Ideally, one would place blockchain alongside machine learning and IoT as a technology that would open new doors for humanity. However, due to the polarizing reputation of the cryptocurrencies, blockchain nowadays isn’t subject to as much discussion in the tech circles as it truly deserves.
But that doesn’t take away from the fact that this technology has some revolutionary implications. Retailers, in particular, have found solutions for loyalty programs, warranty procedure and customer data management through blockchain.
Here’s a short summary of what blockchain promises to the retailers in the customer service department.
1. Customer Loyalty Programs
Pareto principle or the 80-20 rule has long been applied by marketers where they believe 80% of your sales from 20% of the customers. Study after study has validated this belief and this is why retailers invest heavily in loyalty programs.
Retailers strive to build a long-lasting relationship with customers by offering them coupons or rewarding points that can later be traded for store items. But the infrastructure built to support these programs is often exposed which leads to loyalty-fraud crimes. This results in both personal data and value being lost. Similarly, some value programs fail to inspire loyalty as the ways to spend points in them are ...
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