Decentralized advertising will shake up the traditional models of how businesses use consumer data.
Please Note: This is a Press Release
Leading drink app HOOCH is expanding its now-global horizons with TAP Coin, a new digital token based on blockchain. Its data sharing and rewards program has the potential to overhaul marketing in the hospitality and experience industries. The TAP Coin platform will give customers the option to sell their purchase data to companies, getting great discounts in return for their data.
TAP — a blockchain technology deployment –will lead to greater user ownership of data, while the data shared by the current 200,000 users on the HOOCH platform (such as purchase preferences, times and locations), will provide a more accurate picture of consumer behaviour for business. Knowing firsthand the difficulty that unrefined data can present to businesses, the TAP Coin team came up with this solution- a new way of interaction between brands and their customers through the decentralization and monetization of consumer purchase data.
“We want to up consumer travel experience with big discounts and the chance to visit top places. TAP Coin will not only make it attractive for consumers to share their data via the inbuilt rewards system, but will also provide highly-targeted data for brands to use. We foresee that in the future, 0.1% conversion rates should be a thing of the past. Brands get who they want and consumer get what they want. That’s gotta be a good thing, in our opinion. ” – said Lin Dai, CEO of HOOCH
It’s a win-win situation for both parties that turns traditional models of data usage on its head. Customers now have the option to sell or not to sell their data, while businesses get more refined and customized data than ever before. Brands receive verified data that contains metrics only about the target audience. That’s a massive benefit for businesses. This data means an ability to track behavioural spending habits, time of day purchase and a whole host of other data. It means more effective, meaningful and less effective marketing for business- something everyone wants.
Moreover, it promotes more intimate relationships between the data users and the data providers, due to the smart contract feature. Consumers know that their data is being provided and can expect certain communications. Not only that, response rates increase. Such 1-on-1 relationships with consumers via smart contracts create a new paradigm of advertising, which results in a 60%+ response rate among customers, compared to 0.1% if made via conventional media.
From now on the denizens of bars, restaurants, and hotels are enabled to share their purchase data (what they order, how much, etc.) in return for TAP tokens, for which they can further redeem other services like drinks, food, VIP experiences at over 100,000+ top hotels, restaurants and bars around the world that are already partnered with HOOCH.
The basis for the new digital token is blockchain along with smart contract technology. This provides anonymity and untraceability for the app ecosystem participants. This is an important feature of the system as it means that brands can see only the data that is agreed upon in the smart contract by the user, with personally identifiable info being removed.
With a wide network of partners, TAP knows hospitality and is designed with brands and hospitality companies in mind, whether it is the largest beer company in the world, or everyone’s favorite taco shop down the street, TAP can help companies increase customer loyalty and retention, and improve revenue while learning valuable insights about customers.
The forecast for TAP Coin adoption is bright. In the first quarter of the year 2020, TAP Coin is projected to launch in 10 more markets across existing hospitality partners in Europe, Asia and South America with over 20 million users in its ecosystem by the second quarter of the same year. All of this is set to bring enormous benefits for brands and users alike, all while revolutionizing the way people do business and buy experiences.