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Aligning Incentives for Businesses
Provide Discounts: Businesses will be able to provide discounts to Superlocal users in the form of spending $LOCAL to get some % discount on their purchase. For example, if I redeem 0.5 $LOCAL at a coffee shop, I may be able to get 5% off and the tokens are transferred to the business. The user pays the businesses.
Increase Foot Traffic During Down Times: Businesses will be able to offer $LOCAL rewards when people come to shop at times when they want more customers (e.g. businesses are usually slower in the early afternoon after lunch rush and before dinner, so they can incentivize Superlocal visitors to come). Businesses pay the user.
Incentivizing Other Local Businesses to Join: We will deploy a give/get model to increase the amount of local businesses participating on Superlocal. Businesses will be able to give another business X $LOCAL for signing up, and get an equal amount of $LOCAL in return. These tokens come from the treasury and will be capped at X amount of referrals.
Local Business NFT Drops (‘Perk Drops’): We will build the tools for local businesses to easily do their own NFT drops. For example, a coffee shop could drop a collection of 100 NFTs for 0.2ETH and say that everyone who holds the NFT gets a free coffee each day. The business will receive the initial funds from the NFT sale and then continuous royalties as people trade and assign new value to a free coffee each day. Users pay the business and receive a digital collectible with utility in return.