Monet is building an AI driven interoperable loyalty ecosystem on blockchain that benefits brands and consumers alike. Consumers are able to utilise loyalty points earned from brands to get rewarded or swap loyalty points of other brands. Brands benefit from Monet's platform through 4 ways:
1. Increase in Engagement and Retention - Impacting top line of the company
2. Product Discovery, Acquiring new customers and drastic reduction in CAC
3. Consumer insights and analytics
4. Monetization through cashbacks
Startup Description
Problem: The global loyalty programs market was valued at approximately $200 billion in 2022; projected to reach $400 billion by 2030. As per the findings, 87% of the consumers only use 15% of allocated loyalty points. That leads to 80-85% points going to waste. 73% of loyalty program members spend more money to maximize points earnings.
Solution: Monet is building an AI driven interoperable loyalty ecosystem on blockchain that benefits brands & consumers alike.
Consumers: are able to utilise loyalty points earned from brands to get rewarded or swap loyalty points of other brands.
Brands: It helps brands provide additional utility to their customers by giving them the opportunity to redeem points across brands in different industries. Some of the value propositions include:
Retention & Engagement: There are 3 kinds of customers. Non Engaged customers(NEC ~ 90%),Engaged customers(EC 8-9%), & super engaged customers(SEC 1-2%). With Monet, we are aiming to bring the NEC into the EC & SEC category. A 2-5% movement of NEC to EC & SEC is a massive uplift in the topline. This will happen through personalised recommendations, nudges & interoperable points.
Product Discovery: It can cost up to seven times more to acquire a new customer compared to retaining an existing one. Through personalised nudges & recos, new customers would be directed to brands. Monetization would be 5% of existing CAC. Other benefits include Customer Insights, Cashbacks, Easier & safer integrations
Product Screenshots
Business Model
What are we building?
Interoperable loyalty ecosystem on blockchain, powered by AI
How?
Blockchain would provide for safer, faster integrations without the need for Personal Information from brands, thereby drastically reducing integration efforts and time.
The Smart Contracts on blockchain connect customers from large retail players to web3, unlocking innovative opportunities for customer engagement, loyalty and monetization.
Benefit: The end consumer gets the best utility of their reward suited to their needs, with secure, AI-based recommendations:
*Loyalty Points: Omni-channel Marketplace to give Loyalty points to consumers
*Exchange: Consumers can exchange these points for Monet tokens
*Smart Contract: Exchange happens basis of pre-decided terms between marketplace and Monet through Smart Contracts
*Utilization: Consumes then utilize the Monet tokens at various partner marketplaces
*Consumer Insights: Marketplace gets consumer insights basis their shopping patterns in the external ecosystem
* Cashback: Marketplace gets cash back on the transactional volume
* AI Recommendation: Marketplace and Consumers get insights through it
Monetization for Monet happens across both brands and customers.
Customers
based in
India, North America, Europe
Business
Modal Type
Marketplace
Type of
Sales
B2B, B2C, B2B2C
Competitors
Payback, TwidPay, Sodexo, Nectar and others. However, none of them are using blockchain in their tech, which makes us faster, safer and way stronger in our unit economics. Plus we are also able to focus on global intra and inter-operability as against restricting to geographies.
Teams
Abhay Mishra
Co-Founder
Abhay Tondon
CBO and Co-founder of Monet
Anuj Kumar
Co-Founder and CTO
Tell us a bit about how founding team knows
each other.
We're a closed knit team who have known each other for several years connected through many mutual friends and networks. Keeps our trust in each other abject and decision making smooth.
Are all the founders full-time on this
project?
Yes
Looking for an
opportunity to invest in companies
like Monet Work?
