tael taeltech wabi wabi crypto wabi token

What is WABI and the WABI Token?

Written By Ivan on Tech

Mar 31, 2021

WABI seeks to facilitate a fair transfer of value between brands and consumers across the fast-moving consumer goods (FMCG) industry. This enables brands to save money on marketing while rewarding consumers for participation. The WABI ecosystem connects brands with consumers to create a win-win scenario that is changing spending habits and consumer behavior. With WABI and the Taeltech platform, not only does user participation provide useful insights for brands, but it also rewards consumers with WABI tokens. This mutually-beneficial cycle is at the core of the WABI ecosystem and is proving to be a successful solution for incentivizing consumers to participate. Furthermore, users can earn WABI token rewards simply by scanning barcodes, filling out surveys, scanning labels, and referring new customers.

In this article, we’re going to explore the WABI ecosystem and why so many brands are getting involved. Also, we’ll discuss the WABI token, and the role it plays within the Taeltech platform. If you’re just getting into blockchain for the first time, don’t worry if you feel a little overwhelmed! With thousands of crypto projects available, it can often be difficult to know where to start. If this sounds familiar, the Crypto Basics course at Ivan on Tech Academy is the best place to begin. This course teaches you how to safely set up a crypto wallet, and use an exchange to buy, sell, and trade crypto. 

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What is WABI?

WABI is a blockchain-based service that connects consumers and brands. By incentivizing users with WABI token rewards, brands can generate new types of data for market research, testing, and strategic decision-making.

With WABI, consumers can receive discounts, rewards, referral bonuses, and a chance to earn a passive income with crypto. Meanwhile, brands gain key insights into consumer behavior which can be extremely valuable. This creates a fair and equitable relationship between brands and consumers. Brands get useful information that can lead to new revenue streams and marketing insights, while consumers get rewarded for their participation.

When consumers interact with WABI-associated brands, they can earn WABI points. WABI points can then be redeemed in a dedicated marketplace in exchange for exclusive products, offers, and discounts on thousands of different items.

WABI Token

The WABI token is an Ethereum-based ERC-20 token. WABI loyalty points function on their own separate blockchain, which is based on Hyperledger code, with additional features and functionality. Each WABI token is of equal value to each WABI point. When WABI points are awarded to consumers, an equal amount of WABI tokens are taken out of circulation. 

This means that each time somebody receives WABI points for participation in the WABI ecosystem, the same amount of ERC-20 WABI tokens is instantly locked. Furthermore, this allows the WABI ecosystem to operate two blockchains simultaneously. Each blockchain has a dedicated purpose. One is for the ERC-20 WABI token, while the other serves the loyalty points system.

Due to capital controls and legal restrictions, WABI loyalty points cannot be freely traded on crypto exchanges. The WABI token was designed to remedy this as a tokenized version of the WABI points system on the blockchain. The WABI token is of equal value to WABI points, making it easy to trade WABI points on crypto exchanges. Also, WABI tokens can be stored in the WABI wallet.

The total supply of WABI is 100 million. As adoption of the ecosystem increases, the circulating supply of WABI tokens will reduce as more WABI is locked. Moreover, the more WABI tokens held in WABI wallets, the more scarce the asset becomes. 

At the time of writing, the WABI token has a market cap of $55.5 million. This follows continued upward price movement throughout 2021. According to CoinGecko, the WABI token is currently trading at approximately $0.94.

Exploring the WABI Ecosystem

The WABI ecosystem is built using a dual blockchain model that benefits consumers and brands alike. Below are some of the key components of the WABI ecosystem.

WABI for Consumer

Consumers can scan barcodes or Near Field Communication labels (NFC) to gain a complete history of the life cycle of a fast-moving consumer goods (FMCG) product. This means that every step of the process can be monitored for quality assurance and compliance. Furthermore, this technology goes a long way towards preventing food-related illnesses and safety violations throughout an item’s journey. Users can also track data regarding the mining of raw materials, through to assembly, packaging, distribution, right up to the point where the item reaches the shelf. 

Additionally, WABI offers independent reviews while providing analysis and rankings for brands and their supply chain. Moreover, through the use of NFC labels and monitoring processes, consumers can be confident that their food contains no contaminants, or that the clothes they’re wearing were not made in a factory that exploits its workers, for example. 

The WABI ecosystem encourages customer feedback. In fact, WABI incentivizes feedback as a way to reduce market research costs. The more information you opt to share, the more you’ll be rewarded. Manufacturers are always looking to improve. As such, this feedback is incredibly valuable, providing a wealth of high-quality insights to help brands improve their products quickly, and efficiently. Also, these insights could be considered more valuable than other forms of market research because consumers are compensated for their feedback with WABI loyalty points. These points can then be used with any Taeltech affiliated merchant.

WABI Loyalty Points

Consumers are frequently invited to provide feedback about a product or an experience with a particular brand, along with the opportunity to provide recommendations and suggestions about future products. By doing this, consumers earn WABI loyalty points. WABI loyalty points can then be redeemed through Taeltech affiliated merchants and brands for goods and services.

WABI for Businesses

The WABI ecosystem also allows businesses to expedite targeted surveys and deploy them instantly. Users with a reputable consumption record can provide brands and manufacturers with high-quality information without high costs or multiple intermediaries. Also, brands can carry out A/B testing with live audiences. These tests allow brands to determine various aspects of a product, such as target audiences, pricing, and aesthetics. Perhaps most notably, the WABI token has close ties to the Taeltech ecosystem. In fact, the WABI token was even called "Tael" for some time.

Taeltech

Taeltech is an agile marketing platform and consumer insight engagement ecosystem that utilizes WABI loyalty points. The Taeltech ecosystem uses data-driven marketing to enable brands to connect with millions of consumers around the world. As a leading consumer engagement platform in China, Taeltech has created an environment for brands to carry out rapid experimentation for marketing.

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Digital Advert Optimization

The majority of e-commerce platforms utilize some form of artificial intelligence (AI)-driven engine to make suggestions and predict products to advertise to a specific user depending on their purchasing behavior and spending habits. This generally leads to more conversions and less money wasted on targeting the wrong people with the wrong product.

The WABI ecosystem cuts marketing costs for brands because it helps to target the correct audiences. Rather than throwing millions at a one-size-fits-all ad campaign, casting the net far and wide, the WABI ecosystem allows brands to target consumers based on real data about their spending habits. Moreover, this is helping to build efficient, cost-effective marketing campaigns that benefit both the brand and consumer.

Marketplace

WABI Marketplace provides a swift marketing method for brands and products. By providing comprehensive behavioral data analysis, WABI Marketplace enables brands and merchants listed on WABI Marketplace to optimize marketing strategies across multiple channels. Furthermore, WABI Marketplace offers more than 500 different products, with thousands of new consumer-based products in the pipeline from Taeltech!

Brand Protection

Brands need confidence in their supply chains. Particularly if a product sources multiple components from several countries, transparency and visibility are crucial to ensure that each component is correct and suitable for use.

Many blockchain-based supply chain software services struggle to handle imperfect data.  Even some of the most advanced solutions still encounter problems when dealing with outdated systems that use paper records, for example.

WABI ecosystem utilizes "last mile authentication". This means that a sufficient number of users must scan products before using or consuming them, allowing batches to be tracked before being sold. Resultantly, this crowd-sourced authentication reduces complications throughout the distribution process and helps to reduce counterfeiting and product recalls.

Equitable Marketing

For many brands, marketing expenses are priced into a budget. Particularly for household names and global behemoths, marketing has become an essential part of any successful business. As such, the costs required to get in front of consumers with offers and new products are often astronomical. This is amplified by the ever-expanding web of social media platforms and the shift in modern media consumption. Moreover, brands need to collect millions of data points across several demographics just to keep pace with modern marketing.

As online shopping becomes the norm, e-commerce platforms and social media sites can demand a substantial fee from brands for their products to be seen in any substantial capacity. Furthermore, existing communication channels between brands and consumers are limited and restrictive. Brands rarely get to decide what information about their products they can provide to consumers due to the multiple intermediaries involved. The result is a reduction in consumer feedback, which is paramount to the continued success of a business.

Why Use WABI?

The face of retail is changing fast to keep up with technology and a shift in purchasing behavior. Customer retention is paramount to the success of most businesses, and loyalty schemes have played a key role in this. However, one of the most prominent subjects of debate around retail and sales is consumer data. 

Consumers provide countless data points to companies and usually receive nothing in return. Worse still, this data is then used to target individuals with adverts. This often goes unnoticed. However, the subject has become a major cause for concern not only for consumers but for big brands and major companies too.

Furthermore, marketing budgets in the fast-moving consumer goods (FMCG) industry often take up 10-24% of a brand’s overall annual budget. The primary focus of WABI is to save brands money on marketing by providing reliable data-driven insights, and rewarding users for their participation. The result is a symbiotic relationship between brands and consumers that could revolutionize advertising and marketing. 

The global FMCG industry is currently worth over 1 trillion USD. This creates an immense opportunity to save huge sums of money for many businesses, brands, and merchants. The key to this, however, is mass adoption.

WABI Adoption

The WABI ecosystem is taking a pragmatic approach to increasing adoption and capturing market share by pioneering innovative solutions to improve the performance of the industry as a whole. Furthermore, with around 70,000 WABI token holders, and over 50,000 users actively earning rewards, the WABI ecosystem is gaining huge adoption globally. 

Moreover, as adoption of the WABI ecosystem is directly linked to the price of the WABI token, this presents an interesting dynamic for investors as more WABI tokens are removed from circulation. 

WABI Summary 

Rewards and loyalty schemes for consumers are nothing new. From air miles to discounts, and free coffee, consumers need to be incentivized for businesses to thrive. Despite the numerous reward schemes available, the innovation behind these schemes has been rather stagnant. That is, until recently. With the introduction of blockchain technology, brands and consumers can benefit from a range of innovative loyalty programs and initiatives.

WABI and Taeltech have partnered with industry-leading giants from various sectors. These include the iconic Tokyo Odakyu Department Store, global food behemoth Nestlé, and Chinese vitamin and supplement company Nature’s Care. By combining consumer rewards with priceless market insights, WABI has created a harmonious and sustainable relationship between brands and consumers. Not only does this provide an equally beneficial scenario for users, but it also promotes the importance of data protection and safety.

Moreover, WABI gives users access to tools to help inform consumption and purchasing behavior. In return for in-depth, personalized market insights, WABI rewards brands and consumers for creating a fair exchange of value through the Taeltech platform. Customer retention is among the highest of priorities for any fast-moving consumer goods (FMGC) company. Therefore, brand loyalty, data-driven marketing, and transparent brand-consumer relationships have positioned WABI to be a key player in the convergence of e-commerce and cryptocurrency. 

If you’re interested in getting a career in crypto or blockchain technology, Ivan on Tech Academy can provide all the necessary educational materials, regardless of your experience. Join over 30,000 students in our engaging community, at the number one online blockchain education suite, Ivan on Tech Academy. Also, don’t forget to follow us on Twitter @Academy_IOT and let us know your thoughts about WABI!

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