All around the world people enjoy playing their favorite games; it is actually one of the best sources of entertainment for people of all age group. Presently, the online gambling industry is worth $51.96 billion and is persistently growing. The gaming industry has become highly competitive and operators are looking for ways and means to attract new gamers every day.
Customer loyalty plays a crucial role in retaining the old customers and attracting the new ones. The total value of the loyalty program market is estimated to be US $500 billion. In fact, loyalty program rewards are quite popular in the gaming industry. This is because it encourages gamers’ participation in various games and services.
However, are loyalty rewards really worth the time? Are loyalty programs actually helping in gamers’ retention? No, the answer is loud and clear. But, surely the loopholes and challenges in the traditional loyalty program offerings can be fixed.
Loyalty programs in the online gaming, casinos & eSports industry
Loyalty programs are the latest buzz in the online gaming industry and are constantly merging due to its relevance in customer retention and acquisition. Moreover, utilizing the loyalty programs for the online gaming is a robust and sturdy strategy that can give the industry a competitive edge. Therefore, gamers across the globe are introduced with various loyalty programs and vindication possibilities. Many operators attract the new gamers by introducing different programs and through quality level promotions. These programs offer gamers with extra benefits like free spins, bonuses, additional points etc. The idea behind this is to attract and engage gamers and make them loyal customers. But, there are certain challenges and drawbacks that conventional loyalty programs in the online gaming industry need to address.
Shortcomings in the loyalty programs offered by online gaming platforms
Loyalty points are difficult to redeem: Mostly online gamers and gamblers are rewarded for playing in games in terms of ‘points’. These loyalty points are offered as a strategy to retain the gamers over different games and services. But, it is quite difficult to redeem these points as there are certain Terms& Condition you need to follow. This is one of the main reasons that online gamers hardly pay any attention towards the loyalty points.
Loyalty points are not exactly loyal: Certainly, not all loyalty points are legal and obviously not all of them are illicit. But due to an increase in data theft and malpractices over online gaming platforms, gamers are more conscious than ever. It is quite expected on gamers’ behalf to worry about the outcomes and risks that come with such scams and data misuse.
These points are mere points: Loyalty points are not easy to redeem and after some time these points are just mere points offered to lure the gamers. These days gamers have millions of platform and services where they can play games and entertain themselves. The points that are difficult to retain will surely not attract them for the long run. These points cannot be exchanged neither you can get cashback on these points which is definitely off-putting.
Loyalty points offered are inappropriate: For online gamers, single loyalty programs are unsuitable and irrelevant. Obviously, there are gamers who devote seven days in playing games and at the same time; there are gamers who are playing only on the weekends. The lesser the gamer plays the lesser the business. So, a single loyalty program is surely not going to work.
Limited promotions: Promotion plays a crucial role in every industry. Most of the time loyalty programs are not able to create any kind of hype or excitement among the gamers due to lack of promotions. If nobody knows about your loyalty program why would they be a part of it? This leads to limited information and lesser engagement among the gamers.
How can Blockchain fill the missing links in the loyalty programs offered by the gaming industry?
Blockchain technology is one of the most revolutionizing technologies of the decade. With the introduction of blockchain in the online eSports and casinos, the challenges and drawbacks in the broken loyalty programs can be fixed. The blockchain offers cryptocurrency and smart contracts that can be effectively used to overcome the hurdles in the broken loyalty programs and the overall rewarding system of the gaming industry. The blockchain allows gamers to earn loyalty tokens in cryptocurrency.
Having a platform where you can earn cryptocurrency rather than the loyalty points is the key solution for customer retention and acquisition. Cryptocurrency allows gamers to replace broken loyalty points with loyal cryptocurrency. Blockchain can effectively create a secure and transparent platform for the gamers worldwide and offer an ecosystem to earn endlessly.
Moreover, the cryptocurrency gives an opportunity to all the gamers to earn secure loyalty tokens rather than the broken loyalty points.
The significance of blockchain in loyalty programs
The blockchain technology offers an unparallel advantage to the online industry by fixing the loopholes in the loyalty programs offered to the gamers.
- Loyalty rewards are earned in cryptocurrency and not just points.
- These points can be utilized by the gamers as they are simple and easy to redeem.
- The loyalty points can be simply exchanged for other cryptocurrencies and fiat currencies.
- You can earn personalized, points & rewards, through safe & easy transactions.
- The risk of malpractices, data thefts, scams and other illicit activities are reduced to none.
- Quick & easy transactions with low transaction costs.
The Ideal Solution
Blockchain efficiently offers solutions to combat the problems and drawbacks of the loyalty programs offered by the online gaming industry. Presently, there are several platforms like Big Bang, Buff, Flux, Robot Cache, and a few others that are using blockchain technology to revolutionize the gaming industry. However, Big Bang is one the emerging online gaming platform that offers consequent solutions.
To do this, Big Bang has an in-built ecosystem that can effectively challenge the broken loyalty system by managing frauds, ensuring privacy and safety, and incentivizing the gamers for their active participation. The Big Bang Loyalty Token is the ultimate solution for global gamers as it can be exchanged for other cryptocurrencies and fiat currencies within no time. The tokens are cryptographically secured against any kind of cyber threats.
Therefore, the tokenized online gaming platforms are 100% secure and trustworthy reward programs that are here to offer the gamers a unified solution.