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Industrial Engineering and Operations Research<br />
Nest: Platform-agnostic On-chain Customer Engagement Loyalty Solutions<br />
Hangqi Zheng, Jessica Chen, Darrel Choi<br />
Advisor: Yi Zhang<br />
Loyalty programs can be a challenge for brands as they struggle to keep customers engaged and reduce<br />
churn rates. Customers are often deterred by loyalty programs due to their complexity or lack of<br />
attractiveness. Two main issues customers face:<br />
-difficulty obtaining and accumulating rewards, leading to a loss of interest in the brand and the<br />
loyalty program<br />
-the lack of fungibility and limited reward options, making loyalty points less attractive to<br />
customers. Personalization of rewards is also a challenge for brands, as it may require knowledge of<br />
individual customer behavior and preferences.<br />
These issues result in a significant amount of unredeemed loyalty points, leading to the wasted potential<br />
for engagement and growth of the brand's fan base. The inability to incentivize spending or reduce churn<br />
rates can lead to decreased revenue for businesses. To improve loyalty programs, brands can simplify<br />
their programs and offer more flexible rewards to customers. They can also increase transparency around<br />
reward accumulation and redemption, making it easier for customers to understand how to benefit from<br />
the program. By doing so, brands can increase customer engagement, incentivize spending, and improve<br />
customer retention rates.<br />
Our team is developing a revolutionary on-chain customer engagement platform that streamlines the<br />
process of creating and managing loyalty rewards programs. With our platform, businesses of all sizes can<br />
easily set up their loyalty rewards programs in minutes. Customers will be able to find all of their rewards<br />
in one place, making it easier for them to manage different programs and redeem rewards. We also allow<br />
users to trade and exchange digital assets and gift cards through the use of blockchain, enabling further<br />
fungibility and flexibility of redemption choices. Businesses will also be able to analyze customer<br />
behavior and preferences in real-time, allowing them to personalize the reward experience for each<br />
customer.<br />
Keywords: Loyalty programs, customer engagement, customer retention, rewards, fungibility,<br />
personalization, transparency, on-chain customer engagement platform, blockchain, digital assets,<br />
real-time analysis.<br />
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