How Sandblock disrupts the billion dollar industry of loyalty programs
French startup Sandblock wants to revolutionise customer loyalty with blockchain. CEO and co-founder Sarah-Diane Eck explains her business model in a video – and at the GDI Retail Summit.
There are 10,000 customer loyalty programs with eight billion members worldwide – and the number is rising. Every year, airlines, supermarkets and shopping centers award loyalty points worth USD 120 billion. But in most cases, every company and every brand has its own programme. Earn points at one store and redeem them at another? Often impossible.
The French startup Sandblock now wants to change that. The company plans to increase customer loyalty with gamification and blockchain. With the Sandblock app, customers have loyalty points exchanged for "Satisfaction Tokens". This Crypto assets have a real value and can be redeemed in third party loyalty programs. The loyalty programme based on blockchain has another advantage: customer data remains protected at all times thanks to encryption.
Smart contracts control the transactions between the various customer loyalty programs. All in all, the decentralised system lowers costs for providers of the programs. CEO and co-founder Sarah-Diane Eck reveals more in this video.
Sarah-Diane Eck is a speaker at the 69th International Retail Summit, which will take place at the Gottlieb Duttweiler Institute from 5 to 6 September 2019.