Some tips
More variation. In the transition (1:17) well it's cool how you do it but you should probably add something there, maybe change the bass because having the same ongoing bass the whole song is a little annoying. Then there's a transition at 2:08; to me it sounded a little misplaced because your first transition was from A to A and the second from A to A. Again, you need variation. The whole piece sounded kinda slow to me; you could per haps add something fast paced.
What I normally do to my own songs; change the harmonics and chords somewhere. Set up your song, if preferably, like ABA. (part A, part B, part A again).
Hmm what I think might fit in this song is a transition with sudden silence (maybe with delay (echo)), then part B starts with other harmonics (chords) and rythm. The rythm could be delayed or whatever it's called; swing feeling. What I mean is like, instead of 0-0-0-0-0-0-0-0, scew every second note: 0--00--00--00--0. So a new melody with that rythm.
Just my thoughts :) Else than that it sounds cool! 8)