BMW Korea To Launch a Rewards System on the BlockchainOctober 7, 2020
BMW Korea plans to launch a blockchain-based rewards program in South Korea dubbed BMW Vantage according to a Korea Herald report on Oct 7. Set for rollout sometime this year, the company said tests were ongoing.
A Rewards System on the Blockchain
The program will be a membership scheme where BMW customers will collect reward points and use them to pay or receive a discount for services such as vehicle maintenance from partner companies.
First-time buyers of new BMW vehicles will receive rewards point of anywhere between 300,000 to 500,000. However, rewards for clients purchasing new BMW 5 Series or the new BMW 6 Series or existing models including X1, X2, the BMW 1 Series, and the BMW 2 series will be up to 900,000 and up to 600,000 points, respectively.
Besides discount on services, users with high-tier membership would receive invitations to cultural events organized by BMW Korea.
Successful tests in South Korea will pave the way for a global launch at an unspecified date in the future.
Presence in South Korea Significant
BMW has a significant footprint in South Korea going back 25 years. The group is now focusing on continuing their active communication with existing and potential customers going forward.
To the German automaker, the South Korean market is strategic. Part of their commitment saw them introduce new 5 and 6 Series sedans as they work closely with over 500 local suppliers.
Their doubling down is part of their grander plans of embarking on an electrification drive. In 2019, BMW struck a deal with Samsung SDI for a long-term supply of battery cells for their new-gen drive trains starting from next year.
Last month, BMW Korea offices and server storage were raided by investigators from the Seoul Central District Prosecutors Office on suspicion that they were deliberately covering up mechanical defects blamed for a string of engine fires.
In March, BTCManager reported of BMW’s plans of rolling out a blockchain-based supply management solution called PartChain in collaboration with 10 of its suppliers. The objective is to optimize the traceability of automotive parts and to “take the digitalization of purchasing at the BMW Group to the next level.”
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