User research shows international demand for a crypto-token rewards programme

At Koin Rewards we take a user-centric approach to designing both our product and our proposition. Right from the outset we knew that anecdotal surveying to gauge appetite for a crypto-token based loyalty scheme had to be supported by an actual trial. So, before Koin Rewards was, well, Koin Rewards, we conducted research and a pilot scheme at the University of New South Wales (UNSW); the highlights of the results were as follows:

• 78% of participants stated that the proposition of a crypto-token loyalty scheme motivated spend at participating retailers vs. 59% for other existing loyalty programs;
• 85% of participants said that they would recommend our crypto-token rewards programme family & friends vs. 57% for their current favourite loyalty program; and,
• 86% rated a crypto-token as better than points.

Definitely some positive responses. If you would like to read more about the research and pilot scheme at UNSW, here is the research paper: https://scfab.github.io/2018/assets/papers/fab18_submission_05.pdf.

Alternatively, take a look at this video of some of the students that took part:

Since the trial at UNSW, we have taken the feedback on board and shifted our focus to the UK market. Again, before diving into the detailed design of the product, additional user research has been conducted which further strong interest indicated in the Koin Rewards concept.

In a survey of 59 University of Gloucestershire students, the follow key highlights were extracted:

• 86% of respondents said that they would sign up to an app based loyalty program vs. 68% for card and 66% for website based programs.
• Furthermore, 75% said that they would be willing to connect a loyalty service to their bank account, for ease of use.
• 59% would sign up to a crypto-based loyalty program. This may seem low, but it is in fact 17% more than the number of participants that were familiar with crypto-currencies at the start of this survey.

Overall, there is strong backing from consumers in the 19–30 year old age range for a mobile app-based crypto-token loyalty scheme, with the evidence from the Sydney pilot scheme providing the overwhelming support for this. It is results like these, where real people, potential members of Koin, are reacting positively to something very similar to the product that will be launching this Summer.

Visit our website now to join the waiting list: www.koinrewards.io