Mozo Token: Redefining Commerce

Published: 2021-06-17 09:38:52
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Category: Industry, Modern Technology

Type of paper: Essay

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The era of physical retail malls is gradually and steadily going extinct—no thanks to e-commerce stores that are the rave of the moment. E-commerce stores afford convenience, and competitive pricing amongst others; making it the natural inclination for prospective buyers.
However, foot traffic is essential to many businesses else, a scenario where physical retail mall would go pack shop due to low patronage is unavoidable—presently, there already reports of prominent physical retail malls that are closing up as a result of low foot traffic. In a bid to bridge the divide such that physical retail malls can still hold relevance viz-a-viz online commerce stores, Mozo token was born—it’s a token that promises to redefine the future of commerce.Mozo Token— what you should know Mozo token is a digital currency for multi-purpose transactions across all merchants in any specific mall or malls—it’s a currency that can be utilized and can be converted into loyalty points during shopping. A Nielson consumer study conducted recently asserted that loyalty programs have a huge effect in driving foot traffic—invariably leading to more sales for physical retail malls. A review conducted globally goes to show that more than 7 in 10 respondents would rather shop with a retailer offering a loyalty program than one who isn’t.
As promising as initiating loyalty programs appear especially in light of driving foot traffic to physical retail malls, a research by Bond loyalty in 2017 further stipulates that 57% of point-based loyalty program participants—which is more than half of participants engaged in the program have no inclination as to what their points balance is; while a staggering 38%– which is one in three of point-based participants, don’t have any idea on the value of a point or how to utilize it. This verdict therefore goes to show that single merchant membership reward systems can hardly suffice as customers don’t really buy into it—the search to source for a loyalty program that would give customers the boost they need to visit physical retail malls has been the bane over the years. The good news however is that due to development in blockchain and IoT technologies, new innovations that promises to attract customers and drive sales has emerged.
The proposition by Mozo is in three-fold:

Consider Mozo which is a liquid, tradable, and exchangeable cryptocurrency being at the helm of this new universal loyalty program work—an innovation that embraces the use of token that explores the Ethereum blockchain technology.
A digital wallet that can earn and redeem rewards globally; embracing merchants from all over as long as you are connected to the internet.
Incentives and rewards that are possible to access through a smart phone app while allowing you explore other products and services—in a business model best described as “Token of Discovery” With the Mozo token, a future where consumers are converted into customers attracted to physical retail malls that offer and accept the Mozo token is envisaged—this way, merchants can embrace a loyalty program that is efficient and effective in driving foot traffic and sky-rocketing sales. More so, the Mozo token has the propensity to reduce customer acquisition costs (CAC), increase customer lifetime value (CLV), propel repeat purchase rates (RPR), and reduce churn rates (CR)—all of which are the bedrock in which profitable business thrive on.

Conclusion
Undoubtedly, employing this methodology opens huge opportunities and enlarges the size of the addressable market for the Mozo project to abound— benefits include acquisition of digital consumers, foot traffic, and loyalty market. Mozo token is definitely the new outlook to commerce that a promise to revolutionize the status quo – the worldwide loyalty market is estimated at $300 billion is an opportunity to be explored by Movo. Movo is definitely the way to go for commerce.

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