Universal Reward Protocol is a blockchain-based protocol where retailers can reward shoppers for multiple behaviors like simply visiting the store. By accepting to share their shopping data with the network, a shopper earns tokens, while the data is used by retailers to build redemption offers that best suit each customer’s needs. Shoppers can redeem their tokens through these exclusive and personalized offers.
URP is a protocol in the sense that it ambitions to be the overarching ecosystem for a myriad of rewarding dApps. It aims at streamlining the collection of relevant shopping behavior data and validating smart contracts on the blockchain.
It is universal because the URP token is redeemable across all retailers in the network, as opposed to most loyalty points which are “captive”, meaning they are only accepted by the retailer/brand who issued them.
Universal Reward Protocol is not a loyalty program. URP ambitions is to improve all interactions between shoppers and retailers. Generally speaking, loyalty programs only focuses on purchases to retain existing customers. Earned points can then be, for instance, redeemed through generic offers. URP has a broader reach. It provides retailers with the opportunity to reward any behavior they deem relevant to either better target existing customers or attract new ones. Earned tokens can be redeemed through tailor-made offers designed to meet the shopper’s needs based on collected data.
Not yet. A dApp that collects data in-store (using geolocation sensors) is already live in more than 100,000 sq meters of stores from some of the largest retailers worldwide including Auchan, Carrefour and Galeries Lafayette. The token sale will help URP team to grow and finance its development and launch costs.
Each dApp implementing URP will define what shopping behavior they want to analyze, which shopper data will be collected and the collection means, as well as information about how the data will be processed to produce the Proof-of-Behavior. These can be online and/or offline behaviors.
Each reward campaign will clearly explain what type of data will be collected to validate fulfillment, how much time it will be stored, and who will have access to it.
There are three essential features of blockchain technology that URP intends to leverage to bring as much value as possible to shoppers and retailers alike:
– the fact that blockchain technology is a powerful incentive machine
– the decentralized governance of a blockchain-based protocol
– the data transparency and security granted by distributed ledgers
dApp stands for Decentralized Application. URP ambitions to be the overarching infrastructure for all rewarding programs. Any technological solution that can certify that the conditions of the Reward Contract signed between the retailer and the shopper have been met on the basis of observed behaviors (PoB) is eligible to be a dApp on URP.
Since URP is in development, there are no dApp implementing URP. However, our Occi solution, which analyzes in-store behavior, is fully functional in over 100,000 square meters of retail space, and is ready to be connected to URP to become the first dApp producing Proof-of-Behavior.
For each Reward Campaign targeting a specific behavior, a dApp transforms the campaign/contract conditions into a “data trigger’, and tries to produce a data point that activates this “data trigger’, which means the data point verifies the conditions required by the contract to release the reward tokens. Such a data point is called a “Proof-of-Behavior”.
Proof-of-Behavior data provides retailers with reliable and actionable insights on their shoppers. These insights can then be leveraged to create personalized offers for each shopper, based on the data they have agreed to share.
Example : Retailer R has collected PoB data on shopper S through a campaign rewarding shoppers who spend time in the book section of the store / website. R can now add “books” to the interests of S, and then make them an offer such as “10% off all books for purchases over 50$, for you only !”.