Pennexx Announces the Launch of a New Crypto Currency Coin When rewarded by a product the consumer perceives getting a retail value, but the merchant only has to cover their cost to produce the product, thereby reducing advertising costs. Using cryptocurrency and block chain enables that.
Cryptocurrency and incentive discounts for consumer rewards work perfectly together as merchants would rather reward customers in product rather than cash. This means that they attract consumers to return to their own stores and YSO consumers are attracted to their stores because they could have accumulated YSO's cryptocurrency which they can use in their store.
Typically, retailers had only two options for rewarding customers, using what is called in the industry a closed loop system, which allowed consumers to accumulate loyalty rewards that could only be used in store, or use a cash back system where the consumer gets cash back.
The difficulty with these is that a closed loop system is limited and the consumer perceives that he or she may not ever get to use the rewards. This barrier in the consumers mind is removed because they see that the reward, in the form of a crypto currency coin, can be used elsewhere.
In a cash back reward the merchant has to provide a ‘full retail' reward meaning the cash back has to be significant enough to give the consumers incentive. By using the coin, the merchants know that when a consumer comes in and uses a reward, it is at that retailers cost, rather than at a retail value. This saves merchants and retailers money.
By using block chain, retailers will have confidence that they are receiving a fair exchange for products and services with other retailers. This is because block chain is an open and peer reviewed technology and its transaction logs which govern the coin create accountability.
There are many great benefits for participation in the YSO coin for consumers and retailers. The company will be releasing more details on the coin and launching a website which will explain it in greater detail as the launch date approaches.
https://www.accesswire.com/672896/pennexx-announces-the-launch-of-a-new-crypto-currency-coin-and-explains-how-cryptocurrency-and-rewards-work-together-to-create-customer-incentive-bring-more-consumers-in-and-how-it-reduces-advertising-costs