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Coin Stories with Natalie Brunell
Bonus Episode: Are Loyalty Programs a Scam? 30-50% Inflation in Rewards Miles/Points with Ian Major
Apr 2, 2024
24:09
Snipd AI
Ian Major, Founder of Joltz Rewards, discusses the 30-50% inflation in loyalty rewards miles/points, the benefits of using Bitcoin to fix this issue, and the potential for businesses to enhance customer engagement through Bitcoin rewards programs.
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Quick takeaways
- Loyalty points devaluation harms consumers' purchasing power, affecting major retailers like Hyatt and Starbucks.
- Bitcoin rewards offer a solution to loyalty program inflation by providing increased optionality to consumers.
Deep dives
Inflation and Devaluation of Loyalty Points in the Fiat World
Loyalty programs face challenges as over half of them don't break even for businesses. The main consumer pain points revolve around value and flexibility. Points are considered a scam due to their derivation from fiat, leading to devaluation issues. Bitcoin presents a solution to these problems by offering a more open loyalty paradigm that provides consumers with increased optionality.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode