The massive public acceptance and release of government permissions have already boosted the cannabis industry’s growth in the US. Increasing legalization has somewhat inspired many business opportunities in the cannabis domain as a whole. The graph below shows the usage and growth of profits in the year 2019-2020 by various generations. Nationwide the sales were increased by 67% in 2020.
Researchers have proven that it’s expensive for businesses to attract new customers than to retain the existing ones. Here, loyalty programs play a vital role in brand engagement and customer retention. Customer loyalty programs are one of the most adapted strategies for brand engagement and customer retention. Loyalty programs are treated as top-notch advertisement strategies because of the Pareto Principle or the 80/20 rule which states that 20% of your customers’ make up 80% of your revenues on other hand acquiring a new customer is much more expensive than retaining an existing one. This explains the significance of customer loyalty programs for retention.
But, how can blockchain power the economic infrastructure of a Cannabis Business?
There are several reasons which led to compromise customers’ trust over traditional loyalty programs such as frequent changes in policies, lack of transparency between customer and brand, unappealing rewards and complex reward structure,etc. Blockchain is a cutting-edge technology that can help with limitations of current customer loyalty programs and can eventually help to build an economically strong infrastructure for the business. Blockchain-based loyalty programs are intended to transform customer experience and value. All customers’ micro-interactions will be under record following transparency and easy monitoring techniques. This approach will establish trust among two parties to execute ingenious technology under practice. It will simplify and streamline the management of loyalty schemes, making them more attractive for consumers and less expensive for companies. It also facilitates organizations and brands to offer a better value proposition to their customers. Therefore, all the participated customers will get appreciated with exciting rewards.
Kwegg enables the customer loyalty program wallet as a centralized customer-accessible stack of all the discounts, coupons, and rewards. We work to put a value or token behind every user-interaction to build an advanced economic model for your business application. Kwegg assists your application to listen and keep a record of all the events performed by the user. Then help to configure various rules to reward the users. Kwegg enables you to expand your business marketing capabilities and boost your program profitability.