Sephora, an online beauty store that is based in France has created an avenue for shoppers to be rewarded with Bitcoin. These are people who access the store using an application known as Lolli. The app’s developers and Sephora are in partnership, where the former allows shoppers on Sephora to access its platform directly from its application.
Based on reports, about 30 percent of people who use Lolli are women, and as such, this converts into a high number of sales for the e-commerce site. The same can be said for other retailers who are into the beauty line. This is because Sephora is not the only retailer showcasing its products on the app, there are other reputable brands like Ulta and Everlane.
Fiat Money is Converted to Bitcoin to Reward Shoppers
Lolli, the application that is used can be installed on a web browser such as Chrome to earn Bitcoin as the user shops. But first, Lolli gets paid by retailers in fiat money. This money is meant to serve as a reward to customers for either purchasing items or referring others to do so. The company then converts the fiat currency to Bitcoin before paying customers.
Alex Adelman, Lolli’s CEO has revealed that rewarding people so far, has led to about 60 percent return visitors on its portal. He also added that with users being able to earn Bitcoins while shopping, it creates a whole new audience. This differs from the traditional methods of earning the digital asset through mining or investing.
Volatile Nature of Cryptocurrencies Makes People Reluctant to Invest
Thien-Kim Ngo, a shopper who has also earned some Bitcoins from patronizing some of these stores, made some comments. According to her, she was reluctant to buy cryptocurrencies in the past due to their volatile nature. She also attributed it to the difficulty in setting up wallets for storing these virtual assets.
But now, this is no longer the case because she is looking forward to saving up more Bitcoins to invest in the future. Thien-Kim’s story may be similar to that of several other people out there who are confused on how to buy and invest these cryptocurrencies. As such, this is an opportunity for them to own them for the first time as cash back for their purchases.
Paypal is also rewarding its employees with virtual currency for partaking in innovative programs in the company. Although the token can only be used within the company and the platform, it enlightens workers on the use of these digital assets. With the token, an employee can request for a poker game with reputable members of the company, among other things.