Imagine being able to turn your simple act of enjoying a meal or writing a review into actual earnings. And for businesses, simply providing quality service to customers can earn them additional rewards through customer reviews. Doesn’t this concept of “earning while enjoying” and “earning while serving customers” sound intriguing?
POMO Network is precisely a Web3 ecosystem centered around consumers, businesses, and token rewards. Every time a consumer contributes a review, they can earn $POMO tokens as a reward. And businesses, acting as nodes in the network, can also earn $POMO tokens as additional income when customers leave their records on the platform.
Currently, well-known establishments like Houton BBQ and Bentepan Grill are part of the POMO Network ecosystem.
Further reading:
【Opinion】Cryptocurrencies are paving the way for a new incentivization model! How can “point rewards” be upgraded in the Web3 era?
How does POMO Network address pain points in the consumer ecosystem?
Why do we need this? POMO Network co-founder Yang Yaoyang first points out the drawbacks of the traditional consumer ecosystem.
Addressing the “credibility” issue in reviews
In the past, reviews from businesses often lacked authenticity because restaurants and hotels frequently launched “five-star review promotions” and other activities, resulting in many reviews that were not genuine feedback from customers. Furthermore, there was a lack of effective methods to assess users’ contributions to the ecosystem or incentivize them to participate further.
POMO Network, on the other hand, provides $POMO token rewards to customers who solely consume or write reviews. They have implemented a mechanism where customers can leave comments only after making a purchase and can earn income regardless of whether their reviews are positive or negative, aiming to address the credibility issue.
Additionally, traditional reward systems have limitations as points can often only be used within a single platform. However, POMO Network utilizes blockchain technology, and $POMO is an ERC-20 standard token. This means that consumers can convert their tokens into cash at any time, rather than being limited to redeeming them for “points” that can only be exchanged for prizes.
Maintaining customer relationships and sharing consumer spending information
For businesses, maintaining relationships with customers and finding potential new customers is more important than just receiving positive reviews.
Consumers who visit and contribute reviews at establishments leave behind records of their spending. Besides understanding customers’ spending habits, businesses can use the POMO Network system to create “Member Tokens” for VIP customers. Member Tokens are tokens built according to ERC721 and ERC1155 standards, which can be viewed as NFT membership cards or coupons. Customers who obtain these membership cards through the system can use them for future visits to the business.
Furthermore, the amount customers spend is crucial for restaurants and high-end dining establishments. By analyzing customers’ spending capacities at other establishments, these businesses can identify potential high-value customers and provide them with VIP services and special offers, further enticing them to return.
Yang Yaoyang explains that in the past, brands preferred to keep their customers’ spending records to themselves and not share them with competitors. However, in the POMO Network ecosystem, participating businesses can share specific wallet spending information. This allows restaurants and hotels to identify customers with spending capabilities.
As a result, when assisting businesses with advertising campaigns, POMO Network can target wallets that have spent a certain amount at specific establishments, overturning the previous practice of relying solely on algorithms for recommendation-based marketing.
Where does blockchain come in?
Upon reading about point rewards, digital membership cards, and review systems, you may question the necessity of using blockchain technology. Yang Yaoyang explains that one of the most important core concepts of POMO Network is the comprehensive implementation of “Open Loyalty,” which refers to an open and open-source loyalty system.
Traditional Web2 loyalty systems usually only work within a single store and cannot achieve decentralization within the ecosystem or the tokenization of social influence. In POMO Network, all businesses can share and use the loyalty system, forming an open and interconnected loyalty network that breaks the limitations of individual brands or stores. Blockchain technology enables decentralization, enhances transparency, and builds trust.
More importantly, consumer behavior within the POMO ecosystem is transformed into incentive tokens that reflect their social influence. This gives their participation and contributions real value.
The social influence of customers can be converted into tangible economic value. This not only enhances customer engagement but also motivates customers to support and nurture their favorite businesses. The implementation of “Open Loyalty” in the POMO Network actually gives customers more power and flexibility to choose and support the businesses they love.
Because of the existence of incentive tokens, it is necessary to not overlook the key advantages of blockchain technology, namely the decentralization and efficiency of digital asset liquidity. This is especially important for POMO Network’s VIP NFT and $POMO tokens, as they can be traded on both decentralized and centralized exchanges in the future, enhancing the flexibility and convenience of managing and utilizing assets within the system.