feedback. If some of these data are leaked, they become huge on the internet and basically attack privacy. This is not new and most people don't trust to share these data as they don't feel safe enough.
Solution of Universal Reward Protocol
Universal Reward Protocol shows us a solution to all these problems that are described above. Universal Reward Protocol will create a new ecosystem of gathering data like this
First, the retailer can offer the consumer to share data and experience about their shopping and collect data in exchange for URP. Based on the data the retailers get, the shopper gets a reward for that. After that, the data can be used in various ways. For example, the retailer basically earned a good bit of information about consumer demands, behavior and their experience. If analyzed, this data can be used in a way that would satisfy the consumer, bring profit for the retailer. In simple words, it's getting data for URP Tokens and then redeeming the tokens in exchange for retailers profit.
Through Universal Reward Protocol, retailers, brands can easily get some quick transparent information about consumers and fill the gap that's been in the way of profit with a communication. Retailers get information and shoppers get rewarded for information and engagement. The interesting part is to earn URP, shoppers will be able to get information about them right through their phone.
The information shoppers share is completely in control of their own. It will make sure to show privacy that many reward programs lacking. The tokens shopper get from engagement can be exchanged for various things.
If we consider all of these, it's a win-win situation where both sides get what they want. Both are getting benefit in a different way. Comparing with other platforms like this and the result would be something like this
How Universal Reward Protocol will work
Universal Reward Protocol will work in several steps. The steps are described below
• Retailers make a specific campaign about something and that can help the retailer is some way
• After retailer puts all the details, it's published on the blockchain
• After completing everything the campaign is published and becomes available for grabbing. This can be found in the mobile app
• The shopper gives the consents about sharing data and agrees on terms and conditions and then they are added on the blockchain.
• A dApp collects specific data that are needed and relevant for the campaign
• The dApp produces a Proof of Behavior and a hash is sent to the smart contract
• Contract releases the reward and the shopper is rewarded with the specific amount of Tokens
• The full data is encrypted and send to the retailer.
Why Universal Reward Protocol choose Blockchain
Blockchain has some pure advantage and power which no other system or platform can offer. There are quite a few reasons why Universal Reward Protocol choose blockchain. Some of them are described below
Decentralization and Security
Blockchain has the extraordinary power of decentralization. Compared with centralized things, decentralized has far more advantage and benefits. Centralized is hackable and vulnerable. But decentralized and completely safe from any kind of attack of hacker or data loss.
This help provides the best security for data and everything. Also, we talked about privacy problems. This can prevent all those security related problems and make a safe platform for everyone.
Smart Contract
Blockchain has the feature called Smart Contract. In simple words, it's a way to complete a task or transaction automatically. Universal Reward Protocol is attracted to this feature as this will allow the seamless transaction experience and automated task.
Transparency
Everything that is done on the blockchain, is recorded and can be viewable by anyone. Transparency. Transparency is always demanded by everyone and it's highly useful for gaining trust.
Transaction
In the real world sometimes transacting something can take some time and fees especially. Also, money is not convenient for everything. With the help of the blockchain, it's possible to transact at high speed and also at a lower cost. It's convenient for everyone.
These are the prime reasons why Universal Reward Protocol and plans on making a platform based on it.
Roadmap
URP Token
URP Token is a core part of Universal Reward Protocol ecosystem. URN Token plays a vital role. The retailers can choose to reward shopper for their information but all reward will be made in URP Token. What's more is URP Token will behave as an incentive for stakeholders and prevent scams and fraud and also securing the network.
Token Sale Information
• Token Symbol: URP
• Token Standard: ERC20
• Total Supply: 600,000,000
• Token for Token Sale: 40%
• Token Price: €0.1
• Soft Cap: €5,000,000
• Hard Cap: €20,000,000
• Accepted Funds: ETH, Fiat
Conclusion
Universal Reward Protocol is offering a brilliant way to collect data based on user and with full transparency. For many retailers, it's very huge and useful where currently there's basically no perfect way to do that. If implemented in various businesses, the market can show great bloom and improvements.
More data about Universal Reward Protocol can be found here
Website: https://rewardprotocol.com/
Twitter: https://twitter.com/RewardProtocol
Telegram: https://t.me/UniversalRewardProtocolOfficial
Whitepaper: https://rewardprotocol.com/wp-content/uploads/Whitepaper.pdf
My Profile:
BTT Username: Sakib0194
BTT Profile: https://bitcointalk.org/index.php?action=profile;u=1841935;sa=summary
Telegram Profile: https://t.me/Sakib0194
ETH Address: 0x8c26fD54c42B06593258b86b9D0F91CC9e5E64e5
This article was created in exchange for a potential token reward through Bounty0x
Looks like a cool project. Might open up the opportunity to earn some extra.
Nice. Thinking about the benefits, it's excellent