India’s consumer businesses have largely adopted cashbacks over loyalty programs to acquire new customers or engage their existing customers in the country.
This is primarily because cashback programs are ubiquitous in nature unlike loyalty programs that operate in silos, are complex to understand, and doesn’t provide instant gratification to consumers.
“Loyalty has never really truly emerged to be a true value driver for an enterprise. This is mainly because of the way enterprises have structured loyalty programs. It is very complex and cumbersome that consumers instead opt for cashback programs since they easily understand the value proposition” said Epic One co-founder Amit Chawla “It’s a dichotomy because you want your loyalty program to grow since that is more profitable from a consumer standpoint.”Epic One plans to tackle this problem with its new yet-to-launch platform that aims to bring multiple loyalty programs onto a single platform to make the process of earning and redeeming reward points ubiquitous and easier to use for consumers.
Chawla had earlier founded a loyalty technology and solutions firm Reward360 that builds and manages loyalty platforms and global digital commerce for large corporations predominantly banks in India, Southeast Asia, and the Middle Eastern region. For Epic One, he has roped in former 500 Startups India head Shalini Prakash as co-founder.
Chawla is billing Epic One as a super app for rewards wherein users will be able to pool their rewards points from different loyalty programs and redeem them for any product or services available on the app. Consumers will have access to more than 10 million reward options from 1,000 merchants across 40 categories including travel, entertainment, food, lifestyle and utilities among others from more than 150 countries.
The ability to pool reward points to a single platform will also ensure that they don’t remain unclaimed by consumers, thereby making the loyalty programs more effective for enterprises.
“We believe that we will also be able to bring down the cost of loyalty for the enterprises since they could now spend lesser to engage and retain customers but still reap in more value than standalone programs,” Chawla said.
Apart from customers, Epic One also plans to help enterprises manage their engagement programs with other stakeholders in the entire value chain.
“We want Epic to be the single delivery mechanism for enterprises to incentivize any customer, be it internal ones or external ones. An internal customer could be an employee, a delegate or a partner while an external customer could be a distributor, dealer or a retailer” Chawla said.