Emaar had several existing loyalty schemes offered by different business units, but the team could not successfully execute cross-business integration, thus offering reduced benefits to end users.
In addition, none of their existing programs could connect to and drive the core property business, which comprises 75-80% of the whole group. There was also no interchangeability of reward points within the joint scope of services.
Partnership deals could extend the existing programs. However, this would require laborious and time-consuming agreements and tech integration, leaving consumers confused. Instead, with many competitor schemes competing for consumer attention, Emaar needed to break through the noise and achieve a global impact that matched their ambitions.
The pioneer of master-planned communities wanted to get involved in the Blockchain industry and create its digital asset to serve a common referral and loyalty system for the whole group, offering a seamless experience and payment combined with a captivating set of rewards that lead to acquiring and retaining customers. The digital asset had to include loyalty and payment providers aspects and be transferable between multiple ecosystem services.
Together with Lykke Business, we first outlined and discussed with Emaar what application functionalities can be achieved, what is best to start and what to continue with. The final solution we proposed and developed to increase cross-selling opportunities across all of Emaar's businesses and create global brand awareness was a loyalty and referral program utilising a community Token built on JP Morgan’s Quorum private blockchain fork of the Ethereum Blockchain. We also developed a cutting-edge mobile application using Google’s Flutter framework.
The Community Token was designed to be offered as a reward for recurring purchases & referrals and to be transferable and tradable in the Emaar ecosystem.
- The user can refer people to purchase real-estate properties or invite them to stay at Emaar’s hotels and get awarded tokens. Users are awarded based on referrals to particular Emaar services, such as staying at a hotel.
- For the referral, we provided users with both the option to invite people to install the application and the opportunity to refer people for a specific service or product.
- For the hospitality business, we have allowed users to invite people to stay at Emaar’s hotels and get awarded tokens for the referral based on the cost of the stay and their consumption at the hotel.
- For the property business, users can refer people to purchase real estate properties. When the user refers someone to buy a property, the new potential lead receives an SMS and first needs to accept the referral to move forward. If the referral is accepted, the lead will be automatically validated in the Real Estate Database and connected to a sales agent from Emaar’s side that will work on following up on the transaction with the lead to finalize the sale. Upon the conclusion of a preliminary contract, both the referral and the referrer will receive some EMR tokens and will be further rewarded with such against each instalment made. In addition, we enabled users to pay their monthly property instalments with EMR tokens.
Usually, in loyalty programs, the point holders are not allowed to transfer them to other people. We allowed EMR tokens to be transferred from one wallet to another wallet in the Emaar ecosystem or from the user’s wallet in the EMR blockchain to the user’s wallet in the public blockchain after he proves the ownership of this wallet. Transactions are instantly settled and cleared, solving critical problems for the company related to overseas payments.
In addition, we also added value to the EMR token by allowing users to use it for payment or exchange it for other tokens or cash on exchanges. The redemption value is set by the EMAAR entity the user is redeeming his EMR tokens against. To achieve this, close integration with all Emaar systems was required.