A blockchain-based social network says it offers much-needed solutions to problems facing businesses and consumers in the retail sector.
According to Sessia, too many projects are struggling to preserve their profit margins because of the highly competitive, expensive nature of online advertising. Its app, which is available for Android and iOS devices, provides businesses with a way of reaching out to shoppers directly — eliminating the need for a middleman. Sessia also offers an easy-to-use e-shop builder that gives offline companies the chance to quickly start selling their wares online.
The team notes that there are benefits for consumers. A loyalty program enables them to earn rewards whenever they can make a purchase, and the Sessia app makes it easy to discover new products and compelling offers, the company adds. Better still, they can also access trustworthy reviews written by their friends and other members of the community. By bringing a loyalty program and social network together in one place, Sessia says its goal is to create a fun, viral experience.
Compelling statistics
According to Sessia, there is plenty of untapped potential when it comes to loyalty. Many businesses are reluctant to engage in the schemes offered by some mainstream agencies because they are overpriced and lack efficiency. Despite this, research shows that 74% of consumers prefer shopping with brands that have a compelling loyalty program — and on average, those who are members of such schemes spend $42 more.
Sessia says its motivation is to preserve customer loyalty by incentivizing shoppers through cashback. The company has specially created a cryptocurrency known as kicks, which retailers can purchase. From here, they can decide how much cashback they want to award for each product or service sold. There are no further expenses that the merchant needs to take into account, as Sessia takes a small commission when the kicks are transferred to the shopper.
From a shopper’s perspective, Sessia says this cashback can be converted into any currency in the world, or it can be used to make purchases in the marketplace — either in full or partially. Rewards earned when a friend makes a purchase based on their recommendation are known as kickbacks. Sessia members also have the freedom to transfer kicks to one another if they prefer. The company says this makes economic sense for a business because loyal customers give them the promotion they deserve.
Sessia says blockchain technology has been used to ensure that every receipt, comment and review associated with a transaction is preserved accurately. Additionally, its infrastructure also enables customers to monitor their spending in real time. The company argues its technology solves real problems that businesses are facing, setting it apart from other crypto startups that have relied on blockchain as a marketing gimmick.
Narek Sirakanyan, the company’s president, said: “Sessia not only helps large companies that have been on the market for a long time, but also small businesses. We managed to save them a lot of money.”
Kickstarting changes
Sessia estimates that every company that registers on its platform will have an average of 5,000 users — helping the community to grow substantially. The company has already amassed 250,000 users and 250 businesses globally — and forecasts it will host 550 companies by 2020, rising gradually to 30,000 by 2024. As a result, Sessia is forecasting that it will have 150 million community members in just five years’ time.
Already, the startup says it is welcoming businesses that have never been exposed to blockchain technology before — giving them a chance to reward their patrons and generate repeat custom. One recent example has seen an Italian restaurant in New York, with owners in their 70s, download the app and purchase the kicks cryptocurrency so they can give crypto cashback to diners.
Sessia says it takes just 10 minutes for a business to begin working with a loyal, engaged audience — and unlike other solutions out there, all of the tools they need to make a success of the program are in their smartphone, eliminating the need for investment in computers and developers.
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