Loyalty reward initiatives have become a common concept in today’s marketing scene with most brands using them as an additional avenue for data collection. This has since raised the question about who really benefits from these programmes in the long-run given data has become more valuable than it was. Ideally, consumers are lured into ‘good deals’ in exchange for information that is important in strategic decision making.
- Dissolving the biased nature of centralised loyalty reward programmes
- Growing the crypto ecosystem organically by rewarding everyday people with blockchain-based tokens
- Saving our members’ thousands each year by providing multiple reward avenues for online and in-store purchases
The PLU Token Utility
Plutus is optimistic that its existing fiat-oriented clientele will gravitate towards cryptocurrencies if well incentivized. As such, the company runs a reward programme that offers a 3% return in PLU for purchases made using the Plutus card in over 400 million points of sale. Basically, the PLU tokens are linked to a Plutus Visa debit card hence a large number of stores where one can spend and be rewarded.
The PLU token also enjoys an external value owing to its decentralized nature; this digital currency operates on the Ethereum blockchain. It, therefore, follows that PLU token holders can exchange it for Ether (ETH) through the in-built DEX.
Plutus New Features in 2020
Plutus plans to further scale its features this year in a bid to deliver more convenient fiat-crypto services within the loyalty rewards marketing arena. According to the firm’s CEO medium blog, a list of these new initiatives will be rolled out over the course of March as they prepare to announce more exciting features going forward.
The new products include a cashback programme on top of the existing PLU rewards scheme. Plutus has partnered with a number of retailers to give cashback to PLU members that have staked up to a certain amount of their tokens. So far, notable mentions onboard are Skyscanner and Airbnb; Plutus is however in talks with other prospects in Fashion and Electronics. Given this new incentive, the most loyal Pluton users stand a better chance of saving more.
Plutus will also roll out premium account services designed for clients willing to pay for better user experience. These paid-for subscriptions are set to increase one’s account, exchange and spending limits. Furthermore, a zero-conversion cost applies on all trades for Premium and Pro account holders, although Plutus will eventually scrap off the existing 1.3% fee for PLU trades on the free Starter account also.
The firm already accommodates conversions of PLU token rewards to fiat for spending anywhere globally where Visa cards are accepted. This will simply be done through the PlutusDEX in a few clicks, giving its users more alternatives where they can derive value from loyalty rewards.
Based on this development, the loyalty rewards marketing scene is gradually integrating with new technologies for the benefit of both retailers and consumers. While the former capitalizes on data analysis, Plutus and other tokens-built loyalty reward programmes have focused on decentralizing these ecosystems to increase participation and client satisfaction.