Nearly 90% of consumers refer to an online review before making a purchase, and the majority are deterred by a single negative review. In fact, four out of five customers won’t buy from companies with a negative review. However, another study found that more than half of some major retailers’ reviews are false.
As consumers become overwhelmed with information and media, they are forced to research and sift through multiple reviews, that may or may not be authentic, to find or purchase a desired product. Whereas merchants face similar challenges when it comes to acquiring new customers in this digital era where stores can no longer rely on brick and mortar traffic alone. TEE-coin acts as a networking platform to bridge both consumers and merchants to solve common problems faced by both parties.
TEE-COIN PTE. LTD., a Singapore-based company that connects consumers with the best local merchants through its ChatTee platform and app, is leveraging artificial intelligence and advanced blockchain technology to verify customer reviews and inspire customer loyalty.
Through its ChatTee platform, TEE-coin is able to facilitate authentic customer reviews for merchants, while providing incentives for customers who shop on the platform. Users are rewarded with TEE-coin (TEC) in exchange for engagement and merchant reviews, like checking in at specified locations, logging into the app regularly, leaving reviews about their merchant experiences and more. TEC can be used to purchase coupons for products discounts and services from restaurants, beauty, massage, travel and more.
Additionally, TEE-coin is partnered with multiple rewards programs for additional benefits. For example, users are able to convert TEC to select airline mileage programs to increase their points balance. Users can also receive ‘coinback’ upon successful redemptions of coupons to apply toward other options. TEE-coin also acts as a bridge to convert other cryptocurrencies to TEC to spend immediately on the platform, solving the problem of the inability to use cryptocurrencies at local merchants.
Key Features and Services
- Loyalty program opportunities for users who share their experiences, patronize participating merchants and/or stay active on the platform.
- Cryptocurrency exchanges to purchase products and services provided by ChatTee merchants.
- Loyalty rewards conversions to provide users with the flexibility of exchanging TEE-coin with other loyalty rewards and mileage points or programs.
- A centralized search application for merchants, deals and coupons with reliable user reviews.
- Full payment services with TEE-coin or other cryptocurrencies (indirectly via the TEE-coin top-up function).
- User acquisition and advertisement tools including coupon, banner or article marketing.
- Loyalty programs, events and activities organized by ChatTee to build user retention.
- Targeted marketing services to send push notification messages to select users.
- Shared business insights and shopping analytics available on the merchant app.