Elements – Born to fail?

Nowadays, most stores have their own sort of loyalty system, which rewards returning customers. Most systems use points, which can be accumulated and spent on a product. The problem Elements wishes to adress is the follwing: You need to spend high amounts on one store in order to be able to claim a reward. They want to solve this issue by introducing an universal reward coin.

Overview

Elements released the following video:

We recommend you have a look at their official website.

Why it won’t work

There is no need to talk about any key features or similar, as it is fairly obvious why this coin won’t be used.

Price & Hassle

As a store owner, why would you want to pay your customers using Elements instead of your own system? Your own system works just fine, makes sure your customers return and it doesn’t cost you a cent to give out points. However, mining Elements costs you because you need to buy a miner and pay its electricity. For a store, there is no real benefit to using Elements. In the video, they talk about customers having to spend a lot of money in order to receive rewards. If this were the case, making a cheap reward is much easier than implementing a cryptocurrency.

Some questions

Just asking these questions should make you realize, that it makes zero sense to implement Elements.

What happens if a customer returns an item? Does he keep the Elements or do you have to make him send the Elements back?

Why would store A have to give the customer his “reward” if he bought it at store B?

Why not use a “normal” cryptocurrency?

If you give him a coin that’s worth money, why just not give him cash?

What if store A gives out 10 points per dollar spent but store B only 5?

Conclusion

Elements is just another generic cryptocurrency. In its current state, it’s absolutely unnecessary and will not be used by stores. 

 

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letsforkk

owned by AMIT BHARDWAJ – MCAP, GB21

Gb

Same creator as mcap

Genésio

ELM withdraw not completed
It has been more than 10 hours of the transaction, and so far no minted block has been found. What is happening?
From: Cryptopia to Hitbtc wallet

TXid: d8c6b9744143558c3d106b0258627ec9318ca2eb79e6c2569fae2eb875c867dc
Address: DQZf8cPTfEaPYPUWryZZYYig58uKwhT3to

Anonymous

Wouldn’t the cheating element be eliminated if the points for the purchase would only be rewarded after the return period had expired? Example: customer buys a TV for 2000 bucks, – gets x amount of points allocated to his elements wallet, but these are not spendable until the TV cannot be returned to the store anymore. If The purchase is returned prior to 14 days or 90 days or whatever return policy the shop has, then the x amount of points get removed from users account. if the same users attempts similar things too often, they can be flagged and… Read more »

TeamELM

Answers for your analysis – Which clearly shows you lack of knowledge about Loyalty industry: =========================================================================== What happens if a customer returns an item? Does he keep the Elements or do you have to make him send the Elements back? @TeamELM – Reward points have nothing to do with purchase and returns Why would store A have to give the customer his “reward” if he bought it at store B? @TeamELM – This is how rewards coalition program work; First it provide customers with more choices and second your brand get recognition among non exiting user base; Advantage with Elements… Read more »