Tap Network is offering a new approach to loyalty rewards programs that it describes as “benefits as a service.”
You may recognize the Tap Network name, as well as its co-founder and CEO Lin Dai, from Hooch, a start-up that used a drink-a-day membership service prior to moving focus to a wider benefits program. Dai informed me he “found out a lot from the Hooch experience” however eventually “decided that Tap is a much larger opportunity, we’re really looking at benefits in basic.”
Tap Network is a new startup, one that just recently raised $4 million in financing from investors including Revelis Capital, Nima Capital, the Forbes family office, Warner Music Group, Access Industries, Expense Tai, Bob Hurst, Edward Devlin and others.
Dai said that typical rewards programs are just available to the leading 10% or 20% of a company’s customers. In his view, organizations have a chance to “extremely serve the average clients who 40 years ago may not have been thought about crucial customers, however who today could be building a loyalty habits pattern.”
Image Credits: Tap Network He included that making rewards programs accessible to more clients has actually an included advantage for many services, due to the fact that”whether it’s a major bank or significant travel company, they are beginning to accrue billions of dollars
that are locked up in these wallets.” Those points may never be redeemed, but they’re still thought about liabilities from an accounting point of view.
Tap Network aims to solve this problem by permitting customers to invest those points through a broader network of benefits, which can typically be redeemed at a lower point level. It’s offered as a white-label addition to an existing benefits program, with each program selecting the benefits that may be the very best fit for their customers.
Uber just recently worked with Tap Network to broaden its Uber Benefits program, offering new Tap Network-powered benefits like complimentary Apple Music or HBO Max, along with the alternative to contribute to causes like World Central Kitchen Area. And the minimum variety of points required to claim a benefit fell from 500 indicate 100 points.
Other business utilizing Tap Network include Warner Music Group (which, as formerly discussed, is likewise an investor) and privacy-focused browser company Brave.
Dai stated that in the future, Tap could even allow customers to integrate rewards points from different programs: “If I wish to redeem something, I might be able to take a bit of my Uber points, a bit of my Warner points, a little bit of points from another program” and integrate them.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.
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