- By Alex Gaw
Contributing Writer - April 25, 2022
New technologies like blockchain and cryptocurrency have the potential to radically reshape the consumer experience, empowering consumers to take control of their personal data while presenting brands with a rare opportunity to shape, alter, or improve the CX for this tech-savvy and financially well-heeled group, states a new report examining the wider adoption of blockchain.
The report is from ONR, the Canadian-based CX strategy specialist, which had sought to understand how consumers as well as businesses were incorporating novel financial instruments as digital currency for transacting business or purchasing specialty goods in specific markets. These instruments include the financial ledger technology known as blockchain; the digital cryptocurrencies of Bitcoin, Ethereum, and other similar examples; and more recently, non-fungible tokens, or NFTs, non-interchangeable units of data with which digital files like photos, videos, and audio can be associated for the NFT to be traded or sold.
“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,” says Jason Ten-Pow, CEO at ONR. “This blockchain innovation allows for innovative forms of consumer loyalty programs, which have the potential to create additional value and deeper customer connections.”
Ten-Pow says deeper customer relationships are possible with the new technologies because of the increased volume of customer information that can be safely shared across platforms and then transformed into greater customer knowledge and used to build bespoke customer experiences.
Users of cryptocurrencies and blockchain also present markets with an opportunity to reach and engage them in a new way. Previous studies have shown that consumers using cryptocurrencies or blockchain are more open and ready to engage in transactions of a specialized and unconventional—but still completely legal—nature, for which a new type of tailored CX might prove to be the winning factor in clinching a deal. The complete lack of physicality of the tokens being sold, exchanged, or recorded also very likely means that emotions play a much larger role in any decision-making that is taking place in using the new technologies—an aspect of possible high interest to brands in crafting their CX approach.
For brands, the new technologies can be impactful in additional ways. Consumer loyalty programs could be reshaped, with blockchain providing instant redemption and exchange for multiple loyalty point currencies, the report notes. For consumers, the transparency of data—a given in these technologies—will have the potential to create visibility around the use of their own personal information, a way to realize individual empowerment. Even so, data transparency could present its own issues, as the placement of customer data on a permanent ledger technology like blockchain is bound to produce significant implications affecting consumer privacy, industry regulation, and government oversight.
Latest Research
Customer Insights & Feedback
Market Drivers and Barriers, Key Industry Players, Market Sizing and Forecasts, and Case Studies
Omnichannel Customer Engagement
Case Studies, Market Drivers, Market Barriers, and Best Practices for the Adoption of Omnichannel Engagement Strategies and Software
CX for Contact Centers
Case Studies, Market Drivers and Barriers, and Market Sizing and Forecasts Focused on the Adoption of CX Platforms and Applications in Contact Centers
CX Market Ecosystem
150 Key Players and Industry Participants Providing Offerings in Customer Data & Analytics, Customer Relationship Management, Contact Center, Personalization & Optimization, Customer Insights & Feedback, and Employee Experience
Related Articles
Taming Customer Feedback Data into Insights and Action
By Sherril Hanson May 24, 2022
There is no shortage of technology solution providers in the customer insights and feedback space, ranging from those who offer end-to-end solutions to those who focus in on just one or two areas of the insights and feedback chain. One of the areas…
Read MoreSalesforce Launches CRM Analytics With New Features
By Alex Gaw May 10, 2022
A customer relationship management (CRM) solution from Salesforce has been retooled and relaunched with new features that incorporate artificial intelligence (AI)-driven insights directly into workflows, advances that Salesforce says can help…
Read MoreONR Report: Blockchain and Other New Tech Can Alter Consumer Experience
By Alex Gaw April 25, 2022
New technologies like blockchain and cryptocurrency have the potential to radically reshape the consumer experience, empowering consumers to take control of their personal data while presenting brands with a rare opportunity to shape, alter, or…
Read MoreZeta Acquires ArcaMax to Enhance Data Cloud
By Alex Gaw March 24, 2022
Zeta Global, the data-driven marketing technology company that is also widely acknowledged to be the business world’s third-largest dataset repository after Google and Facebook, has entered into an agreement to acquire ArcaMax, a key provider in…
Read More