PHILADELPHIA, PA / ACCESSWIRE / November 15, 2021 / Pennexx Foods (OTC PINK:PNNX) is nearing the completion of a new cryptocurrency coin for rewards to be launched on December 3rd. This YourSocialOffers.com (YSO) cryptocurrency will provide a way for merchants and retailers to incentivize consumers to purchase a product and earn cryptocurrency that can be used within their own stores or at different retailers.
When rewarded by a product the consumer perceives getting a retail value, but the merchant only has to cover their cost to produce the product, thereby reducing advertising costs. Using cryptocurrency and block chain enables that.
Cryptocurrency and incentive discounts for consumer rewards work perfectly together as merchants would rather reward customers in product rather than cash. This means that they attract consumers to return to their own stores and YSO consumers are attracted to their stores because they could have accumulated YSO's cryptocurrency which they can use in their store.
Typically, retailers had only two options for rewarding customers, using what is called in the industry a closed loop system, which allowed consumers to accumulate loyalty rewards that could only be used in store, or use a cash back system where the consumer gets cash back.
The difficulty with these is that a closed loop system is limited and the consumer perceives that he or she may not ever get to use the rewards. This barrier in the consumers mind is removed because they see that the reward, in the form of a crypto currency coin, can be used elsewhere.
In a cash back reward the merchant has to provide a ‘full retail' reward meaning the cash back has to be significant enough to give the consumers incentive. By using the coin, the merchants know that when a consumer comes in and uses a reward, it is at that retailers cost, rather than at a retail value. This saves merchants and retailers money.
By using block chain, retailers will have confidence that they are receiving a fair exchange for products and services with other retailers. This is because block chain is an open and peer reviewed technology and its transaction logs which govern the coin create accountability.
There are many great benefits for participation in the YSO coin for consumers and retailers. The company will be releasing more details on the coin and launching a website which will explain it in greater detail as the launch date approaches.
For More Information
Pennexx will do its best to openly and publicly answer your questions and concerns via social media on Twitter https://twitter.com/pennexx@pennexx, or you may email info@pennexx.net.
About Pennexx Foods Inc. (PNNX: OTCMKTS US). Pennexx, through its wholly-owned subsidiaries, is a holding company within the Software/Internet Industry that focuses on social media, prepaid debit cards, cryptocurrency, artificial intelligence, targeted marketing, and consumer rewards.
Safe Harbor Act: This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made according to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report.
For additional information, visit our website at www.Pennexx.net or call 866-928-6409. We are also on Twitter @Pennexx.
SOURCE: Pennexx Foods, Inc.
View source version on accesswire.com:
https://www.accesswire.com/672896/Pennexx-Announces-the-Launch-of-a-New-Crypto-Currency-Coin-and-Explains-How-Cryptocurrency-and-Rewards-Work-Together-to-Create-Customer-Incentive-Bring-More-Consumers-in-and-How-It-Reduces-Advertising-Costs
