User engagement science has seen a lot of disruption. SMBs are exploring possibilities to improve recommendation systems. Numerous AI-based algorithms have been designed and implemented to predict user selections and tastes over an application. From picking a movie on Netflix to shopping on an eCommerce website, users are surrounded by innumerable choices in the form of recommendations. These attempts evident the significance of keeping a user engaged or retaining a customer for an extended period.
Crypto economics has vast potential and making disruptions in lots of organizations. Cryptoeconomics explains the discipline, which includes protocols that drive any trade of goods (or services) in a decentralized digital economy. It motivates peer-to-peer (P2P) communication among the traders, excluding the middle parties (such as apps, banks, etc.). With the merging of cryptography and a robust decentralized P2P network, Cryptoeconomics aims to encourage transparency and avoid uncertainties.
For maximizing community engagement on a platform, various businesses use to incentivize their customers. Rewarding customers encourages them to use, explore, and learn about an application more. By offering incentives and showing their progress, motivates the consumers. This way of admiring user-interactions takes the promotional value of a platform to a higher level.
But companies often ignore the micro-interactions by users who may advertise their brands—appreciating those small interactions builts the users’ attentiveness in winning more of them. By the word micro-interactions, we mean like, 10 points on reviewing a product, 100 points on watching a video ten times, 70 points on playing a song for a week in a row, and many more. This way of incentivizing customers elevates their learning curve and progress. The rewarding system varies from business to business.
Ceaseless communications with consumers show their significant value as an application user. Celebrating their small achievements using stickers, gifs, progress charts, etc., makes them feel indispensable. This also creates an emotional bond between the brand and the customer. It also influences customer behavior further.
However, incentivization in the form of coupons, coins, discounts, etc., sometimes freaks out the consumers because of changing terms and conditions while using them. Brands usually ignore working out on their economic infrastructure before releasing the rewards, leading them to modify their terms and conditions. These sudden changes eventually end up losing customers’ trust over a rewarding system and on-brand. To avoid such uncertainties, businesses need to be logically correct on their terms. And foremost, built their economic infrastructure in advance. Moreover, to strengthen consumers’ trust over brands and incentives, we require highly reliable and secure technology. Here comes blockchain into the picture.
Blockchain technology has a decentralized database that stores a registry of assets and transactions across a peer-to-peer network. It’s basically a public registry of who owns what and who transact what to whom. These transactions are under protection by cryptography and overtime stores the transaction history, locked in the data blocks. These blocks are cryptographically linked together and are secured. It creates an immutable and unforgettable record of all the transactions across the network. And this record is replicated on every single system on that network. It also stores the history of custodianship, ownership, and location of an asset like digital currency, contract, or any person’s identifiable information. Blockchain is a highly trusted technology because it facilitates transparency. Apparently, a person does not need to trust another party; it just requires trust on the platform.
With the execution of an advanced blockchain application, Kwegg aims to serve B2B and B2C financial models. It works to put a value or token behind every user-interaction to build an advanced economic model for your business application. We assist your application to listen and keep a record of all the events performed by the user. Then help to configure various rules to reward the users. Kwegg’s own redemptions dashboard allows adding partner brands. We ensure data protection under policy compliance. Kwegg enables you to expand your business marketing capabilities and boost your program profitability.