The SLP Network concept was created in 2017, as a method of resolving major inefficiencies of loyalty program operations. SLP will work as a decentralized platform for exchanging various bonus and points and is planned to launch in Q2/2019. Its primary aim will be to establish a more meaningful, appealing and beneficial experience for both customers and businesses.
Technology Behind SLP
The abandonment trend with loyalty programs and comp points has presented a worrying issue and only continues to grow as time goes by. Loyalty points are going unclaimed, as demanding customers find themselves feeling that loyalty programs just aren’t worth their time. Weak connections behind business and customer relations lead to the perceived decline in value of these programs. The SLP technology will allow businesses to issue, process and use virtually tokenized points on the blockchain platform. By doing this, customers will be able to exchange their accrued bonus points for SLP tokens. They can then spend these tokens on products and rewards that actually matter to them personally. The result of this technology – a strong brand loyalty experience that is interactive, economical and productive.
How do businesses profit from this technology? Well, data collected from these transactions and experiences will be provided to businesses and brands, driving direct and personalized marketing, while lowering costs through building direct interaction. It allows businesses to circumvent data-collecting controversies other organizations like Facebook suffer from, by notifying their users that they are opting in for a loyalty program and that their information and data is being collected for marketing purposes.
Utilizing smart contracts, the SLP Network technology will process transactions, tokens and customer data between entities. This innovative concept will bring a lot of benefits, including:
- User-Friendly Transaction Speeds – The protocol operates on a federated consensus protocol, meaning that all transactions are validated and processed at a pre-set short timeframe. This ensures user-friendly speeds and streamlined user interfaces.
- Low Brokerage Fees – SLP implements very tolerant and stable transaction and brokerage fees. The rates are capped at a low and stabilized level, which allows predictable and steady transactions. All microtransactions and processing fees are clearly defined, ruling out any transaction malversations or fee surges.
- Decentralized and Independent Marketplace – By using a decentralized marketplace platform, SLT Network operates completely on supply and demand. The transaction values are dependant on real-life company point values and cannot be influenced by a third party.
- Privacy and Anonymity – All transaction values are encrypted using FHE (Homomorphic encryption), and completely anonymous. The operation is processed through independent blockchain nodes, which ensures safety and privacy of all personal data and information.
Mobile and Desktop Version
SLP Network will come in two versions, a mobile application for customers, and a desktop program for businesses. The mobile application tailored for customers enables easy discovery, earning and exchange of loyalty points from other participants. It uses anonymous wallets for SLP and smart contracts for cross-brand exchange. The desktop program, aimed at businesses, enables quick and direct customization of loyalty programs. It allows accessible customer loyalty management, streamlined loyalty rules, and conditions and comes with a robust analytics reporting engine.
How Businesses Can Use It
One of the most common ways businesses attract new customers are discounts and loyalty rewards. Though they can come in a variety of different forms, they all suffer from the same underlying issue. They can devalue a brand, are generic and don’t really offer a lot of information on customers. With the SLP platform, businesses will have the ability to go more in-depth and understand their customer base. They will also have the ability to take more interactive means of action than just offering generic discounts and rewards.
This allows business to add in new incentives without having to adjust or change their entire loyalty programs. They will be able to issue and distribute their own tokenized points, which customers will then use to accrue bonus spending points. Such a strategy helps create a sense of limited offer availability and creates a call to action for all potential customers.
How Customers Can Use It
While the companies who participate in this concept will profit from increased brand loyalty and customer retention, customers can enjoy the freedom and flexibility of the platform by incorporating their bonus points for certain benefits. Customers can use SLP in the same way as businesses do, just from the other side of the spectrum. By utilizing SLP’s loyalty exchange platform they will be able to trade their earned points into SLP tokens, and then use those tokens to purchase benefits from companies they like using. This opens up a lot of opportunities and unlocks a potentially huge customer base. For example, if you have loyalty points for a car rental service which you don’t need, you can trade them in for SLP tokens, which you can use to purchase an extra night or two at a hotel you’re visiting, while someone else could use your car rental service points for their needs. These are the opportunities SLP creates for all transaction parties.
People Behind The Project
SLP is the product of a skilled team of professionals in the field of online loyalty solutions. The team that is building SLP has already built SailPlay. Both were founded by Leonid Shangin, a mathematics graduate from the prestigious Lomonosov State University in Moscow. Leonid has years of experience in retail and technology businesses, having previously worked for McKinsey & Company and Rocket Internet. The SLP team numbers 25 team members, including research and development, project management and sales and marketing teams. SailPlay has five years of operating experience in the customer loyalty solutions center, with a client base exceeding 100 companies from all over the world. It worked with businesses such as Intel, Volkswagen, Estee Lauder and Papa John’s, increasing the value of their loyalty programs and establishing a fast and effective industry. SLP is amongst the first on the market to perceive the vast opportunities a decentralized and customer friendly ecosystem can bring to the market.