Welcome to the third instalment of our series on using BizFirst. In this article, we’ll cover how merchants can leverage the BizFirst Loyalty program to incentivize customer retention and boost revenue. This feature offers a unique way for online merchants to reward customer loyalty using non-fungible tokens (NFTs). For more information on BizFirst and its features, read our previous articles on setting up your BizFirst account, utilizing the Invoices feature and visit our website at BizFirst.xyz.
Note: This guide is focused on BizFirst’s merchant product. The BizFirst Loyalty program is currently not available for freelancers.
Implementing the BizFirst Loyalty Program
The BizFirst Loyalty program offers two distinctive loyalty schemes for merchants: NFT-based Discount Coupons and Partnership Rewards with existing NFT collections.
#1 NFT-based Discount Coupons
The NFT-based Discount Coupons program allows you to reward your customers with discount coupons in the form of NFTs. These NFTs can be used by your customers to avail discounts on their subsequent purchases up to a certain value until a specified date.
Here’s a step-by-step guide on how to set up NFT-based Discount Coupons:
Step 1: Design Your NFT Coupon: Start by designing your unique NFT coupon within the BizFirst platform. Here, you can upload your logo, add text, and even change the background gradient. This NFT will be stored in your customers’ wallets, so take your time to design it well. This process typically takes less than two minutes.
Step 2: Set Up Campaign Rules: After setting up your NFT’s design, it’s time to establish the rules of your campaign. This involves the issuance and redemption of the NFTs. Begin by giving your campaign a unique name, then input the following details:
Start Date: The date you’d like to begin issuing discount NFTs.
End Date: The date you plan to stop issuing discount NFTs. Note that this is only the issuance period, not the redemption period.
Number of NFT Coupons to be Minted: Determine how many coupons you want to mint. Note that you cannot mint more coupons for a campaign once they’ve been exhausted; you’ll need to start a new campaign.
NFT Discount Percentage: The percentage discount you want to offer on the final cart value when a customer redeems this NFT.
Maximum Discount: The maximum discount in absolute terms a customer can avail via this NFT coupon. For example, you can set up a 10% discount up to 20 USDC, meaning any purchase over 200 USDC will only result in a maximum value of 20 USDC.
Next, you’ll need to define the Issuance Rule:
For Every Sale Of: Specify the cart value that will trigger the issuance of X number of NFTs to the customer.
Number of Coupons Awarded: This is where you indicate how many coupons a customer will receive for every sale of Y USDC.
Maximum NFT Coupons Rewarded: Input the maximum number of coupons that can be awarded to a customer in a single transaction.
Next, you’ll need to define the Redemption Rule i.e. on what minimum cart value you want the customer to be able to redeem their NFT coupon.
For example, you could set up an Issuance Rule where for every sale of 10 USDC, 2 coupons will be rewarded to the customer. And the maximum number of coupons awarded will be 4. So for a cart value of 9 USDC (i.e., less than 10), 0 coupons will be rewarded, and for a cart value of 200 USDC, a maximum of 4 NFT coupons will be rewarded.
Step 3: Mint the NFTs: Now that you’ve set up your campaign, you’ll need to add some USDC and SOL to your BizFirst Wallet to mint the NFTs.
Once you’ve completed these steps, any customer purchasing your e-commerce store will be issued and able to redeem these coupons based on the rules set in your campaign. You can manage and view analytics for these coupons via the Loyalty Homepage.
Partnership Rewards with Existing NFT Collections
The Partnership Rewards program enables you to offer exclusive discounts to holders of specific NFT collections. This unique feature allows you to target specific customer segments likely to be interested in your products. For instance, if you’re a golf accessory merchant, you can offer rewards to holders of LINKSDAO, in a permissionless manner within 4 mins.
Here’s how you can set up Partnership Rewards with existing NFT collections:
- Click on the loyalty tab and select the “Offer discounts for existing NFT collection” option.
In a single comprehensive process, you’ll create a unique loyalty program for your e-commerce store targeting specific NFT collections. Follow these instructions:
- Campaign Name: Begin by giving your campaign a distinct name.
- Start and End Dates: Determine when you’d like to begin and conclude issuing discounts for the selected NFT collection.
- Choose an NFT Collection: Select the NFT collection on the Solana Blockchain for which you want to offer rewards at your store.
- Set Discount Parameters: Specify the percentage discount you want to offer on the cart value for each NFT from your chosen collection, along with the absolute value of the maximum discount you want to give per NFT.
- Set the Redemption Rule: Decide on the minimum cart value at which you want the customer to be able to redeem their NFT coupon.
Once completed, your e-commerce store will be equipped to offer targeted rewards based on specific NFT collections. This strategy allows you to provide highly tailored incentives to your customers, enhancing their shopping experience and fostering loyalty.
Don’t forget the final step — promoting your new loyalty program! Share your rewards on Twitter, Discord, and other social media platforms. Be sure to tag the project handles for maximum reach and visibility.
Benefits of BizFirst Loyalty
The BizFirst Loyalty program offers a wide array of benefits for both merchants and customers. Here are some of the ways it can enhance your business:
- Increased Customer Retention: By rewarding loyal customers with discounts and unique rewards, you can incentivize repeat purchases and increase customer loyalty.
- Enhanced Customer Experience: NFT-based rewards provide a unique and engaging experience for your customers, setting your business apart from competitors.
- Targeted Marketing: With the Partnership Rewards program, you can offer targeted discounts to holders of specific NFT collections, enhancing your marketing effectiveness.
- Increased Revenue: By encouraging repeat purchases and attracting new customers through targeted rewards, the BizFirst Loyalty program can help boost your revenue.
The BizFirst Loyalty program provides a unique way for online merchants to reward customer loyalty and drive revenue growth. By integrating the BizFirst Loyalty program into your e-commerce store, you can take advantage of the benefits offered by Web3 technology, attract more customers, and grow your business. Stay tuned for more articles in our series to learn how to optimise your use of BizFirst. Don’t miss out on this opportunity to be part of the future of e-commerce — sign up for BizFirst today.