FireDrops: A Web3 Loyalty Program on Polygon
India's leading e-commerce company, Flipkart, in partnership with the Polygon blockchain and Hang platform, has launched Web3 loyalty program FireDrops.
The program is a product of an earlier collaboration between Flipkart and Polygon, aimed at strengthening the digital retailer's position in the crypto world. The ultimate goal of this partnership is to set up a dedicated e-commerce blockchain research hub.
The project developers have two main objectives. Firstly, they will focus on developing a metaverse for digital commerce. Secondly, they'll study online user behavior and explore new ways for brands and customers to interact within the Web3 landscape.
About the FireDrops Program
FireDrops operates on the Hang platform, known for creating membership programs, with its capabilities bolstered by the Polygon blockchain. FireDrops presents millions of shoppers with rewards, surprises, gifts, and other benefits through interactive tools, games, and NFT collections.
The platform is set to introduce a series of engaging quests inspired by a diverse range of brands. Upon completing these quests, users can earn NFT tickets to actual events, take advantage of a 10% discount, gather an exclusive clothing collection, and more.
Through FireDrops, Flipkart aims to heighten the relationship between users and brands, attract a larger customer base, and revolutionize marketing strategies within e-commerce.
According to Naren Ravula, the Head of Product Strategy and Deployment at Flipkart, NFTs are perfectly suited for the development of reward systems, augmenting user engagement, and increasing the profitability of vendors.
Why Are Companies Integrating Web3 into Loyalty Programs?
According to a study by Bond Brand Loyalty, companies that enhance their loyalty programs have a better chance of boosting their profits in the short run. They can potentially accelerate their revenue generation 2.5 times faster than competitors who neglect to do so. Even a slight increase in customer retention of just 5% could lead to a profit surge of 25%.
Therefore, marketers from forward-thinking companies are confidently employing Web3 to forge a personalized and gamified customer experience. In doing so, they are pioneering a new trend of customer interaction and loyalty bolstering.
One of the most triumphant examples of incorporating NFTs into a company's marketing strategy is the Starbucks Odyssey rewards program. Brand enthusiasts participate in gaming quests and, in return, earn NFTs, which can subsequently unlock other bonuses.
In the current era, loyalty programs underpinned by NFTs and Web3 are instrumental for businesses that strive to retain their user base and enhance their activity.
