Wider Blockchain Adoption Will Impact Customer Experience

ONR, a leader in transforming customer experience (CX) for Fortune 500 companies, today shared new data highlighting how consumers, as well as businesses, are using Blockchain post-pandemic to impact the overall customer experience.

As NFTs, cryptocurrency and blockchain increasingly become a part of everyday consumer life and our economy, today there is an exciting inflection point where customer experience (CX) is being driven. by blockchain as we move towards a more digital world. “Businesses and organizations can capitalize on this trend and improve CX/customer relationships by reaching customers WHERE they are with innovative new digital assets.

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“From a consumer-centric perspective, blockchain technology has the potential to dramatically transform consumer relationships by improving data and information transparency and improving privacy and security,” comments the CEO of the company. ‘WE R. Jason Ten-Pow. “This blockchain innovation enables innovative forms of consumer loyalty programs that have the potential to create additional value and deeper customer relationships.”

Some of the facts ONR has learned from its consumer research regarding Blockchain adoption will impact CX in the coming year:

Customer point of view: Simplification of payment and follow-up via mobile payments will make it easier for customers to buy. Deeper customer relationships due to the increased volume of customer information that can be shared securely on platforms that can be transformed into better customer insights and used to build tailored customer experiences whether in terms of buying, selling or bartering.

  • mobile payment will be a leader. This is in contrast with China/Japan/Korea, where a first mobile and digital architecture is already in place. For example, in China, the digital Yuan will compete with the WePay architecture. In North America, Google Pay/Apple Pay mobile phone payments are becoming increasingly popular. How these new technologies are integrated into e-commerce functionality will define the customer experience for payments in the future.
  • It seems blockchain adoption has highlighted how some customers are looking for new and different offerings.
    • Cryptocurrencies and blockchain adoption have the opportunity to reach and engage with customers in new ways, on new mediums/platforms and offer new types of assets /purchases.
    • People involved in crypto are willing to perform “different” online transactions than customers not engaged in Blockchain.
    • The complete lack of physics probably means that emotion plays an even bigger role in decision making.

Improved organizational efficiency from the perspective of facilitating data transport and integration, which will simplify adhere to industry regulations and to improve supply chain management.

  • Industry regulations will be pioneered by the movement to put customer data on a blockchain and will likely start in highly regulated industries such as healthcare, where there are strict customer data regulations and a need to share sensitive data.
    • Essentially, consumer data on a blockchain provides full transparency of how it is used.
    • With data being a primary area of ​​value generation, the consequences of mandates in this way could be far-reaching and truly alter the online ecosystem.
  • Data transparency becomes even more important as Blockchain has the potential to create visibility for customers and the use of their own data. Depending on subsequent legislation and regulation, we could potentially see blockchain used to allow the individual to control their data.
    • Transparency of product information – more information for the end customer. Companies may highlight the true origin or source of materials, which can be used to help customers authenticate their purchase (think ESG – sourcing materials sustainably, etc.)
  • Consumer loyalty For consumers juggling an array of loyalty programs, blockchain could provide instant redemption and redemption for multiple loyalty point currencies on a single platform.
  • General supply chain advantage for inventory tracking: transactions from B2B suppliers move to smart contracts and private blockchains in their supply chain, which provides a gateway/transparency into the rest of the organization.

The ONR has its headquarters in Toronto, Canadawith an office denver and the teams of new York, Orlando and Los Angeles serve customers all over the world.

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