Industries are looking at ways at to maximise their growth using technology. Cryptocurrency and underlying blockchain technology along with “Bitcoins” has seen a rise recently. But, the blockchain stands to make a sizeable impact on the industry.
Offline to online!
Physical retailers often feel challenged when it comes to gathering customer data and insights in comparison to online retailers. Physical retailers have implemented solutions such as beacons for this reason, which allows retailers to know where the potential customers are. This is where block chains help take them to the next level and bridge the gap.
The data gathered using beacons still doesn’t measure the customer insights measure online. So, it’s best for retailers to use in-store sensors with a decentralized authority to obtain useful customer data and insights.
Crypto-currency powered programs!
Cryptocurrencies that encourage incentivized referral are slowly making their way amongst brands. These programs help optimise customer referrals and help merchants understand core customer motivations in order to reduce the customer acquisition costs. Blockchain-based referral benefits have positive implications for brands and business owners.
As blockchain is based on a decentralized authority it holds its users accountable. But loyalty programs are hard to track as they do not have a centralized or a decentralized authority. If a company introduces a loyalty program there is usually no policing! Tiffany and Co & Coach are a few brand names that have cohort members. Such brands encourage cross-marketing opportunities and consumer insights.
A customer’s experience is enhanced with the convenience of technology – such as mobile payments. So they definitely add up when it comes to people having quick access and easy mobility. Companies are often seen applying the blockchain method to increase customer loyalty. Advanced payment options, extensive incentive programs, and richer customer insights might help retailers stay ahead of the game.