In today’s on-demand retail market, customer loyalty is a highly prized commodity that is hotly sought after and easily lost. With increasingly aggressive competition between retailers — and a variety of interaction models available (mobile, web site, app, in-store) — just one mediocre customer experience can result in brand abandonment.
An effective loyalty program is an important component of not just retaining and rewarding customers, but keeping the brand top-of-mind and relevant.
Technology is enabling more valuable loyalty programs — for both the customer and the business — with better usability and scalability, and real-time redemption. Blockchain specifically, has been discussed in financial services for a few years, and now its applications for retail are burgeoning and promising.
Blockchain creates transparency, which encourages trust — imperative to establishing brand loyalty. Blockchain records are immutable and completely transparent, for both the retailer and the customer. Giving customers control over rewards, creating a permanent record and building on that trust creates a strong foundation for a valuable rewards program.
An effective loyalty program is an important component of not just retaining and rewarding customers, but keeping the brand top-of-mind and relevant for a valuable rewards program.