Introduction
Over the past 20 years, there has been a noticeable rise in the growth of e-commerce through the diverse distribution means such as mobile applications and website. Correspondingly, conventional retail shops and brands have confirmed to this trend of e-commerce.
This notwithstanding, most retail businesses still takes place in the physical store where customers get to sight, feel and try the particular item they intend purchasing before paying for it. This is probably why majority of the retail sales these is not done in online stores.
Idealness in the retail industry is a situation where contemporary retailers with brands can comprehend, take on and compensate customers and end-users in a special manner. When retailers run their offline and online stores efficiently, they can get to know several things about their customers’ shopping preferences, tastes and attitudes just as we have it with Amazon or Jumia.
Whenever retailers earmark some money for advertisement, the bulk of it goes for couponing and rebates, however, majority of these advertisements are rather generic and such generalization of adverts has further distance what the customers expects and what they experience actually in the store.
Therefore, there is a growing need for a logical solution that can ensure widespread reach, quality data and flexibility. This is exactly what Universal Reward Protocol seeks to achieve using the Blockchain technology and Smart Contracts.
Problems of the Retailing Business Market
The e-commerce market is a multi billion revenue one that is very promising. However, it has some challenges hampering its growth over the years. We shall be discussing these problems with respect to the two major actors in the system; the retailers and the customers. Firstly, let’s start with the retailers.
In the last 10 years there has been an observable decline in the development of physical retail business as it is under threat by electronic commerce (online retail stores) as well as e-purchasing taking the lion share in the industry and in fact, establishing a new supply chain pattern.
In response to this, retailers have attempted exploring new sale mediums and this comes with a lot of difficulties in monitoring and managing their customer preferences as feedbacks obtained are not saved up in a point.
Yet another problem of retailers is that there is no medium of relating directly and straightforward with their customers other than the reward program or conventional mass advertisement.
For the shoppers however, the key challenge is the absence of personalized shopping experience both in physical store and online shops. Shoppers prefer to patronize physical stores due to the experience they get there, but then it is very difficult for these physical retailers to keep a track of visitors to their store or an inventory of what they seek.
Solution Offered By Universal Reward Protocol
Occi, a French company has identified these problems that the shoppers and retailers face and has cone up with a viable solution in the form of a platform where retailers and producers deal directly and openly with their shoppers. The Universal Reward Protocol (URP) is a blockchain-oriented protocol which allows retailers to compensate the shoppers for every shopping activity undertaken.
The URP protocol is designed in a manner that shoppers who agree to share information about their shopping pattern gets compensated through the URP tokens. The data so retrieved by the retailers is used to fashion redemption plans that is in line with the specific demands of the shoppers. Shoppers can now used the earned tokens to access the customized and exclusive offers.
Conclusion
Universal Reward Protocol is essentially a blockchain-based platform where shoppers gets compensated through the URP for sharing information about their shopping experience and gets absolute control on their data while still enjoying the privileges offered by retailers.
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