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In the dynamic market like today, for providing support to local and small business, we came up with an idea. Idea of Fayda, just like it’s name, Fayda Shop works for benefit of its customers and their customers.
Fayda Shop is a customer acquisition-retention and marketing platform for local and small businesses. Fayda Shop has its own blockchain based ecosystem, where businesses can list themselves on the fayda shop application, with listing we mean, businesses can list their business,products, prices and discounts available with them on fayda shop.
Customers can search and find the required product on the fayda shop, get details about product available with different sellers, compare them and make the purchase by visiting the seller as the seller’s details and address is available on the fayda shop. In this way, fayda shop helps businesses to acquire more customers, have online presence of their physical store, increase their reach and get more footfalls at their stores.
Fayda shop is not an E-commerce platform which sells products, but a marketplace or a platform where buyers meet sellers. After listing its business on fayda shop, user gets to enjoy Fayda Coin- in house crypto currency from the fayda shop. These coins are the tool which can be used to offer discounts and rewards to customers. All the business do provide some discount or reward to its customer or buyer, faydo coin is the tool which intensifies value of these discounts or rewards at 10 times than its actual value. Business can provide with fayda coins to its customer as a reward or can accept fayda coins for providing discount. With use of fayda coins, customer enjoys the benefit of discount and rewards by using these coins for making further purchases at discount. Business can alternatively use these fayda coins to get the marketing and promotion by fayda shop.This way fayda coins help business to create their customised discounting and rewarding system for customer loyalty and marketing.
Fayda Shop is a blockchain based ecosystem, blockchain is a digital system to maintain record of transactions across the connected network. Fayda shop has merged the simplicity of business, discounts and rewards with the technology of blockchain and crypto making the app one of its kind. It is easy to use, it is useful and prominent need of the hour, due to growing competition to local business by online giants and chain stores supported by technology.
Fayda app is a consumer application of fayda shop, basically the customer end for fayda shop. Fayda app is a listed application, downloadable from play store or app store. It is a platform where customers can find required products, know the sellers available, detail of the seller, price of product and make the purchase by visiting the store.
Fayda app is application for end customers to enjoy benefits of earned fayda coins or redeem their fayda coins for getting discounts. Fayda app also acts as an wallet for fayda coins, where an individual keeps his fayda coins, when fayda doins are given as reward by business, customer gets his fayda coins on his fayda app and when customer wants to redeem his fayda coins for getting discount, he uses fayda app for redemption.
Fayda app simplifies the buying decision for customers as he gets all the details about his requirements from one or more sellers, can easily compare the details and not only make his purchase decision but go and physically verify the details and do the hassle free purchase from the store.
It enables customer to enjoy benefits of online system as customer gets all details on his phone and eliminates risk of fraud or damage, as the actual purchase is in physical mode by visiting the store.
It is an in house crypto currency of Fayda Shop and App. This is the tool which is used for discounting, rewarding and payment for marketing and promotion on fayda shop. It creates 10X values of discounts and rewards provided by business to customers, resulting in satisfaction and value creation for customers and retention of loyal customers for sellers.
For example -
Aman wants to buy an earphone, he opens fayda app and finds that there are three vendors near him, for the earphones he wants, he check out and finds that Seller X sells that earphone @Rs.2500/- and gives 300 fayda coins as reward. Seller Y sells same earphones @Rs.2500.Aman decides to visit seller X, buys earphone and gets 300 fayda coins, he can now use these coins for getting discount next time he shops from any of the store listed on fayda shop. Being happy for getting rewarded, now aman, always first check seller X for buying electronic products.
The example shows the benefit of fayda shop for seller, fayda app for customer and fayda coins for both buyer and seller.
Loyalty is one of the key driver for growth of business, creation of loyalty and engagement is prominent for survival and growth of business in the long term. Businesses have been using different strategies for creation of loyalty and engagement among the customers. These strategies may include discounting, rewarding and loyalty point systems. But with the change in business dimensions, need for change in these strategies is also required as in today’s dynamics the customers need, expectations and engagement expects a lot more than mere points or discount.
Emergence of Artificial Intelligence and rapid growth of technology has resulted in innovation in the world of loyalty, discounting and rewarding. Customers now know the difference between actual benefits, value and illusion of rewards. And to serve this aware generation, meeting their expectations and creation of value for them has become difficult.
Crypto Loyalty is a program which creates value of discounts, rewards and work towards value creation for customers as it uses crypto based discounts and rewards for rewarding customers. Crypto is rapidly growing market, and is quite valued by today’s customers, and hence works greatly for value and loyalty creation. Crypto loyalty programs can be custom made for every business according to their objectives, kind of customers and products. One thing common for loyalty creation in all businesses is customer and value creation for them, and crypto loyalty uses a single tool- crypto currency, in different manner and values for discounting and rewarding.
Though in spite of having so much pros, crypto loyalty program is yet to reach its heights as market and sellers do not have adequate resource to apply such a technological system in their business and hence,Fayda Shop comes into play.
Fayda is based on idea for providing simplified system to local and small businesses for using and taking advantage of technology of AI & Crypto loyalty.
Rewards were first given in 1793. By a merchant in form of copper coins to reward his loyal customers, to acquire and retain his customers. And Discounting is one of the most powerful and effective tool nowadays to acquire customers.
From a local retail store to giants of ecommerce and chain stores, every business has been using rewards and discounts for acquiring and retaining its customers. Rewards and discounts spark a sort of emotional bond between business and buyer, hence work as a widely used tool for customer acquisition and retention.
With change in time, businesses and customers both have changed but what has still not changed is the way of rewarding and discounting. But due to growth of technology and competition it is important to upgrade and innovate the way of discounting and rewarding. Customers now want something new, something real and hence to meet expectation of customers, Crypto Discounting and Rewarding comes into play.
Crypto Discounting and Rewarding is the latest innovation for discounting, rewarding, value creation and loyalty schemes. It uses crypto currency instead of hypothetical points or vouchers for discounting and rewarding. Crypto currency provides real value to customers and helps in creation of tailor-made loyalty scheme as per business and its products, keeping base of reward same i.e. a crypto currency.
Digitizationhas made its place everywhere, now its time to digitise discounting, rewarding and loyalty schemes. This not only helps to satisfy and retain customers but is also impactful for local and small businesses to compete with growing competition from ecommerce platforms and chain stores.
Fayda Coin is in house crypto currency of Fayda Shop, which businesses have option to customise its value as per their business, product and customers, keeping base of rewards same, i.e. fayda coins, common for all businesses listed on fayda shop.
Fayda Shop is Blockchain based ecosystem for local and small business to have their own customised Crypto based loyalty schemes, helping them to acquire-retain their customers, market themselves and have skin in the market.
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