Tokyo-based Rakuten is one of the largest e-commerce corporations in the world and the brand is hoping to better its loyalty program with the introduction of Rakuten coin. The introduction of this new blockchain-based platform follows the recent shift of companies onto the decentralized ecosystem, but Rakuten is using the ecosystem to better serve its international marketplaces through its loyalty program.
The current plan for Rakuten coin was purposefully built to function on the existing business models used by the company and will further the company as a decentralized global marketplace. The new currency has been described by Rakuten CEO Hiroshi Mikitani as a "borderless currency" that will revolutionize the brand's existing business model. The use of Rakuten coin and shift towards the blockchain is also set to position the company as a marketplace for crypto enthusiasts who can actively use the currency in the marketplace without exchanging it for actual money.
Decentralized Loyalty Programs
Rakuten Coin Will Allow the Company to Offer Borderless Rewards
Trend Themes
1. Decentralized Loyalty Programs - The introduction of Rakuten coin showcases the disruptive innovation opportunity for decentralized loyalty programs in the e-commerce industry.
2. Blockchain-based Platforms - Rakuten's implementation of a blockchain-based loyalty program highlights the disruptive innovation opportunity for utilizing blockchain technology in e-commerce.
3. Global Marketplaces - Rakuten's use of Rakuten coin to better serve its international marketplaces presents a disruptive innovation opportunity for expanding global e-commerce platforms.
Industry Implications
1. E-commerce - Rakuten's adoption of Rakuten coin in its loyalty program demonstrates a disruptive innovation opportunity for the e-commerce industry.
2. Crypto Currency - Rakuten's implementation of Rakuten coin as a marketplace currency for crypto enthusiasts illustrates a disruptive innovation opportunity within the crypto currency industry.
3. Blockchain Technology - Rakuten's embrace of blockchain technology in its loyalty program signifies a disruptive innovation opportunity for the blockchain industry in the realm of e-commerce.