Miconex is a unique business that collaborates with local businesses to understand and explore different avenues that would boost local spending. It is one of the first businesses to use both local currencies and loyalty schemes to increase local economic activity.
Miconex was founded in 2010 in the United Kingdom and has gone from strength to strength with reward schemes all over the world. They have over 150 local programs that generate additional spending in close communities. Within these programs, over 12,000 businesses are enjoying the benefits Miconex can give them. Over 400,000 cards have been sold, which creates a vast amount of money for the local businesses involved.
What are Miconex’s Reward Schemes?
In 2015, Miconex launched a new gift card program called the Town and City Gift Card. Micronex’s reward schemes are digital gift cards that work through Mastercard and any digital wallets like an Apple Wallet. They are essentially a local digital currency that can be used in a range of different services with exclusive price reductions and rewards that you would not receive anywhere else.
Through these cards, businesses can offer digital gifting to their customers. It is a scheme that works for everyone. Local businesses get a chance to show new customers their valuable products and services while customers get to support a range of local companies for an excellent price.
These gift cards are not only used by consumers but they can be used by employers and businesses as staff rewards. This reward system not only helps morale within a business but helps morale within a community. Local businesses support their staff by using other local enterprises as a reward. It is something that will bring a community closer together by spreading positive vibes.
Miconex’s loyalty scheme, Mi Rewards, launched in 2018 and has accumulated over 47,000 transactions and £1 million in local sales in just three short years. When customers register with Mi Rewards, they can link their existing reward cards, and every time they use it, they will receive an additional reward.
Where does Miconex operate?
Miconex currently operates in the UK, Ireland, United States, Canada and Australia.
By far, Miconex’s most successful reward scheme is their Town and City cards. Since its launch, public and private organizations have purchased over £850,000 worth of Town and City Gift cards. Across the United Kingdom and Ireland, over £4 million was circulated into regional communities through Miconex’s reward schemes.
Miconex has also received great success in several locations across North America and Canada with their Town and City cards. In Canada, $3.7 million was injected into local economies through the Food Island Gift Card project.
It is not only in the United Kingdom, the U.S., and Canada where the Town and City schemes have been launched. Miconex expanded their services to Perth in Australia in 2015 and since then there has been over £2 million accumulated through supporting local businesses.
How Can Miconex’s Reward Schemes Help?
Miconex reward schemes help businesses increase foot traffic and spending within their industry by creating their gift card program. With so many businesses struggling due to the Covid-19 pandemic and the economic unrest post-COVID, it has been hard to earn a steady profit. Even over the holiday period, which is lucrative for many businesses, it was reported that profits were down compared to other years.
Implementing one of Miconex’s reward schemes ensures that consumers’ money can only be spent with a specific business, and it promotes shopping with local businesses over multi-nation companies. Instead of relying on a paper-based gift card system, this takes the hassle away from both the business and its loyal customers, making it easy for merchants to track and swift for consumers to use.
How Has Miconex’s Reward Scheme Helped Local Businesses?
In the age of multi-national, faceless companies, local businesses have more competition than ever. The personable and warm greeting of a family-run business is something that a big, shareholder-run company can never replicate. Along with the fierce competition, the volatility of the global economy and several other world economic problems, like the Ukrainian war and Brexit, is also something that is causing many local businesses to throw in the towel and give up.
Local businesses closing to be replaced by another chain store is such a loss to every community, but Miconex is working to ensure that local business is given every chance to survive in such a ruthless and competitive market.
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