Not a fair deal — the issue with most loyalty schemes

Most loyalty schemes give the customer a really poor deal — receiving a lot of data but not providing a good service in return at all. In this podcast, EU Commissioner Margrethe Vestager very fairly criticises the flaw with most loyalty schemes at minute 15:45:

“I’ve stopped having loyalty cards because with a loyalty card you give the business all the details about what you buy, when you buy it, the quantum you buy; all kinds of stuff. And what I get in return is a discount on a washing powder that I don’t use. So I get nothing in return for my data.”

Most loyalty schemes are very happy to take all of the data surrounding a customer’s shopping but are only prepared to give a pretty inconsequential and often useless reward for the customer’s loyalty to that retailer. This has created mass disillusionment and disinterest with loyalty schemes.

Koin Rewards is different — what we offer is a careful stewardship of participants’ data with the customer still retaining ownership of it, unlike most other loyalty schemes. And in return we offer a cryptocurrency with actual intrinsic value which can be redeemed at a wide range of retailers, not just at one with obscure offers and broadly irrelevant deals.