57% Would Switch to a Competitor That Offers Cryptocurrency Rewards Survey Shows

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A survey of 1,100 Americans on cryptocurrencies and how it might change their interaction with local business and retailers, showed a majority is interested in receiving token or cryptocurrency rewards.

“68% of respondents have interest in receiving cryptocurrency as part of a promotion or loyalty program. Of those people, 53% prefer cryptocurrencies over traditional rewards,” the survey found.

While “57% of respondents would choose a store over a competitor if they received cryptocurrency rewards for doing so,” Balehu, a digital marketing firm that conducted the survey, says.

Token rewards survey

The findings suggest that consumers significantly value token or cryptocurrency rewards, even more than the usual loyalty points or other reward programs.

42% of them would leave an online review in return for cryptocurrency rewards, with 40% of them happy to leave their home to attend an event in order to earn cryptocurrency rewards, while 48% would be willing to like, share, or repost on social media in return for tokens.

Moreover, the majority think that a business would find it valuable to accept or allow payments in digital currencies like bitcoin or ethereum.

Responses to whether crypto-payments should be accepted.

However, there is a general lack of awareness regarding blockchain technology with few of them having heard of it, only around 29%.

But a considerable 44% of respondents stated they would like to learn more about digital currencies, such as bitcoin or ethereum.

Both of which have exploded in popularity this year, rising some 20x, with the global digital currencies market cap now nearing $250 billion.

For ethereum in particular tokens have become an important element of the ecosystem, with projects issuing them as stock in return for venture capital investment of sorts.

Usually these tokens come with rewards for investors, while some projects incorporate them into rewards for tasks, such as adding data or curating information.

It appears individuals are willing to perform these tasks in return for token rewards, with consumers valuing cryptocurrency and token rewards so highly they would switch from a competitor.

Which suggests the token business model might increase considerably as apparently it offers businesses that can implement it well a significant competitive advantage.

 

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ConceptualUX

Could you let us know who did the study, when that was, and if these were people who are already engaged with cryptos?

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