How Does LoyalShopper Work?
As a merchant you establish the rate of loyalty reward tokens that get awarded for every unit of fiat currency spent by your customer (for example, 1 token for every dollar). You also establish the conversion rate of the reward tokens when they are redeemed to actual dollar discount (for example, $1 discount for every 10 reward tokens). So in this example a buyer who purchased a $100 item, would receive 100 reward tokens.
The buyer accumulates these reward tokens in the Lyra wallet app. When the buyers shop your store again and want to use their rewards on the new purchases, they open up the wallet and redeem these tokens - convert them into a discount code that can be applied at Shopify checkout. In our example, 100 rewards are converted into $10 discount (those rates are flexible and configurable by the merchant).
LoyalShopper utilizes cutting edge technologies, protocols, and algorithms. Please read about Lyra Network for more information.