Customer loyalty and rewards programs are transactional in nature, with large numbers of participants. These are typical characteristics of blockchain applications, which is why the benefits of embedding decentralised principles in the operations of loyalty and rewards programs are so strong. Here's what blockchain rewards programs can help you achieve:
A theme quickly emerges: blockchain is adept at solving many of the challenges experienced by transactional networks that are hidden behind corporate walls – such as loyalty programs. Apply blockchain to loyalty programs and these networks become cheaper to run, more available and easier to use.
Numerous organisations have been leveraging loyalty and rewards memberships to boost customer engagement. When COVID-19 happened, such programs become an effective way to maintain the relationship between a brand and its existing customers and reach new ones.
It is not hard to see why blockchain and loyalty rewards programs could be a good fit. But does this match translate into the real world? We’ve found several existing use cases offering clear benefits for loyalty and rewards programs:
We’ve highlighted how the giants of credit cards, travel and e-commerce are embracing blockchain technology for their loyalty programs. Yet the effectiveness and longevity of these efforts heavily depend on the experience the program offers.
Loyalty programs are a nice-to-have for consumers, but not a necessity. Anything that obstructs a good user experience will work against enthusiastic program adoption. That’s why a meaningful blockchain UX practice is essential when applying blockchain technology to loyalty and membership programs.
Blockchain mechanisms differ in the way they operate, in comparison to centralised networks. Blockchain UX best practice, therefore, includes a strong element of user education. Apply the following principles to ensure happy, engaged program members:
Though efficiency, cost savings, and profitability are key drivers of blockchain adoption the user experience must stay central for loyalty programs to be loved and embraced. If you are considering adopting blockchain for your membership or loyalty program consider involving an enterprise blockchain expert.
Contact us to see how we can help you achieve your loyalty program objectives through the cutting-edge opportunities blockchain offers.
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