5 Ways to Retain Your Customers Through Blockchain Technology

Making new customers is as important for a business as retaining the existing ones. A company cannot undermine the significance of its existing customers as they are the ones who talk about their products or services to their friends and family in the form of word-of-mouth marketing, which helps in making new customers. A single instance of negative perception among existing customers can take away your prospects and new customers and impact your sales. 

You need to delight your customers to convert them into your brand ambassador, who spreads positive words about your business. For businesses, retaining existing customers has been an uphill task due to several reasons. In this article, we will have a look at 5 ways to retain your customers through blockchain technology. 

Track and Analyze Customer Insights

Owing to the unavailability of cost-effective tools, most businesses fall short of tracking the feedback and suggestions of their existing customers, which leads to the loss of existing and new customers. Blockchain technology has made customer retention easy for businesses through its cost-effective NFT-generated QR code, which allows the customers to send their feedback directly to the company by scanning a QR code printed on the product. All quantitative and qualitative feedback gets compiled in one place in a blockchain-optimized template, which provides a window for businesses to better understand their customers and churn out new strategies to retain them and make new ones.

One of such blockchain-based solutions is Blokchi, which helps the manufacturers to understand customers’ buying patterns, to formulate future marketing strategies to stop customer attrition and increase consumer drive.

Stop Counterfeit Products  

Another important factor behind customer attrition is the rampant supply of counterfeit products. The businesses are unable to put checks on counterfeit of their products, which breaks the customers’ trust and takes away their existing and new customers. 

Blockchain has emerged as a one-stop solution to stop all kinds of product counterfeiting. The NFT-enabled innovative solution Blokchi prevents the creation of hoax products through the unique QR code printed on the packing of every unit of product. The customers don’t go away from a brand that does not have question marks on its genuinity and integrity, which is what Blockchi works on to maintain.

Prompt Product Recall 

To increase their profit, wholesalers, distributors, and retailers attempt to sell products that are expired, damaged, or duplicate. It damages your brand’s reputation and significantly dents the customer base. Such malpractices not only take away your existing customers but also spoil your potential prospects. 

In such scenarios, the blockchain helps businesses to recall their products that are damaged, expired, or counterfeited, with a real-time tracking and tracing mechanism. It ensures that every single unit of the product is recalled through its integrated QR code tagging system and flagging mechanism. It raises an alarm if the exact number of recalled products are not returned or if there is any leakage in the supply chain.

Create a Robust Customer Loyalty Program

To retain the existing customers and make new ones, businesses organize various customer retention programs such as discounts, freebies, reward points, cashback, etc. However, the leakage in the supply chain renders these loyalty programs impactless, as they do not reach the actual customers. The middlemen or people in the supply chain do not transfer these benefits to the end customer, due to the absence of an end-to-end tracking and auditing system.

Blockchain technology solves this problem by attaching a QR code to each product to let the customers directly avail these loyalty programs. Customers need to scan these QR codes through their smartphone to get the reward or cash back directly into their wallet without any involvement of middlemen.

For instance, a soft drink brand can print a QR code on the cover of a bottle which can be scanned by a customer to avail a discount or reward.

Build Trust With Your Customers

Most brands fail to build a long-lasting relationship with their loyal customers because of gaps in supply-chain, delivery, product quality, and return mechanism. Inefficiency in the delivery of goods and communication with customers to resolve their issues also have an adverse impact on your retention. Customer retention comes with trust, which can be brought by providing timely delivery of goods while maintaining the quality and ensuring the robust return and redressal mechanism.

In today’s digital world, technology has a big role to play in building trust by bringing transparency, efficiency, and flexibility with a respect to supply chain, product quality, and return service. Blockchain is the technology that has all the traits that can streamline your complete supply chain that does not break the customer’s trust. 

Conclusion

Hopefully, these 5 ways to retain your customers through blockchain technology have enhanced your understanding of customer retention through the technology that is set to sweep the business world in the years to come to grow their business in all aspects from customer retention to manufacturing to supply cycle.

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