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The RainCheck platform aims to provide a decentralized platform through which token holders will be able to manage and aggregate reward points across multiple loyalty schemes. To enable this, RainCheck plans to provide consumers with the option to combine reward points from multiple loyalty schemes into one digital unit, the RAIN Token.
- How to invest: For information on how to participate in the Raincheck ICO, visit their website.
- Eligibility: US, Canada, China, and New Zealand are restricted.
- Payment Accepted: ETH, BTC, XLM
- Token availability: 35% of tokens will be available during the public sale.
- Almost 70% of shoppers globally belong to a loyalty program. Yet most people, although accumulating these reward and/or loyalty points, rarely use them. The main reason is that they can never accumulate enough points required to exchange for a worthwhile reward and, when they do, it is often difficult to perform the exchange.
- Many loyalty programs and coalitions have major issues with massive accumulations of points sitting on their balance sheets as liabilities. These points are viewed as money that is owed to people, and sometimes this in the hundreds of millions of dollars.
- Onboarding consumers to a loyalty program in the digital age is easier and faster than ever, but there is often a large gap between the number of programs in which shoppers are enrolled and the number in which they actively participate.
- In 2017, the global retail market was approximately $24 trillion with $15.8 trillion of that figure representing digitally-influenced sales. The value of the loyalty rewards market is almost $500 billion annually with global marketing spend soon reaching $1 trillion ($225B Digital).
- The $15.8 trillion of digitally-influenced sales combined with the estimated $500 billion in loyalty rewards is the opportunity on which RainCheck focuses. In 2016, debit/credit payment cards and eWallets accounted for 60% of global transactions; in 2021 that figure likely will jump dramatically for eWallets and debit/credit cards.
- eCommerce only accounts for a total of 10% of all retail sales and has a five year global growth rate of just 2.9%. Add to this the fact that shopping cart abandonment rates are sitting at 75%-85% and there is a global total of $4.6 trillion (of seemingly unwanted) goods that are never purchased.
- RainCheck has built an online-to-offline commerce platform that allows retail brands to both track and influence online product discovery to in-store sales, while also offering card-linking capability to users’ debit and credit cards.
- Card-linking is a way for consumers to save money on purchases by “linking” their payment card(s) to a merchant's digital offer, cashback, or loyalty program. The main difference is that this can be done at SKU (Stock Keeping Unit) level, not just at the merchant level.
- The platform is broken into ten modules that all interconnect and can be run at multiple instances, or individually, depending on the services required at the time. The platform have been built to be as open as is possible, using the latest tools to ensure a very wide acceptance from almost any third-party integration.
- The platform’s 10 modules are the product feed, inventory feed, 020 wishlist, payments/wallets, location/proximity, connected POS & card-linked offers, push notifications, data analytics, loyalty integration, and the store associate app.
- The entire RainCheck Platform has been built from the ground up to be open and fully scalable with all instances running on the AWS Cloud Environment. The modular approach enables its team of engineers to work on separate modules as opportunities or client needs arise.
- RainCheck’s team of advisors has relevant experience developing startups and experience working with retail companies.
- The RainCheck team has a solid LinkedIn presence that provides transparency regarding the team members’ prior work experiences.
- CEO & Co-Founder Cameron Wall has 25+ years of experience running development and design teams building web and mobile platform solutions for global enterprise clients. He has founded six startups, the most recent being RainCheck (2014), an online-to-offline (O2O) commerce platform that allows retail brands to both track and influence online product discovery to in-store sales and ZapMe (2010), a mobile marketing technology startup that provides services to agencies, aggregators, and brands on mobile strategy, technology, and development processes.
- CTO & Co-Founder William Link has 20+ years of experience in software engineering with an MBA working on retail, media, and financial platforms. He is skilled in cloud-based back-end and front-end development of web platforms and mobile applications, and he has rich management experience as Senior Development Manager at Motorola, managing a multinational team across different internal departments. While working in Westpac, William managed and deployed its award-winning mobile banking application.
- Cameron Wall (LinkedIn)
- William Lin (LinkedIn)
- Peter Bremner (LinkedIn)
- David Henderson (LinkedIn)
- This project has an MVP available at the following link.
- RainCheck plans to provide consumers with the option to combine reward points from multiple loyalty schemes into one digital unit, the RAIN Token. Once established, participating merchants will be able to offer their customers the option to exchange existing loyalty points into RAIN Tokens at a value set by the market instead of the merchant itself.
- A token based system opens up the connections needed to capture online and offline purchases, not only at merchant level but also at product level. Rather than offering a merchant level offer (e.g. spend $300 at merchant X this weekend and receive $40 cash-back), promotions can be executed at SKU-level (e.g. purchase product Y this weekend and receive 10% cash-back or 25 loyalty points).
- Token Supply: 2,000,000,000 RAIN
- Users can register on loyalty schemes through the RainCheck mobile wallet. The mobile wallet will list all active loyalty schemes, and users can choose to activate their favorite ones and check their existing loyalty points and transfer loyalty points to RAIN tokens. The mobile wallet feature is planned to be released in early 2019.
- Each time a consumer transfers loyalty points for RAIN Tokens, the transaction will be recorded forever in the Stellar distributed ledger and will be synced to all anchors in the Stellar network. Consumers will be able to trace back all previous transactions recorded with RAIN Tokens.
- RainCheck does not have much buzz around the project. It has 257 followers on Twitter, 10,000 followers on Facebook, and 312 Telegram group members.
- RainCheck has an impressive list of partners. Some of these partners are Amazon Web Services, Apple Pay, Shopify, and Google.
- Both consumers and retailers can benefit from the success of RainCheck’s platform because it offers a solution that not only provides the user with a personalized shopping experience both online and offline, but also offers retail brands a way to measure digital marketing spend offline, where most sales occur. This allows merchants to potentially secure a higher percentage of the estimated billions in lost sales each year.