In today’s highly competitive Direct-to-Consumer (D2C) landscape, retaining customers and keeping them engaged has become an uphill task for brands in India. The rapidly shrinking attention span time has made the task even more difficult, with studies indicating they now average just eight seconds – shorter than that of a goldfish. In this environment, the ability to capture and sustain consumer interest has become a strategic priority for D2C brands in India.
Sensing it as a need of the hour, Monet, a blockchain and artificial intelligence (AI)-powered loyalty product, has emerged as a promising solution for hundreds of thousands of brands which are committed to delivering nothing but the very best to their customers.
Launched on November 13, 2024, Monet is committed to providing unprecedented experience and benefits to millions of customers of thousands of active brands in the ecosystem. Monet’s interoperable feature transforms the loyalty landscape by breaking down silos between brands.
Imagine earning points on an apparel purchase and redeeming them for buying groceries or streaming service subscriptions! This cross-brand ecosystem fosters deeper engagement, as consumers are more likely to participate in programs that offer flexibility and real-world value. For brands, it provides richer data on consumer behaviour and preferences, enabling personalized marketing strategies and better retention.
“Monet is fundamentally re-imagining data and loyalty monetization for the future, leveraging a robust tech stack, and creating an ecosystem where loyalty isn’t just transactional but transformational. We are aiming to get to 700-1000 brands across segments over the next 6 months,” says Abhay Mishra, Co-founder & CBO of Monet.
Monet + Dazeinfo = The Secret Sauce Behind Customer Retention
The other major attraction of the event was the launch of an industry-first report titled “Changing Landscape of Interoperable Loyalty Programs in India”. Monet and Dazeinfo, India’s leading growth media and research firm, came together to analyze the fast-changing landscape of loyalty programs in the country, and highlight a few major actionable insights essential to drive customer retention.
Sanjeev Gupta, CEO of Karnataka Digital Economy Mission, and Pankaj Rai, Group Chief Data Analytics Officer at Aditya Birla Group, unveiled the report.
One of the key findings of the report is about the flourishing loyalty market in India, which poses enormous opportunities for brands as well as merchants. The report highlights that the Indian loyalty programs market is projected to grow from $5.37 billion in 2024 to $8.02 billion by 2028, reflecting a robust CAGR of 10.5%.
“As Interoperable loyalty programs gain traction in India, businesses are seeing firsthand the advantages of offering rewards that resonate with customers. It’s not just about points or discounts—it’s about creating experiences that keep customers coming back,” says Sanjeev Gupta.
You can download the complete report from Monet, or Dazeinfo.
Why Monet
With new brands emerging almost daily, consumers are bombarded with choices. Traditional loyalty programs, confined to single brands, often struggle to create lasting impressions. Customers are wary of juggling multiple loyalty cards and apps, leading to reduced participation and engagement. Interoperable loyalty programs, like Monet, offer a solution by allowing consumers to earn and redeem rewards across a network of brands, enhancing convenience and perceived value.
The panel discussions with industry heavyweights from Flipkart, Diageo, Razorpay, NVIDIA, Aditya Birla, and Wix at the event also discussed the immense need for such platforms.
“Interoperable rewards will be one of the largest unlocks for retail consumption and loyalty program expansion. Excited to see how Monet drives this ecosystem for India,” says Vishnu Acharya, Head of Strategy and Corporate Development, Razorpay.
Blockchain, the underlying technology of Monet, emerges as the ideal foundation for interoperable loyalty programs. Its decentralized nature ensures transparency, security, and efficiency – key factors in building consumer trust. Each transaction is recorded on a tamper-proof ledger, reducing the risk of fraud and ensuring accurate point tracking. Smart contracts can automate reward distribution and redemption, streamlining operations for both brands and customers.
Moreover, blockchain facilitates the creation of tokenized rewards, which can be traded or transferred between users. This flexibility not only enhances customer engagement but also creates opportunities for secondary markets, where points can hold tangible value beyond the brand ecosystem.
As India’s D2C market continues to flourish, interoperable loyalty programs powered by blockchain and artificial intelligence could redefine consumer relationships. Brands that adopt this approach stand to gain a competitive edge by offering seamless, value-driven experiences that resonate with today’s fast-paced consumers. In a world where attention is fleeting, interoperability isn’t just a strategy; it’s the secret sauce to long-term loyalty.
