Polygon Labs has joined forces with Google Cloud and Accenture in a collaborative effort to enhance brand loyalty programs with web3 technology.
The three firms have published a joint whitepaper which discusses the potential for web3 to cultivate highly-effective loyalty programs, and their planned approach, covering the use of digital collectibles, tokenized privileges, community-generated content and gamification.
The whitepaper also discusses using these loyalty programs to launch a dynamic marketplace, allowing users to buy and sell the rewards they have earned, adding further flexibility and value to the brands which choose to adopt the approach.
What does Polygon Labs hope to achieve?
As the firm behind the eponymous Layer-2 blockchain, Polygon Labs is now focused on engaging data and content visualization for the media industry.
“Our collaboration with Accenture and Google Cloud is a big next step for customer engagement” stated Marc Boiron, CEO at Polygon Labs. “By leveraging the Polygon CDK and advanced zero-knowledge proofs, we provide customers better data protection and utility with loyalty rewards.”
Privacy-preserved data sharing is crucial element of this three-way partnership, allowing consumer loyalty information to be exchanged securely across a wide network of participating brands and affiliates, fostering better collaborative opportunities and improved consumer benefits.
Web3-enhanced loyalty programs have been around for some time now, but this three-way collaboration marks the next step in the adoption of such programs by brands and users alike.
Which brands are on board?
Several big-name brands have committed to using these newly-developed loyalty programs developed by the trifecta.
Nike, Flipkart and Nubank are just a few of the brands who have begun to reimagine their loyalty programs following these new principles, paving the way for fans to engage with the brands they love in all new ways, forging a deeper brand-user connection.
Flipkart’s Hang loyalty program already boasts an impressive 95% user engagement rate for their user quests, which other brands will be looking to emulate.
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