The Retail Alliance Foundation Reimagines Global Gift Card Industry and Loyalty Programming via Decentralized Retail Network
GRAND CAYMAN, Caribbean, Oct. 24, 2024 /PRNewswire/ — The Retail Alliance Foundation today celebrated its official launch as a non-profit coalition committed to reshaping the future of a transparent and equitable gift card and loyalty economy. In partnership with BFG Labs (a wholly owned subsidiary of Raise Holdings Ltd.), the Foundation will launch and govern the Retail Alliance Network, which aims to bring the multi-trillion-dollar gift card industry on-chain.
Brands face a loyalty crisis driven by stagnant innovation and growing costs, forcing retailers to rethink their loyalty and customer acquisition strategies. Retail’s challenges continue to grow, with outdated technologies contributing to a fragmented ecosystem, lack of standardization, and ineffective tracking. To address these problems, The Retail Alliance Foundation seeks to unite retailers, brands, developers, and technologists to drive innovation, deliver value, and combat fraud.
The Alliance seeks to solve legacy issues with the introduction of SmartCards—next-generation digital tools that offer more than just stored value. SmartCards enable real-time transfers, balance checks, and programmable rules via smart contracts, providing brands unparalleled control over their loyalty programs. With advanced analytics, retailers can track consumer behavior, optimize marketing efforts, and personalize loyalty offerings. The combination of these features not only enhances B2C connections but also integrates seamlessly into Web3 technologies, setting a new standard for consumer engagement and trust.
“Blockchain technologies will revolutionize the multi-trillion dollar gift card industry, providing a critical solution to its technological limitations while driving growth opportunities for brands,” said George Bousis, Founder and CEO of Raise, a core contributor and partner to the Retail Alliance Foundation. “With blockchain technologies, we’re excited to partner with the Retail Alliance to create a secure and transparent ecosystem that benefits both retailers and consumers, offering real-world use cases that unlock the true potential of the multi-trillion dollar gift card market.”
Gift cards hold immense untapped potential, and with nearly a decade of blockchain innovation, the industry is on the verge of a transformation by moving on-chain. This shift will unlock unprecedented opportunities for both brands and consumers. Programmable currencies and the Retail Alliances smart card technologies will enable brands to deepen their relationship with their customers, boost loyalty, and drive revenue in ways not currently feasible in the market. By partnering with innovative stakeholders, an end-to-end experience is being created, fully integrated into retail, where every transaction becomes a chance for deeper engagement and meaningful customer interactions.
The Retail Alliance Network will offer critical support and resources to empower stakeholders to establish a secure, sustainable, and transparent future for the gift card industry. The network will focus on:
- Enforcing fraud prevention with automated, rule-based smart contracts to combat bad actors and protect retailers;
- Upgrading outdated gift card systems with a new standardization method with advanced programmable features to streamline operations and reduce costs;
- Implementing smart contracts that automate transaction processes, offering a seamless experience for both consumers and retailers;
- Adding improved tracking and accountability, leveraging blockchains on chain nature for full attribution and reporting capabilities.
The Foundation has already announced partnerships with leading blockchain organizations, including Polkadot and WalletConnect, as part of its commitment to bringing the gift card industry on-chain. Further details around governance and a token generation event will be disclosed at a later date.
About Retail Alliance Foundation
The Retail Alliance Foundation is a non-profit coalition committed to revolutionizing the global loyalty economy. The Retail Alliance Foundation strives to create a secure, innovative, and inclusive gift card ecosystem by promoting transparency, advancing technology, and uniting industry stakeholders. Guided by industry leaders, we provide critical funding and resources to initiatives that empower stakeholders and ensure the long-term sustainability of the global gift card industry. Through collaboration and community-driven governance, we’re setting new standards for loyalty while promoting happiness and trust.
To learn more about the Retail Alliance Network, visit The Retail Alliance website.
About BFG Labs
BFG Labs’ mission is to drive the next wave of technological advancements, empowering businesses and consumers to thrive in a decentralized, blockchain-powered future where every transaction builds trust, deepens loyalty, and propels the industry forward.
To learn more about BFG Labs, visit the BFG Labs website.
About Raise Holdings
As the creators of the largest gift card marketplace in the world, Raise’s mission is to revolutionize loyalty and rewards for both brands and consumers in the retail industry. Raise actively explores new technologies, products, and experiences that will change the way retailers interact with consumers and customers with their favorite brands. The team is actively pursuing the untapped potential of blockchain technology to push the trillion-dollar gift card industry into its next lifecycle.
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raisepr@mgroupsc.com
SOURCE Raise
