Wider Blockchain Adoption Will Impact Customer Experience

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The Ability for New Technologies to Radically Alter the Consumer Experience is Found in New Research from CX Leader ONR.

ONR has shared new data highlighting how consumers, as well as businesses, are utilizing Blockchain post-pandemic to impact the overall customer experience.

With NFTs, cryptocurrency, and Blockchain increasingly becoming part of the everyday lives of consumers’ lifestyles and our economy, there is an exciting inflection point today where 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 or customer relationships by reaching customers where they are with new, innovative digital assets.

“From a consumer-centric perspective, blockchain technology has the potential to substantially transform consumer relationships by enhancing data and information transparency and improving privacy and security,” said Jason Ten-Pow, CEO, ONR. “This blockchain innovation allows for innovative forms of consumer loyalty programs which have the potential to create additional value and deeper customer connections.” 

Some of the facts that ONR has learned from their consumer research regarding Blockchain adoption will impact CX over the coming year:

Customer perspective: Simplification of payment and tracking via mobile payments will make it easier for customers to purchase. Deeper customer relationships because of the increased volume of customer information that can be safely shared across platforms that can be transformed into greater customer knowledge and used to build bespoke customer experiences whether that is in terms of buying, selling or bartering.

  • Mobile payment will be a leader. This is in contrast to China/Japan/Korea, where mobile and digital-first architecture is already in place. For example, in China, the digital Yuan will compete with WePay architecture. In North America, Google Pay/Apple Pay mobile phone payments are becoming more prevalent. How these new technologies are integrated into E-commerce functionality will define the customer experience for payments in the future.
  • It seems that blockchain adoption has highlighted how some customers are looking for new, different offerings.
    • Cryptocurrencies and blockchain adoption have the opportunity to reach out to customers and engage with them in a new way, on new mediums/platforms and offer new types of assets/purchases.
    • People involved in crypto are ready to make ‘different’ transactions online than customers not engaged in Blockchain.
    • The complete lack of physicality likely means that emotion takes an even larger role in decision making.

Organization/Brand: Improved organizational efficiency from the standpoint of making it easier to transport and integrate data which will simplify adhering to industry regulation and improve supply chain management.

  • Industry Regulation will be innovated through the movement towards putting 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 its use.
    • With data being a primary area of value generation, the consequences of mandates in this manner could be far-reaching and shift 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 further legislation and regulation, we may potentially see blockchain used to empower individuals to control their data.
    • Product information transparency – more information for the end customer. Potential exists for companies to highlight the true origin or source of materials, which can be used to help customers authenticate their purchase (thinking ESG – sourcing materials sustainably, etc.)
  • Consumer loyalty for consumers juggling an array of loyalty programs, blockchain could provide instant redemption and exchange for multiple loyalty point currencies on a single platform. 
  • General supply chain benefits towards tracking inventory: B2B supplier transactions moving to smart contracts and private blockchains in their supply chain, which provides an entryway/transparency into the rest of the organization.

ONR is headquartered in Toronto, Canada, with an office in Denver and teams in New York, Orlando and Los Angeles serving clients worldwide.