When you hear store currency, what is the first thing that comes to mind?
A store currency is a form of money that any business is able to issue. This could be exchanged for items and services as well.
Having your own store currency can be extraordinarily beneficial for your business. Customers holding a store currency means the issuing store grabs customer mindshare. The store’s branding increases every time a customer opens MyCurrency — the first app and platform to make the process of issuing a store currency free and easy for every business — and sees their store currency balance, and the store’s logo beside that balance.
Also, a store currency makes customers who receive it feel more connected to the store. It gives them a feeling of being part of a tribe, of all those who hold the same currency. They share many of the same values, shop at the same store, and have the same tastes. And this feeling could build customer loyalty.
You might now be thinking it is just like loyalty points but, unlike traditional loyalty points, store currencies can be traded, sold or transferred digitally to other businesses or consumers. The wider circulation helps bolster the business’s brand. A store currency also gives customers a financial stake in the business succeeding, since the value of the store currency they hold is dependent on the success of the business that issues it and backs its value.
Store currencies could also be used to purchase goods from suppliers that a business owner needs for his/her business. In return, the store currencies can be used by the supplier to purchase items from the store itself or other stores who accept that store currency.
The option to engage in direct cash-free trade using a business’ own store currency is an unmitigated benefit for business, which universally has limited capital, especially in the form of national currency, known popularly as cash.