The business is constantly changing – do you think you can keep up? Focusing on SMEs, there are 33.2 million small businesses in the US as of 2023. It’s an overwhelming competition and an overwhelming number of brands. So, there’s an ever-greater emphasis on customer relationships.
Could blockchain and the associated benefits be the answers?
We’re already seeing brands accept crypto as payments in an attempt to acquire more customers. And crypto is fuelling blockchain evolution and continues to grow rapidly – the Ethereum 2025 price is predicted to reach a maximum of $6,500 after starting at $0.31 in 2014.
Below, we’ll explore how blockchain can revolutionize your customer relations
Streamlining Payments
Blockchain significantly streamlines the payment process. It creates a direct link between businesses and customers, enhancing efficiency and satisfaction. By removing intermediaries, blockchain reduces transaction costs and speeds up the process. That’s always a perk to consumers. It’s making purchases smoother and more economical. Again, that’s always a perk to consumers.
The technology can also help customers benefit from quicker claim resolutions and more transparent interactions, enhancing their overall experience. The direct and immediate nature of blockchain transactions also offers a more transparent pricing model.
We could keep giving you more also – but we think you get the picture.
Enhancing Business Transparency
Blockchain’s inherent transparency is a game-changer for business-customer relationships. Giving customers access to blockchain-verified data related to their transactions enhances trust and empowers them with information.
This level of openness allows customers to verify the authenticity of their transactions and the integrity of the data – usually by a unique key. Brands that adopt this transparent approach are likely to see an increase in customer loyalty and trust. Customers appreciate the honesty and openness of their interactions. This transparency extends beyond transactions – giving insights into business practices and ethics – thus, strengthening the bond between businesses and their customers.
Securing Customer Data
The creation of blockchain technology marked a revolutionary shift in how customer data is managed and secured. It’s something that standard technology can’t match. By decentralizing data storage, blockchain eliminates single points of failure. It significantly reduces the risk of data breaches.
This technology empowers customers by giving them control over their personal information. It creates a sense of ownership and security. Businesses can leverage this feature to assure customers that their data is protected and handled with respect for their privacy. And, blockchain’s transparency allows customers to verify how their data is used – a current big problem is data fraud and a lack of control over personal data.
Revolutionizing Customer Engagement
Blockchain will transform customer engagement by personalizing interactions and making them more secure. Imagine a loyalty program that’s rewarding, transparent, and immutable. And if you don’t have a loyalty program, you should. Some 84% of respondents in one study said they favored brands that offered a loyalty program.
Customers could earn and redeem points with ease. They wouldn’t worry about discrepancies or fraud. This level of transparency and efficiency could significantly boost customer trust and engagement. It’ll make them feel valued and appreciated.
Finding ways to improve consumer engagement in 2024 is essential. So many brands are competing in a saturated market. They must find ways to set themselves apart.
Optimizing the Payment Journey
Blockchain’s potential to optimize the payment journey is incredible. It’ll offer a seamless and user-centric transaction experience. One study found that 49% of Generation Z respondents would instantly stop using a brand if the process wasn’t speedy and seamless. And – another statistic shows that 70% of shoppers abandon their carts for reasons including a complicated payment process.
This efficiency is particularly beneficial in cross-border transactions – blockchain can drastically reduce waiting times and fees. Blockchain’s inherent security features minimize the risk of fraud and unauthorized transactions, giving customers peace of mind when they shop. The FTC reported 48,835 cases of payment fraud in 2023. Something must change.
For businesses, faster and safer transactions mean improved cash flow and customer satisfaction.
Improving Product Journey Transparency
Consumers value authenticity and transparency. You, reading this, are a consumer yourself, so surely, you agree? Blockchain technology is an exciting solution to enhance the product journey’s transparency. By providing a record that can’t change a product’s journey – from production to delivery – blockchain gives confidence in customers about the authenticity and quality of their purchases.
This level of transparency is especially essential in industries like pharmaceuticals, luxury goods, and food, where provenance and safety are essential. Interestingly, there’s a lot of statistics relating specifically to food – 72% of shoppers demand transparency with the foods they’re buying.
Customers can verify a product’s authenticity, origin, and journey. It’ll build even more trust and loyalty toward brands offering this level of transparency. According to more research, 90% of consumers think brands that show transparency are an essential factor in their purchase decisions.
Blockchain technology will become more ingrained in various business processes. More than the ones we’ve listed – but the article will become too long.
Its role in bringing businesses closer to their customers will be undeniable. From the statistics in the introduction, you can see how many brands are using blockchain or plan on using it shortly. Its power is undeniable. As businesses and customers seek more authentic and trustworthy interactions, blockchain stands out as a primary technology to bridge this gap. Who knows – it could be the primary technology within ten years. It’s a question of adoption.
