The blockchain-based customer loyalty programs can lead to a better, complete customer experience and value. All customer micro-interactions with the brand application will be recorded, considered, and rewarded. It will be transparent and easy to monitor for all the consumers who will participate in the blockchain.
Subsequently, the wallet’s role is to store all the coins earned by the customer and use them when required. Like we use money in our wallets, it’s that easy. For instance, based on the below diagram, a customer earns coins or points via various sources such as booking a plane ticket, giving you 100 coins, watching and sharing a video on youtube, giving you 50 coins, etc. Here, now the customer has the liberty to go for redemption in exchange for a coupon. That coupon can be used further by the customer to avail of what’s required.
According to a survey report, 67% of millennials are using mobile wallets. Millennials and Gen Z put mobile wallets ahead of websites and emails as a preferred channel to receive sale/coupon information. Integrating blockchain technology with customer loyalty wallet sets new high bars of ease and security for the customers. It also enhances customer relationships with brands and conclusively leads to higher engagement.
The implementation of blockchain is certain to have several advantages and will not replace existing loyalty programs for now but will instead rejuvenate it. Consumers will continue to use their cards, or even better, their smartphones. Instead of collecting points that can be used only by a specific retailer, or coalition of firms, they will earn tokens that will use them in different retailers or companies. Moreover, customers can even exchange them for cryptocurrencies that can also be traded directly between the consumers or converted into real currency.
Rejuvenate your business capabilities with blockchain enactment. Create your own branded wallet with us. Kwegg enables the customer loyalty program wallet as a centralized customer-accessible stack of all the discounts, coupons, and rewards.