DIGITALBITS — Economy Reimagined

Februari 27, 2019

Introduction

Customer loyalty can be considered a “fuel” for businesses to grow. It is made up of the connection between the customer and the product and the whole business, not merely a temporary desire for price — a competitive factor that any competitor can copy.

However, if it was “cohesion” then it must come from both sides. You must prove your loyalty before expecting to get it back. So what is the best and most direct way to express your brand’s commitment and inspire customers to stay with you for a long time? That is building loyalty programs.

Have you ever tried to measure the amount of work to be done and the resources to spend to get a new customer? Is investing in keeping current customers through a loyal customer strategy more effective? What are loyal customers? Why so many current customers want to leave but just need a little more attention they will decide to stay.

Consider cutting down a bit of resources to expand your new customer list to retain existing customers, which will significantly increase your profits.

Why is the loyalty strategy important?

Loyal customers are those who bring long-term and sustainable profits to businesses because of high life-cycle values (Customer Lifetime Value). For example, a customer who uses your product / service on average for a month at $ 400 a month, the life cycle value (or average income this person brings) will be $ 400. Still $ 400 / month, but if this customer uses for 12 months, their life value will be $ 4800. Loyal customer strategy will ensure your existing customers will continue to trust and use products / services for years to come. In terms of cost, attracting a new customer costs 5–6 times more than maintaining an old customer. Not to mention, once this new customer has been attracted, if you do not keep them with flexible strategies, you will lose a small amount of benefits because their life cycle value is not high.

The digital revolution is changing the way companies sell goods and how consumers buy products. Accordingly, customer loyalty programs must also be looking for ways to innovate and make a difference.

Blockchain technology to bring about great change, Blockchain technology is commonly known as the peer-to-peer payment platform. In the context of loyal existing customer programs, blockchain technology can be applied to become the foundation of the next generation. Loyalty programs (LRP) based on blockchain technology can allow customers to easily transfer or exchange.

The advantage when applying blockchain technology into LRP is that it significantly reduces development costs, integration costs are also reduced, creating high security.

The current problem of LRPs: usually the LRPs of each company will be associated with the company’s brand, it cannot be exchanged. It also cannot be customized or combined with other LRP programs. On the other hand, businesses always want to expand the platform, the company wants people to know their platform more. But the cost they pay is huge, and very time consuming. This leads to their customers being constantly faced with problems such as: they have to carry too many cards for different LRP programs, or have to install many applications for LRP programs, you know Phone memory is limited, installing multiple programs that lead to your phone is inefficient. Will customers hesitate to participate in LRP? Especially for new customers.

As mentioned above, blockchain technology solutions are applied. However, solutions based on existing blockchain haven’t solved the root problem: long verification time, low transaction processing rate, high transaction costs. These weaknesses exist in the Dapps decentralized application (note that Dapps only supports a single token, which is very limited). So is it no different from old LRP programs?

About DigitalBits

From the above weaknesses, a solution called Digitalbits was born. Full functionality as well as ETH performance, even outperform ETH and Wave in terms of transaction volume and transaction verification time. Digitalbits is Stellar-based development team. Can call Digitalbits “Stellar’s son”. Additionally, it provides features such as legal compliance, multi-asset support and a distributed exchange.

Digitalbits has the ability to support quick and safe processing of transaction verification. Digitalbits also has the ability to handle a large number of users’ databases, protect suppliers and consumer accounts from hackers, prevent information leakage and data. The DigitalBits core is the backbone of the DigitalBits network. For more details please visit: https://www.digitalbits.io

About Digitalbits Network

The release of Digitalbits application and the creation of digitalbits network will be very helpful for LRP programs. The system is designed to be interactive, integrating both hardware and software.

Digitalbits network system will be designed very flexible, adaptable to different data exchange. On the other hand, developers will design Digitalbits network to ensure criteria such as: simple (easy to use for customers with little knowledge of technology), friendly interface, users can easily Sign up, check their scores. Errors in the system will be limited to the lowest level, ensuring customer satisfaction when using.

Conclusion: The idea of Digitalbits is very good and practical. They embarked on implementing the project. They are also developing and expanding their network. Their projects will also help businesses. Businesses will maintain their loyalty to their businesses. Thus, corporate profits will be maintained and further improved.