Crypto: How is Web3 revolutionizing loyalty programs?

The crypto space and Web3 are known for typical examples of a strong and engaged community. Between the specific vocabulary, the points of interest based on innovation or even their ability to bring together people from all around the globe without conditions, it must be admitted that the crypto community is very particular. But such a committed group of people is a group capable of many things… And the brands have understood this well. Thanks to the new possibilities that the blockchain world brings, there are a lot of innovative ways that businesses can use to build customer loyalty.

Crypto, a new loyalty model

An example of loyalty would be that of a reward NFT, which would provide access to customer benefits. Let’s imagine that for a certain purchasing regularity, you are awarded this form of reward. You could then, thanks to this NFT, attend an event that the brand sponsors for free, for example. Or simply receive some cashback on your future spending with this company.

Another use case for this type of engagement could be compensation for an action. For example, earning tokens or cryptos from a video streaming platform for agreeing to watch advertisements. Why not imagine, with these tokens, being able to buy products from partner companies at reduced prices afterwards… Suffice to say that with the loyalty model that the blockchain and its various tools provide, the ” community building » has bright days ahead of him. A model that seems to be fairer for customers and a little disadvantageous for businesses, and yet! If people have more benefits, or benefits with more meaning to them, they will be happy to engage more with their favorite brands, right? So they’ll spend money, share on social media, or have interactions with the company that they probably wouldn’t have had if they didn’t have that incentive before.

Companies can use the leverage of Web3

Beyond improving customer engagement, a company using the leverage of Web3 for its loyalty programs will also be able to use the data that this use generates. Indeed, it is much simpler to collect customer testimonials when you are rewarded with a token that can be used directly on the marketplace, rather than by vouchers that must be activated or used in a physical store. It is also easy to see which marketing campaign schemes are most appreciated by customers, simpler to see which loyalty programs are most successful with customers, or to better segment customers and understand their expectations more effectively. .

Web3 then becomes a powerful connector between brands wanting more interactions and better retention of their customers, and customers who always want more advantages from remaining loyal to certain businesses. Even if the question regarding the incentive to overconsumption could arise, we must remain pragmatic and tell ourselves that despite everything, people will remain reasonable in their purchases despite the improvement of their experience. The goal is not to sell more, although this is always appreciated, but above all to guarantee several sales for the same customer in the long term. Our readers who work in marketing will tell you: a customer who has never purchased from you is expensive and difficult to acquire, but when they do, being able to retain them is a very lucrative art.

Crypto and blockchain provide new solutions

In short, solutions around blockchain are once again unanimous and once again make it possible to bring value to both sellers and customers. It is estimated that customer acquisition costs French companies several billions each year, so we understand why they could be tempted to use Web3 to make the most of these colossal expenses.

On the same theme, is in the testing phase for its Read to Earn program, which rewards our readers for their loyalty and their readings. The rewards distributed will allow access to products made available by our partners on the marketplace dedicated to the Read to Earn program. To find out more, and become a Beta Tester for our new system, you will find a little more here.

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