What is wrong with competitors of Bonex?
Some “competitors” issue their token and offer their loyalty programs to customers to use this single payment instrument for all mutual settlements. Others use the already existing cryptocurrency (ex. BTC, ETH) to pay customers as bonuses.
The efforts of many of the “competitors” are aimed at creating coalition programs with a limited number of merchant participants, which consequently limits the potential client base.
In some cases, our “competitor” sees its market only in a limited industrial segment (for example, eatonomy).
Many “competitors” immediately want to conquer large players ignoring unconventional market segments for loyalty and stall there.
Nevertheless, it is impossible to say for sure that “competitors” are doing something wrong. They are all trying to find the “blockchain grail of loyalty,” which we are also looking for.
The strength and distinction of BONEX is the design from the needs and experience of future users, and not just based on the wealth of technology capabilities. Creating value in the form of a new user experience as a guarantee of future demand. We see great potential in the SMB market segments, B2B loyalty, corporate loyalty – where electronic bonus systems have not traditionally used.
The loyalty market is a market of oceanic proportions. Even now, it is highly fragmented and diversified, so there is plenty of room. Healthy competition stimulates the team and the development of the BONEX project, and the high interest in the market from other players and investors confirms its prospects.
What is done?
– All open research of the last years on loyalty management issues were studied, key players (roles) of the loyalty market were identified, models of merchant-client relations, merchant-vendor, client-client were studied;
– A study was carried out of the structure of costs and benefits of loyalty management in merchant companies on a sample of 500 files with public financial statements (MiM, V. Danko, S. Nevmyvany) located in different industrial segments (air travel, banking, ferret, tourism, hotel business, retail); report is being prepared for publication (December 2018);
– Developed a business model Bonex;
– A study of the user audience (customers, merchants);
– We attracted Deloitte Garage as an innovation consultant, who carry out their own research of buyers, sellers and perform behavioral situations modeling;
– By signing a contract with Deloitte, we achieved the right to indicate Deloitte as an official partner of Bonex during the year – this is the first case in Ukraine for the blockchain business;
– Design developed (screens and functions) of the mobile application;
– A contract was signed with a professional testing company for our technologists;
– Product availability (MVP):
– Mobile application – 80%;
– Backend (network) – 60%;
– 4.10.2018 marketing company started;
– A version of the new site has been developed, which will be launched (until 11/23/2018);
– Developed by White Paper, refactoring to the public version is in progress (will be available from 11/23/2018).
When will the finished product be launched?
The pilot launch (version MVP of the loyalty platform BONEX) is planned no later than 01-02-2019. This will be the basic version, which will work no more than 3 months, after which updates will be released, taking into account the experience of actual operation.
What is the advantage of BONEX?
BONEX makes a revolution in loyalty management by providing open source technology for issuing, tracking, accounting, redeeming and exchanging loyalty bonuses.
– For merchants (merchants):
– Reducing the cost of technology loyalty management – the closest technological competitor, which occupies the bulk of the market – banking technology (plastic, centralized processing);
– Reduction of breakage (amount of unclaimed remuneration by customers) due to the increase in liquidity of bonuses in the Bonex market – the No. 1 dream of all loyalty managers;
– Increasing the traffic of new customers that appeared through the acquisition of tokens on the Bonex market – a dream # 2 of all loyalty managers;
– Innovative loyalty management tool along with a new ideology (attractively including for PR and CSR) – we stand out with revolutionary opportunities for the loyalty management market in comparison with the previous generation of technologies and processes;
– The possibility of providing individual loyalty programs, even in conditions where the client has chosen to remain anonymous;
– An excellent tool for managing the volume of issued short-term liabilities (bonuses, loyalty points), increasing the solvency of bonus payments;
– GDPR-compatible solution, which significantly simplifies the management of personal data for the merchant (especially useful for European merchants);
– Transparent relationship between the seller and the buyer in the field of accounting for transferred values;
– For buyers:
– A single (in the future – the only) tool for storing, transferring, exchanging and redeeming loyalty bonuses – (without plastic cards or separate applications for each store);
– A unified center for bilateral communications with merchants on loyalty in text message format (there is no more spam from merchants on all electronic channels);
– The ability to monetize their personal data by selling merchants access to their profile (GDPR) – often, under the guise of loyalty, the merchants first of all want to get personal data of their customers;
– Increase in freedom in using rewards received from merchants through the bonus exchange function;
– Increase the benefits of participation in a large number of simple, understandable and well-working loyalty programs;
– For market makers:
– A new market that will allow trading with crypto assets (loyalty bonuses) and generating income;
– For loyalty technology vendors:
– Ability to expand your loyalty management tools with Bonex Merchant tools and offer it to your customers (merchants).