The worldwide COVID-19 pandemic is a fight for survival not only for many people, but also for the many businesses that rely on a lively economy to survive and prosper. MyAladdinz is addressing the needs of both hurting consumers and suffering businesses across Asia and around the world. The features in MyAladdinz mobile app combines the best of the future and the past. The future involving the business of mobile e-commerce and the traditional concept of loyalty programs. This combination has the potential to breathe life to struggling and dying business models.

What is a Consumer Rewards Program?

MyAladdinz was inspired by existing Consumer Reward Programs that reward consumers for their loyalty to a business. In 2019, LoyaltyOne, a global expert in traditional Consumer Rewards Programs estimated Customer Reward Programs to be a 323 Billion Dollar endeavour [1]. A 2018 study by Accenture found that 77% of consumers participate in at least one retail loyalty program [2] while a 2019 study by KPMG looked at the use of consumer reward programs around the world and reported 30 – 61% of consumers in various countries used such programs several times per week [3]. A typical American participates in at least 19 – 29 such programs [4].

More than 90% of companies, in diverse industries like Credit Cards, Mobile Phone Companies, Shopping Malls, Coffee Shops, and even online retailers have their own independent reward programs. Among the existing Consumer Reward Programs, Airline "Frequent Flyer Programs" are perhaps the most recognized example and the more advanced of the existing Consumer Reward Programs. Widely circulated estimates indicate more that 40% of consumers belong to an Airline Frequent Flyer Program.

What are the Benefits For Customers?

If we look at Frequent Flyer Programs as an example of a typical Consumer Rewards Program we find a few common benefits to customers:

  • Consumers can use an airline's reward points to upgrade flights or even get a free ticket.
  • Consumers can trade or buy reward points from other participants who are not planning to use them.
  • Consumers can often use cash to top-up if they don't have enough rewards points for redemption.
  • Consumers can use a combination of rewards and cash or use 100% in Reward Points if they have accumulated enough points.
  • Consumers get added benefits by accumulating more reward points.
  • Consumers are able to use the reward points with a limited number of other participating merchants.

What Are the Benefits For Businesses?

With decreased foot-traffic in many shopping malls, retaining customers and increasing the frequency of transactions with existing customers is more critical than ever.

Shopping malls are a typical example of the vibrant retail scene in many countries. One well-known management company in Singapore, with more than 17 shopping malls in its portfolio, has its own Consumer Rewards Program to benefit its tenants. Among these 17 shopping malls there are hundreds of different merchants united under a single Consumer Rewards Program. Customers accumulate reward points for transactions with any merchant in the mall. The Rewards Program doesn't reward these customers with flights or upgrades but instead offers gift vouchers that can be redeemed with any merchant in any of the 17 shopping malls. If customers don't have enough points to redeem vouchers they can also outright purchase them for use with the merchants. Merchants benefit from increased foot traffic in the malls and increased sales.

How is MyAladdinz Different from other Consumer Reward Programs?

MyAladdinz is a new idea that works on the already existing model of rewarding customers. It offers the majority of the same features listed in the above two examples, but instead of a physical shopping mall, there is an online e-commerce solution. Instead of managing separate reward programs, any merchant can join together with other merchants in the MyAladdinz community to provide integrated rewards to their combined customer base. This can happen even if these businesses are completely unrelated. Rewards can be used for many different stores in a wide variety of industries. Instead of filling a wallet with different cards for different loyalty programs, there is a single mobile app.

Customers can even shop and receive reward points without ever leaving the house. With more time being spent at home, reaching out to existing and potential customers through a mobile app before they even leave the house is a powerful incentive. Businesses can move into e-commerce without needing to develop their own mobile app or e-commerce solution. MyAladdinz is both an information market for online e-commerce stores, and a smart application for the new era.

How does MyAladdinz Work?

Merchants are listed in the MyAladdinz App and agree to accept redemptions for products and services using the MyAladdinz App. Customers accumulate reward points for transactions with participating merchants. For every 1 USD in transaction value they receive 80% back in reward points, not cashback. The Reward Points can be gradually converted into Gems at a fixed rate of 0.2% per day. After 180 days, it is 0.1%. These Gems can then be exchanged for products and services with participating Merchants. Since Gems can only be used and are only valid within the MyAladdinz App, they should be treated as a Gift Voucher rather than a digital currency or cryptocurrency. When consumers convert their reward points to Gems each day, they can either accumulate them for a bigger redemption, transfer them to a friend, or even sell them to someone who needs them. In addition, if the customer does not need to use the gems right away, they can convert them back to Points to accumulate bonus points and use them gradually over time. No minimum top-up in Gems is required and anyone can, in fact, join for free. In the future there are plans for paid advertising, direct sales, and various optional services and fees for merchants to increase the prominence of their business in the app as well as for more prominent placement in marketing advertisements and promotions.

Is MyAladdinz the Magical Solution for Businesses?

MyAladdinz, plays with the 500-year-old tale from the Arabian Nights for its powerful branding, but it is definitely not "magic" and no "Hocus Pocus" is involved. It is merely a marketing and branding concept to promote the service to merchants and consumers. MyAladdinz isn't a magic lamp to transform businesses with the snap of a finger, but is instead a great way to set a business apart from the competition using a very powerful integrated rewards program. If a consumer wants to get more rewards and earn reward points across a variety of merchants and industries there is no better place to do it than MyAladdinz. Regardless, like anything else in this world, results and rewards are not gained through magic, but hard work and persistence and, of course, a great new rewards program to help both business and merchants.

About MyAladdinz

The owner of the MyAladdinz App and brand is NewTycoon Global Ltd. NewTycoon Global Limited is a legally registered business in Hong Kong - where hundreds of thousands of global enterprises are based. Being based in Hong Kong has opened up geographic and strategic opportunities for MyAladdinz to not only quickly grow in the Asian Marketplace, but also grow globally with existing users in many countries such as Singapore, Mexico, Japan, Taiwan, Vietnam, Thailand, South Africa and across the EU.