About MiL.k (MLK)
MiL.k (MLK) Travel, leisure, fashion, culture, and other such activities include all activities that people take to relieve physical or mental stress from daily life. And as a result of social changes such as economic growth, increase of household incomes, decrease of work hours, and improvements in productivity, the lifestyle market has been rapidly expanding In addition, through the development of internet-based technology, diverse service companies providing online reservations or purchases have appeared, and lifestyle-related purchases that had been primarily made offline have shifted to online as well
MiL.k (MLK) With the advancement of the online industry, competition among various platforms has accelerated. The costs for service companies to attract new customers have increased, and these companies are paying various forms of reward points to maintain their existing customers The total amount of mileage points paid to customers as rewards has been increasing each year (in 2017, total sum of (such) points among Korean credit card companies was KRW 2.9 trillion. Source: Korea Financial Supervisory Service)
MiL.k (MLK) goal is to create a system that integrates customers of different service companies in the travel, leisure, fashion, culture, and other lifestyle industries through the blockchain. In the face of intense competition, most companies in the lifestyle sector offer rewards such as mileage points in order to encourage customers to reuse their services and raise customer loyalty. However, since reward points can lead to the granting company’s burden, they are normally about 1% of the original payment. Therefore, using a certain service for a few times doesn’t actually benefit user with the rewards. For this reason, securing regular customers with mileage points is not a satisfactory marketing strategy for service companies
MiL.k (MLK) platform will function as a square by integrating mileage points from different services and providing means to trade them interchangeably. It will gather small amounts of spread mileage points of various services into a meaningful amount and support the users’ ability to trade these points according to their needs. In this way, our platform will make users to benefit from mileage points more substantially. We will make integration and transaction of mileage points happen seamlessly by using reliable and fascinating methods powered by the blockchain.
MiL.k (MLK) In addition, the will create an ecosystem that will allow the participating service companies on the platform to both attract new customers and lock-in loyal customers through co-marketing and integration of services. Their platform will be more influential as number of participating companies from various industries grow and being part of it will become a large factor that differentiates participants from their competitors that are doing only independent marketing.
MiL.k (MLK) Storage Key Points
|Circulating Supply||78,160,812.50 MLK|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Official Project Website||Click Here To Visit Website|
The Weaknesses of Spread Mileage Points
MiL.k (MLK) However, the current mileage points offered by service companies do not sufficiently provide benefits to customers or serve as incentives for re-purchase due to their limitations for usage. And vice versa, service companies also hardly benefit from mileage points, thus current mileage system is not being an effective marketing method. In other words, as price competition in the lifestyle industry has intensified through the rise of various online platforms, the amount of mileage points that service companies offer to customers has become limited. Thus, Customers earn only a small amount of mileage points from each purchase.
For customers, other forms of incentives such as discounts provide greater motive for purchase than the value of the mileage points. Thus, many customers are using multiple platforms even within the same service category and holding mileage points earned through diverse lifestyle activities spread to various platforms. Many of them are not even aware how much mileage points they have on which platforms, and if they are not diligent consumers, they may end up neglecting their mileage points. Problem is that unlike cash, mileage points have expiration dates, and many customers fail to use them before their points are still valid. This means that in many cases, the mileage points offered by service companies do not serve as a sufficient incentive for customers to make re-purchases
- All the aligned service points can be integrated onto the platform and exchanged
between different services.
- The platform functions as a trading market where Mil.k Coin is the means of trade.
- Mil.k Coin is the means of integrating, purchasing, and cashing the points.
- Formation of a Mileage Point-Trading Market by Utilizing Crypto TokenEnables integrating mileage points without needs
for post-settlement and purchasing the points with
discounts in the market.
- Reduced Platform-Building Cost Building a platform on the blockchain costs much less
than conventional System Integration that physically
connects each centralized system.
- Data Transparency and Reliability Since all transactions are being recorded on the
blockchain, no data can be counterfeit.
- Utilization of Global Crypto Exchanges’ infrastructure Tokenization of mileage points means that the token
can be traded and cashed at the crypto exchange.
Limitations of Existing Mileage Point-Integration Programs
MiL.k (MLK) Because of the issues with mileage points mentioned above, various attempts have taken place so far to integrate mileage points in order to increase their value and utility. The most representing case has been the attempts to integrate mileage points among group subsidiaries/affiliates and mileage alliances between airline companies. However, both attempts for mileage integration have had two requirements, the physical exchange of personal information and the post-settlement. For these issues, mileage integration and exchange have been allowed only between certified businesses within same industry or same subsidiaries/affiliates. Therefore, there is no successful platform enabling efficient mileage integration regardless of the industry and group subsidiaries/affiliates status. Service companies in the lifestyle industry need a new platform to raise the usability and utility of mileage points
MiL.k (MLK) aim to build a platform that integrates mileage points of various, different service companies in the lifestyle industries, including travel, leisure, fashion, and culture. Through the blockchain, we will implement a mileage point integration platform that secures the credibility of data, does not require direct exchange of personal information between companies, and has no needs for the post-settlement. This will provide substantial benefits to users, increase customer loyalty by raising the value of the mileage points, and expand the customer pool for service companies on the platform. In this manner, each service company will have a clear competitive edge over its competitors. Our platform is an ‘alliance platform’ that promotes collaboration of multiple service companies and benefits not a specific company but rather all participating companies.