Xoxoday helps firms across the globe simplify business rewards for a wide range of use cases. With 1000+ customers across different geographies, companies can drive behaviors that power business results with engaging rewards, including gift cards, experiences, discounts, merchandise, & more.
This blog will cover the different types of Rewards & Incentives offered by Plum, their benefits, and how you can distribute Plum rewards to various stakeholders.
Different Types of Reward Modes
With Xoxoday, you can give out rewards in the form of Xoxo Codes, Xoxo Points, or Xoxo links. Rewards can be sent individually or in bulk to end-users. All these reward types can be purchased from the Plum application or through API integrations.
Each reward mode has its unique features, and we will discuss which one you should choose for different use cases:
1. Xoxo Codes
Xoxo Codes are alphanumeric reward codes available in standard denominations like 5/10/50/100/500/1000/5000. So it almost works like a currency. However, these codes are distinct, and Storefront users can add multiple codes in a single transaction. Similarly, users can use the excess amount in any code in future transactions.
Xoxo codes are not linked with any email id or mobile number. Hence, they can be easily transferred from one person to another, any number of times. These are unique gift codes that can be sent individually or in bulk to end-users. Xoxo Codes are apt when admins, be it HRs or sales leaders, are looking to use rewards where the end-user email id or mobile number is not known in advance. Some of the use cases are lucky draws, contests, consumer promotions, sales promotions, etc.
Benefits of Xoxo Codes against gift cards like Amazon or Prepaid card or others:
1. Admins can curate the catalog the way they want
Unlike existing players like Amazon and Flipkart, firms who choose to run a Xoxo Code Campaign can customize the reward catalog the way they want.
There may be many scenarios where a brand prefers a curated catalog:
- A food delivery giant looking to incentivize its employees might choose not to show gift cards/experiences from competition in the redemption choices.
- For a company choosing to run a marketing contest in the Super Bowl, specific gift cards may be irrelevant to the campaign’s theme. Hence, it may decide not to show them to the end-user.
2. Apt for situations where “gifts” need to expire
Xoxo Codes are suitable for situations where reward expiry makes sense. For example, a brand running a contest for Christmas might want gifts to expire before the end of the festive season. It is important to note here that the reward amount, if not distributed, doesn’t expire for admins.
3. Helps firms calculate ROI and analytics for distributed rewards
In the digital age, marketers and sales leaders ought to provide detailed information on ROI for the campaigns they run. With Xoxo Codes, it is possible to calculate precise ROI and analytics for distributed rewards in a consumer or a marketing campaign. In addition, you can understand the usage patterns, demographics & psychographics of the user profiles.
4. Xoxo Codes are easily transferable
Xoxo Code is easily transferable, just like a fiat currency. In addition, Xoxo codes make it easy for admins to distribute rewards and enable anyone with the reward codes to use them.
End-users can combine multiple Xoxo Codes during a transaction in the Xoxoday Storefront. As the codes are user agnostic, end-users can also give them to their friends and family members.
What differentiates Xoxo Code and a Currency?
- Curation: Flat currencies or money don’t allow you to curate your catalog. On the other hand, Xoxo Code lets you curate your catalog and set deadlines to redeem rewards.
- Discounts on bulk rewarding: For companies who use rewards for a wide range of use cases, Xoxo Code provides discounts and exclusive offers to help them save on costs. For example, a discount ranging from 1% to 8% can immensely benefit firms instead of zero discounts on purchases made using a currency.
- Perception: There is a general aversion towards money presented as a “gift.” In addition, many people are averse to accepting cash for cultural/other reasons.
2. Xoxo Points
Xoxo points are reward points that can be used to distribute rewards to your employees, research panels, sales, stakeholders, or channel partners. These points are directly linked with your email id or mobile number. Hence, Xoxo points are unique to a user and can’t be transferred to other users. Xoxo points are fluid, which means the denomination can be anything from 1 to 50,000 (even or odd numbers). The Xoxo reward points automatically keep accumulating in the linked email id or mobile number so that one does not have to get into the hassle of adding these points manually. The recipients can use distributed points on the Plum Stores Platform.
One can select the base currency for the Xoxo points as per the choice. For admins using Xoxo Points, the conversion value of points is equivalent to the base currency selected during sign-up. If USD is the base currency, 1 Xoxo Point = 1 USD. On the other hand, if Euro is the base currency, 1 Xoxo Point = 1 Euro.
Xoxo Points are also instantly transferable to a user account. The email id or mobile number of the recipient acts as the unique identifier. The points have an expiry of 1 year from the date of issue and can be used anytime before the expiry date. The Super Admin and Admins of a firm can create Xoxo points under the threshold set for each admin. Xoxo Points, if not distributed, don’t expire for the admins.
What differentiates Xoxo Points from Xoxo Code?
Xoxo Point is connected to either your mobile number or email id by acting as a digital wallet. Once delivered to the end-user, it is not transferable to anyone. Xoxo Point is also flexible when it comes to denominations. Administrators can create points that are not of standard values. Example: 1.5 Xoxo Points, 123 points, too, can be distributed.
Points can be redeemed in single or multiple transactions, irrespective of how they received the reward. The system takes care to consume the oldest points first to ensure efficient usage.
Why Choose Xoxo Points?
1. Repeat and Loyalty use-cases
Xoxo points are a good use case for any micro & repeat rewards. For admins looking to motivate their workforce or reward survey respondents on a fairly regular basis, it makes perfect sense to use Xoxo Points to add to the previous points awarded automatically. Xoxoday is also good with loyalty rewarding use cases as these are also frequent. For example, if 10% of the purchase value needs to be given as loyalty points, Xoxo Points make more sense as an admin.
The end-user can see reward points being added to his/her account every day, which is heavily used in gamification use cases like leaderboards, scorecards, contests, etc.
3. Xoxo Links
Xoxo link is a unique link that lets recipients choose the reward of their choice with a single click. While they are similar to Xoxo Points in many ways, Xoxo Links are the most simple to use amongst different reward types. The user experience is easy, and the redemption process is one click.
When it comes to Xoxo Links, partial use is not possible. Users will have to use the entire link value to complete the purchase. Also, it is not possible to combine multiple Xoxo links while purchasing from the Xoxoday Storefront.
For companies looking to use rewards where the end-user needs a straightforward redemption process, Xoxo Links are apt. The advantage of using Xoxo Links is that the admins are charged only on redemption of the reward.
Benefits for admins and end-users:
1. Extremely intuitive UX for the end-user
With just a single click, users can redeem rewards within the company’s app/website ecosystem. The user doesn’t even have to share personal information to redeem rewards.
2. Perfect for firms with a high percentage of unclaimed rewards
Businesses with use cases that have higher unclaimed rewards can significantly benefit from Xoxo Links. They only pay for the rewards when redemption is completed.
3. Avoid the hassle of dealing with multiple vendors to source rewards
Reduce the hassle of contacting numerous vendors for rewards. By selecting from the innumerous options available, Plum can even procure additional rewards on request by our Global partners. Xoxo links are apt for rewarding through multiple channels without knowing end user details.
4. Curation of the catalog is possible
Xoxo Links, just like Codes, let you customize your catalog the way you want. For example, if you are running a campaign with a specific theme, then Xoxo Links is an excellent choice.
Xoxoday Plum rewards can be distributed to end-users via multiple channels. With Xoxoday, you can deliver rewards instantly or schedule them later.
Administrators can use emails to send rewards individually or en masse. With this distribution mode, you can send a gift and a personalized message and design the email as you deem fit.
With the latest update, admins can customize their SMS and distribute gifts with a personalized message that accompanies them.
With WhatsApp becoming a primary communication tool in startups and large corporations alike, distribute rewards where your employees/customers belong.
4. QR codes
With the rise of QR scanner apps, now distribute rewards via QR codes. It is super easy to create a dynamic QR code.
Rewards can be distributed on-screen. In addition, end-users can log in to. Xoxoday Store to redeem rewards.
APIs are perfect for situations where the admin wishes to send rewards in bulk or if the admin wants to keep customers on their website while distributing the rewards.