Virtual Currencies and the Loyalty Business
Do you buy anything anymore from a chain store that the clerk doesn’t ask you if you are a loyalty customer?
I have so many of these loyalty cards that I can’t carry them anymore. They solved that problem as well! Now, you can just punch in your telephone number to credit your account when you make the purchase. Someone made a comment on our blog the other day to never mind the Government watching you because Google and Yahoo are watching you!
Lately, I will do a search for some product so I can check it out before I buy it. For the next several days, everywhere I look, the ad pops up for that product. This is “In You Face Advertising.”
THE LOYALTY BUSINESS AND VIRTUAL CURRENCIES
I am trying to immerse myself in the field of Virtual Currencies. This morning while half-listening to yet another speaker on the subject of Virtual Currencies, I jumped to attention when she started discussing “other” forms of Virtual Currencies that have been in use for some time. Her comment about Virtual Currency being a multi (multi) Billion Dollar business didn’t surprise me. However, what did was the fact how big the loyalty business was in Virtual Currencies. She said the Loyalty Business is about a $40-$60 Billion Dollar a year business with the Airline Industry leading the way!
I do not know how well your memory serves you but I remember earning “Frequent Flyer Miles” for 30 to 40 years! What are Frequent Flyer Miles- one form of VIRTUAL CURRENCY.
This Loyalty Program is just another form of Virtual Currency. You are trading something for a value within a system. That system can be that particular Airline, Facebook Credits, points in an online game, etc. According to the video I watched, (Virtual Currency Trading: The Past And The Future | Autumn RADTKE), the speaker discussed the use of cell phone minutes as a means of Virtual Currency in the Chinese market.
These methods applied to purchase and selling of various Virtual Currencies displayed the value attached to the trade of these Virtual Currencies.