Using cryptocurrency to shop is something we have heard of before but Lolli is quite unique because it’s the very first bitcoin rewards application that lets people earn & own bitcoin when they shop online. They have partnered with 500+ top brands to help drive sales and conversions on their sites. So when you shop
Using cryptocurrency to shop is something we have heard of before but Lolli is quite unique because it’s the very first bitcoin rewards application that lets people earn & own bitcoin when they shop online.
They have partnered with 500+ top brands to help drive sales and conversions on their sites. So when you shop on one of their partner sites, Lolli gets a percent of each sale. They claim to then split that percent with you, sending bitcoin to your Lolli wallet!
Lolli was established with the primary goal of making it easy to earn, own, and share bitcoin with as many people as possible.
They are strong believers in bitcoin’s power as a global alternative currency and universal store of value and want to share it with the world.
Alex Adelman the CEO and Matt Senter are the two founders of Lolli both of whose previous e-commerce startup was acquired by rewards giant Rakuten.
If you think about it, it won’t be that hard falling in love with Lolli because every time you buys anything, let’s say you bought a floral tee for example, you get money back in bitcoin because in simple terms that’s what Lolli is all about. They are an e-commerce platform that allows users to earn bitcoin when they shop at 500 stores!
One might argue that bitcoin in its current state is not easily accessible. But Lolli is here to initiate this great change of making it easy for everyone to earn, save, and share bitcoin.
Payments that are fast, inexpensive, and universal almost as simple as sending a text message, now that’s what you call the future! Lolli is therefore on a mission to spread bitcoin to billions of people all around the world with the click of a button!
Lolli launched about 10-11 months ago and the whole idea was to make it easier for people to earn and own bitcoin. And that’s where the concept started.
Alex Adelman’s last company was acquired by Ebates. This helped the team learn and understand the best cashback company in the U.S, its model and how it works. What Lolli does is basically partner with merchants and those merchants pay them when users shop on their site.
Then some percent of what they earn is send to people in bitcoin to their Lolli wallet.
But as simple as this model might sound it would confuse people as to how do they create a platform that’s two sided like that?
How do they get both sides interested enough?
Alex has the perfect response for it.
He mentions how they were the middleman with their last company and how they powered a lot of two sided market places getting merchants to sell their products directly in publishers in different channels. This process helped them know a lot of merchants who trusted them.
They called up a lot of these merchants back when they started, to help them get a gist of what market they are entering into.
He further remembers how he mentioned that the bitcoin market is really exciting. There’s a whole group of customers that are already invested in bitcoin that want more of it. And then there are also people that would rather have five dollars in bitcoin than they would rather have five dollars in cash. There’s just whole new market. They would rather earn Bitcoin back instead of cash back.
And let’s be honest, the current process for getting bitcoin is honestly very hectic. We all must have had an experience of first having to sign up for Coinbase which takes seven days to get approved then you also have to do an extensive KYC.
This is too much to ask for, as a customer there is no need for you to stay loyal( unless you are a cryptocurrency enthusiast) as you have many other options from where you can buy stuff, much easily!
This is the issue that Lolli is trying to tackle!
The sales process for the merchant is positioning and finding out what they were optimizing for. Alex had a talk with these merchants and he told them how bitcoin is not centrally controlled and it’s just this point system that is universally recognized that can be exchanged anywhere in the world. This excited a lot of merchants.
This helped them to get a lot of the initial merchants onboard and this is how they launched with the first 500.
They have got onboard over 450 merchants since their launch and a lot of those merchants have come onboard because their competitors have made a lot of money and have attracted a whole new group of customers. All of these customers are the ones who have started to using Lolli for the rewards platform.
Thus Lolli serves as this fresh change in the shopping industry, something that bhas the potential to get users excited because who would not love to earn even when they are actually spending!
Lolli is thus taking a major step ahead in transforming not only the shopping industry but also the way people use cryptocurrency making is easier, smart and better!