Incentivise consumers to do more than make purchases
It’s possible to incentivise just about anything you might want…. A set of clever technologies means that Incent is capable of serving as far more than a loyalty rewards currency.
Conventional reward points are limited in more ways than one. They’re restricted in value, operating as centralised IOUs for goods and services. You can’t transfer them or sell them. They’re often time-limited, expiring after a period of inactivity or decrease in value over a period of time. Only this week, Qantas is in the news for this very reason. And they’re limited in application, being issued for shopping in a specific store or chain of stores.
Insync and Ingage
Incent’s toolkit includes two key technologies (beyond blockchain itself): which are called Insync and Ingage. What are they? Well, Insync is a bank linking system, which enables a member to sync their bank accounts with the platform and for us to read (just read!) data from them, just like popular accounting software does. This allows us to issue INCNT to them for any transaction that meets the right criteria – for example, a purchase at a specific store.
Then there’s Ingage, which uses dropcodes (short strings of characters) to allow people to redeem INCNT from ‘coupons’ that can be displayed on just about any medium – from websites or video streams to print media, TV and radio. Incentivising viewers and readers for their attention and time.
The potential of Incent
Together, this gives us lots of opportunities to reward different activities, going far beyond simple commerce. For example:
- Turbo-charged rewards. We can do far more than reward customers for shopping with a partnering retailer. Retailers can run special promotions for individual stores, or at specific times of day or days of the week – a great way of bringing in extra custom at quiet times. Ultimately we think it might even be possible to give bonuses for buying specific goods or brands.
- The attention economy. We’ve already successfully trialed Ingage with streaming eSports tournaments, meaningfully increasing audience viewing times. There’s lots more we can do here. Suppose you’re a TV broadcaster who wants to make sure people don’t change channels or lose attention during the ad breaks? A public body that wants to increase coverage for an important message? A polling outfit that wants to raise its survey return rates? It’s all possible.
- Smoothing bureaucracy. Those things everyone needs to do but puts off, sometimes a little too long? Filing the tax return or renewing your car tax. Completing an online training course for work or college, or filing important but non-essential documents. Booking travel and making arrangements before a deadline. Whether it’s government or businesses taking the initiative, there are ways to encourage people to get it done.
- Lifestyle changes. The field of behavioral economics shows it doesn’t take much to get people to change the way they act – particularly if it’s something they want to do anyway but just need that little extra ‘nudge’. Taking public transport instead of driving. Giving up cigarettes for vape. Going to the gym. Going to that vegan restaurant.
It doesn’t matter who is trying to incentivise it – the fact is, now it’s possible. Anyone can start a reward campaign for almost any activity they want (assuming it’s legal).
And that opens up a whole world of possibilities beyond mere loyalty points.
With the launch of the platform, Australian users can access rewards in Incent tokens on every spend they make.
Just sign up and sync your bank and for the first time you can get rewarded with real tradeable digital rewards.