It is believed that blockchain technology could modernize the way businesses market to and keep their customers. In fact, it has the power to enhance businesses in huge ways. For example, in the finance sector, the calculated annual savings for banks is $8 million to $12 million yearly.
The Connection of Customer Retention and Blockchain Technology
Employing blockchain tech enables the business to run and set up a customer retention-as-a-service network. The chain or trail is public and permanent, as the data can’t be deleted or changed.
For instance, XinFin is a loyalty software designed using blockchain. XinFin makes uses of blockchain technology to generate tokens which all merchants who utilize their network can use.
Merchants and traders can then present such tokens to their customers as rewards. The XDC token exchange takes place instantaneously. The tokens could be accessed through either the customer’s web browser or smartphone. With this omnichannel experience, users can send, exchange or sell their tokens on open marketplaces for other fiat money or loyalty tokens.
Blockchain Offers Frictionless Technology
Existing users of loyalty programs experience continuous friction in the existing system. In fact, 58% of total membership programs do not actively participate. 94% of consumers claim they would utilize mobile wallets which run through blockchain technology if it presented them the power to earn and utilize tokens or loyalty points.
Blockchain technology enables you to organize your customer retention process on a real-time basis. The database is time-stamped, which means you can trace back a record easily. That’s because of the technological setting blockchain is based upon.
Further, any merchant who’s apart of the XinFin network can use the tokens because the frictionless blockchain technology decentralizes the system. That denotes clients are incentivized to come back and perform business with the company again.
You will find a finite number of reward tokens accessible today. They are all set to boost as the number of merchants working under XinFin network increases.
Blockchain technology can be utilized to guide businesses to keep more customers as it boosts transparency within the transaction. Plus, blockchain databases are permanent and public that means trust is raised and bias is reduced.
Customers know that their information is secure and less likely to be tampered or hacked with. They are more likely going to prefer doing business with corporations using blockchain technology. For instance, XinFin concentrates towards enterprises use cases of blockchain tech with the help of native token known as XDC. TradeFinex assists consumers secure capital at competitive prices. It also offers merchandizers visibility on international tenders and client base. Moreover, it offers financiers real-time visibility on their investments with blockchain.
Even though blockchain technology has its roots in the finance industry, it can also guide merchants. It offers enhanced productivity and efficiency in addition to strengthening customer retention. Blockchain technology denotes businesses can present an attractive and efficient customer retention system which attracts customers to come back to do practice with them.