Polygon Spearheads Next-Gen Loyalty Programs in Collaboration with Google Cloud and Accenture

An integral feature of these reimagined loyalty programs is the creation of a dynamic marketplace that would enable the exchange of rewards.

Polygon Labs is collaborating with Google Cloud and Accenture to rethink loyalty programs using Web3 technologies. The firms have released a whitepaper detailing how leveraging Web3 can help develop programs that benefit users while remaining profitable for brands.

The paper discusses the potential to offer rewards in forms that go beyond traditional points systems, including tokenized privileges, gamification, collectibles, and opportunities for users to produce content.

An integral feature of these reimagined loyalty programs is the creation of a dynamic marketplace. This would enable the exchange of rewards, thereby increasing their value and flexibility. The report suggests that this strategy aligns well with the preferences of Gen Z consumers, who favor meaningful interactions with brands.

Companies like Nike, Flipkart, and Nubank are cited as examples of companies that have started incorporating Web3 features into their loyalty programs. For instance, Flipkart has integrated gamification into its Hang loyalty program on Polygon, which has led to a significant increase in engagement and reward redemptions.

“Our collaboration with Accenture and Google Cloud is a big next step for customer engagement, and by leveraging the Polygon CDK and advanced zero-knowledge proofs, we provide customers better data protection and utility with loyalty rewards,” said Marc Boiron, CEO of Polygon Labs.

The partnership also focuses on privacy-preserved data sharing to facilitate a “multiplayer commerce” model. This model involves the safe sharing of customers’ loyalty statuses among complementary brands and addresses the challenges and risks associated with data sharing in traditional loyalty programs by employing zero-knowledge proofs, which enable the verification of information without revealing the information itself.

This would enable brands to enhance each other’s loyalty programs, stack value, and attract new customers through collaborative efforts.