Because the Covid-19 outbreak rages on, many airways world wide have needed to search for different sources of income to remain afloat whereas figuring out new growth opportunities in the post-pandemic world.
At Singapore Airways (SIA), one of the crucial worthwhile carriers globally, these efforts embrace bolstering its KrisFlyer loyalty programme to determine new buyer segments and enhance income.
Most airline loyalty programmes, particularly people who contain numerous companions and retailers, usually take some time to confirm and reconcile miles and loyalty factors earned by members throughout their networks. With blockchain technology, this may be performed sooner and in a safer method.
In early 2018, SIA began engaged on KrisPay, the world’s first blockchain-based airline loyalty digital wallet app touted to unlock the worth of miles collected by KrisFlyer members.
On the time, SIA’s CEO, Goh Choon Phong, hailed the app as a ground-breaking initiative that mirrored the funding the airline was making to considerably improve the digital aspect of its enterprise.
About two years later, the airline expanded on KrisPay, turning it right into a digital way of life platform to have interaction customers past flight bookings and cell funds.
Now known as Kris+, the app was launched in simply six months and recorded about 20,000 downloads within the first three months. It rides on a non-public Ethereum blockchain involving solely retailers and companions, and was developed by an in-house crew in partnership with KPMG.
The mission has additionally impressed SIA’s creation of KrisLab, an innovation facility by which it launches prototypes at pace in partnership with startups, established incubators and accelerators.
SIA’s work in creating Kris+ was recognised on the inaugural Pc Weekly Innovation Awards APAC 2021 when it emerged because the winner of the transportation class.
Elaborating on the success of Kris+, SIA stated the app has strengthened its property and that of its companions in retail and different industries.
And through the use of tokenisation, which replaces precise miles with a string of random numbers and letters, Kris+ has additionally improved the safety of data handed between retailers and SIA.
Moreover, the immutability of blockchain reduces layers of transaction verifications, enabling simple reconciliation and sooner settlements.
Kris+ has since opened up new buyer segments for SIA, together with non-frequent flyers, whereas enabling KrisFlyer members to make use of their miles to pay for purchases at associate retailers and to build up loyalty miles for the subsequent flight.
With extra causes to spend their miles, SIA stated extra clients have switched from different rewards programmes, growing the airline’s income within the course of.
In paving the best way for the success of Kris+, SIA carried out a slew of change administration actions, corresponding to partaking all ranges of employees throughout the corporate by conferences, displays, inner communications and employees incentives.
It additionally sought to offer a platform for retailers to market to its buyer base at decrease buyer acquisition prices.
“Although the unique intent was to create a digital pockets, which might combine SIA property – KrisFlyer miles, boarding cross privileges and Singapore Stopover Holidays – we pivoted to growing engagement on the bottom and extra way of life advantages past flights.
“This offered SIA with a brand new enterprise alternative whereas navigating the effects of the Covid-19 pandemic,” it stated.