UK’s biggest retailer is set to join the blockchain-backed loyalty rewards market with its own online shopping site.
The UK-based company, Marks & Spencer, said it was opening a loyalty loyalty platform on the blockchain, which it said will give it more control over its customer service and better control over the data that it collects.
The platform will allow users to earn points to spend on online purchases and will be powered by the same blockchain that powers the company’s online shopping app, which is designed to allow people to buy online using credit card data.
The loyalty rewards service will be offered on an exchange-traded fund (ETF), which is the same token that is used to trade stocks.
“Marks & Spencer’s platform will be based on blockchain technology and will provide the company with greater control over customer service,” Marks & Sons spokeswoman Mary Gaunt said.
Marks’ online shopping platform has seen its share price surge on reports that the company is planning to launch a loyalty program, a move that has led to concerns that the platform is too reliant on loyalty cards.
M&S’ plans for a loyalty platform could be seen as a bid to take advantage of a growing market of businesses that offer their customers the option of using loyalty cards to make purchases.
The company has a total of 4,834,828 customers, and is expected to report earnings for the third quarter of the year.
Masters’ online sales are estimated to be around $1.3 billion.