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Loyela is the protocol for customer loyalty, built on blockchain, AI and analytics. It tokenizes the rewards market and brings liquidity to loyalty points and miles, while also making these programs scalable, interoperable and secure. Data ownership stays with the customer who can monetize it on the platform while enjoying a superior customer experience and attractive and relevant rewards.

Below is our recent interview with Swati Joshi, CEO of Loyela:

Q: How exactly does your platform work?

A: The platform works on two levels. The protocol layer enables any business to either convert their existing loyalty program or create a new loyalty program easily. This is applicable to bigger brands and merchants who have a big customer base and want to own the relationship with their customers.

At the second level, there is also an app, which is really an aggregator which gives some great choices and flexibility to both merchants and shoppers. Merchants benefit from reduced cost, and a wider shopper base. Shoppers benefit from flexible non-expiring points that can be interchanged.

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Q: Why do we need a change in the loyalty market?

A: The current loyalty programs are sub-optimal. Ask any shopper how many of their loyalty programs do they really keep track of, or which one of them excites them – the answer is very very few! In 2016, more than $100 billions of rewards points were left unredeemed, which points to the fact that customers cannot be bothered enough to redeem. Surely these are signs that the industry needs a shake-up!

Q: What are the challenges in the current loyalty market?

A: The challenges in the loyalty market are many: merchants face high costs and liabilities, and it is difficult to scale these loyalty programs and make them interoperable. Shoppers too are tired of too many fragmented programs which don’t offer value – rewards are either too difficult to get or too unattractive! Plus most loyalty programs struggle to connect with the younger consumers.

Q: What are the benefits for customer and merchants?

A: Merchants would benefit from Loyela firstly because of reduced liabilities and costs enabled through automation and disintermediation. Data security and privacy issues are also much less with blockchain based systems. Loyela Protocol also makes these programs scalable and interoperable. Customers benefit from a seamless app experience, points being interconvertible and enhanced data monetization options. There is also an Insights layer which gives merchants the option to create highly targeted campaigns which are personalized.

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Q: What is on the roadmap for Loyela moving forward?

A: Loyela has completed its MVP and is conducting POCs with select merchants. We plan to release a few more updates to the product within 2018. All the proposed functionalities of the product will be completed by mid-2019. Please have a look at our website for the detailed roadmap.