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Customer loyalty is one of the cornerstones of any successful company, which is why it is not surprising that many companies offer club memberships, frequent customer rewards, and many other incentives for loyalty programs to their customers. However, the massive multitude of clubs and programs can be frustrating for customers who surf, while trying to maneuver between the numerous club cards in their portfolios and online, often finding it difficult to track the status of their point and where they can be redeemed.
While cryptocurrencies have impressed in recent years, making news and generating a general public interest, it is the underlying blockchain technology that is turning out to be the real change of game. The ability to transfer and verify information on a decentralized network opens up many possibilities in multiple industries and could become the new standard in many ways, including customer loyalty.
The use of blockchain technology for loyalty programs is already showing great promise many of the biggest brands in the world they have already converted some or all of their programs using technology. The ability to manage a large clientele while maintaining the perfect monitoring of each customer's token count, without the need for a central government entity, is an important step forward in this sector, which sees $ 360 billion points are not redeemed every year. From airlines to small restaurants, it seems that any company can take advantage of new technology for the benefit of customers and themselves.
The main brands are making the transition to Blockchain
In addition to decentralization and easy monitoring, another main advantage of blockchain is the ability to exchange and redeem value tokens, such as frequent flyer miles or telephone minutes. Although this capability is widely used on cryptocurrency platforms such as Ripple and Stellar, it is also used in other industries.
One of these is Singapore Airlines. Considered the best airline in the world, Singapore is also a pioneer in the use of blockchain for its business, introducing a technology-based loyalty program. The advantages of the Singapore Airlines loyalty program are twofold: use blockchain to monitor the status of each customer's account in order to reward him with precision with miles and allow customers to redeem them with other service providers associated with the airline. Launched last July, if the loyalty program takes off, it could become the yardstick to measure all the other airlines' clubs.
Of course, loyalty programs based on blockchain are not limited to airlines. Giant of the rental car E-Z Rent-A-Car he also created a similar program, which includes features such as cryptocurrency payment and even the redemption of points for cryptographic resources within the company's app. Even the Japanese technological giant Rakuten, HP and many other companies are creating blockchain loyalty programs.
Bring Blockchain technology to SMEs
But what about the baby? Many small and medium-sized enterprises (SMEs) do not have the resources to develop their blockchain networks, but would still benefit from the benefits it has to offer. For this reason, several companies have started offering services that take care of the infrastructure and allow these companies to create their own blockchain-based loyalty programs.
The Building Blocks of Brand Loyalty
As blockchain solutions become more widespread, it is safe to assume that a growing number of brands will implement blockchain in their loyalty programs. Larger brands are likely to build their own blockchain or use the services of companies like IBM, which already offers a loyalty program creation API.
As a growing number of companies are examining blockchain technology, it seems that these solutions could prove to be the holy grail of customer loyalty.
Featured image: DepositPhotos / sdecoret
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