Retail Start-Up Uses Blockchain Technology to Disrupt Online Shopping Industry
Benebit, a retail start-up based in the British Virgin Islands, is launching a platform that will offer global consumers the chance to convert loyalty points into Benebit Tokens, which will then be used to buy online goods similar to fiat currency. The platform aims to remove reward systems which require retailers to carry numerous and separate loyalty cards by replacing them with one single card and an application that will cover thousands of businesses worldwide. Its ICO commences on the 22nd of January, 2018.
The company hopes to create a better consumer-merchant relationship by facilitating consumers with programmes which are faster and more liquid. For consumers, the start-up will be introducing the Benebit App, as well as the Benecard in 2018. The card is essentially a hardware wallet for all cashback points, which can be spent anywhere as the proprietary technology allows users to use it as fiat money or a credit card.
From a business point of view, Benebit empowers retailers with a Point of Sale System, which not only collects customer shopping data but also allows for management of internal processes such as inventory tracking, staff payroll, and vendor listing. In addition, Benebit’s proprietary technology lowers retailers’ transaction fees as intermediaries are cut out and all transactions happen on the Benebit network. In addition, brands are able to interact with customers through the app to increase engagement.