What is a reserve?
Reserve is a no-code token-gating app that lets brands create e-commerce-integrated NFT collections in minutes. If you are a brand exploring fresh strategies to attract new customers and engage with your current ones, it may be time to dip your toes into Web3.
SHOPX uses Web3 technology to increase brand value and customer satisfaction. This is achieved through a special pass that can be considered a digital collectible. Learn more about this in “What Are NFTs? A Technical Breakdown for Beginners”.
If you sell or distribute these digital passes to your customers, they are granted a level of ownership that was not possible before Web3. This gives the customer more control over their relationship with you, as the ReserveX Pass is not tied to their personal information and can easily be bought or sold to other customers. It also provides a few other powerful benefits:
Loyalty programs: You can create custom loyalty programs at low cost, including perks and discounts available to Pass holders only. Certain products can be tied to the Pass, creating an exciting promotion and feeling of FOMO.
Community building: An exclusive community can be built around your brand, and the reserves Pass can be your customer’s ticket. This could raise the value of the Pass, giving the customer a stake in your success.
Botting prevention: A brand can “reserve” certain hot product launches or inventory restocks for ReserveX Pass holders. This will prevent bots from quickly buying inventory and reselling it at a markup on the secondary market.
Because bots and bad actors can be prevented from purchasing your products, value can be captured in your ecosystem rather than leaking into the secondary market.
Increase sales: Based on our first case study, the conversion rate of Pass holders to buyers was around 80%. Selling your Passes increases revenue based on Pass sales alone, but it also tells you something else: it tells you how many people want the products that are hidden behind your Passes.
reserves Core Features
Using reserves is simple. Read Getting Started with SHOPX ReserveX for step-by-step instructions on how to create your ReserveX Pass and integrate it with your Shopify products. Below are the core features you can expect to run into:
- Pass Generation: Build no-code NFTs with an image, description, quantity, price, and landing page.
- Shopify Integration: Give NFT holders exclusive access to your Shopify products for a given timeframe
- Pass Distribution: Give customers access to buy through a raffle, order received, or hand-selection.
Our first brand partner, Mag Park, had problems with bots buying all of their inventory and was looking for a solution.
They used ReserveX to create three tiers of Passes to sell to their customers and managed to sell out the first drop. They made $100,000 on their first day and another $100,000 during their first month.
With an 80% conversion rate, their customers were able to spend their money in-house instead of on an item marked up 500% on eBay.
It also created a fun new marketing experience and created a tight, personal community in Discord where the founder can chat and share secrets or just fun content with his people.
They feel valued because the relationship is based on trust and ownership, and can sell their Pass at any time to redeem its value. The relationship is not one-sided, where the brand is the only party who benefits.
Set up a meeting with us so that we can help you create a fun holiday promotion and sell out your first ReserveX Pass.
Or, if you’re feeling confident, you can do it yourself. Download the SHOPX Shopify App HERE. It’s easy, it’s highly cost-effective, and it’s a fresh approach that your competitors haven’t tried yet!