Blockchain CX solutions can improve many processes along the customer journey of modern e-commerce businesses.
Excellent customer experience is the outcome when you anticipate and meet buyer expectations at each stage of the buyer’s journey. But today’s e-commerce customers are being bombarded with information from all directions, which leads to confusion and conflict. The buyer’s journey is no longer a linear process with a clearly defined start and end point but becomes much more complicated.
Blockchain technology is especially suitable for e-commerce because they both involve transactions. Thanks to its ability to integrate with new and existing business systems, blockchain will have much impact on the customer experience. Blockchain CX solutions can be used to improve many processes along the e-commerce buyer journey.
Here are some of the effects that blockchain can have on the e-commerce customer experience in stages for you to explore as this trend grows.
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Positive effects of blockchain CX solutions
Cognitive – Consideration Stage
During this learning phase, blockchain can build a connection between customers and products.
Most customers want to know more about the product they are approaching, and the customer’s understanding of the product reflects their level of interest in the product and your business. Meanwhile, trust is an issue for e-commerce.
Blockchain can act as a reliable storage of product information from each step in the enterprises’ supply chain.
This information can be shared with customers or used for marketing campaigns to increase conversion rates.
Thanks to this ability, the blockchain CX solutions will also help prevent counterfeiting and reinforce customer trust.
During this stage, it is essential to minimize unnecessary operations so as not to reduce/miss the customer’s desire to buy.
The customer’s current payment is very dull and must be done through other intermediaries. Using a third-party service can help the business operations more convenient at some points, but can also lead to the risk of leakage of customer personal information.
According to Experian’s Global Identity and Fraud 2018 Report, 63% of businesses have fallen victim to fraud, while 27% of consumers are increasingly concerned about the apparent security of blockchain transactions and abandon them if they don’t seem secure.
By integrating blockchain into the system, businesses will be able to create a safer and more convenient payment process.
Indeed, by building a reliable customer profile, customers won’t need to go through many bland information filling and verification steps. Also, information stored on the blockchain will include only transaction details about the goods, quantity and proof of the customer’s identity instead of personal data (bank account information).
In addition to shipping and return/refund incentive programs, giving customers the ability to track the status of their goods is also a driving factor in the customer experience.
Blockchain technology can ensure a reliable route of transportation for sellers and customers. Status information during shipping provides a transparent experience for the customer.
Improve loyalty program
The buyer journey in e-commerce does not end when the customer receives the goods. Enterprises are focusing more and more on improving the customer experience after buying by taking care measures and implementing loyalty programs.
Not only by discounting, offering a reasonable price, but companies also need to provide a convenient buying process and multi-points to attract customers to return.
Blockchain will help automate transactions that support and store data on a single platform, making loyalty and reward programs simpler and less intrusive.
Clients can access knowledge shared by previous users, with related data securely stored in blocks. Unlike traditional self-service platforms, customers can choose to pay immediately – boost your revenue and shorten support times.
Plus, blockchain can completely transform the way you share rewards and encourage customer activity. By using the token, the client’s bonus points will be credited to the client’s account, and conveniently refunded credits and rewards.
Blockchain flexibility demonstrates a significant impact on e-commerce customer experience.
Improve customer record management:
A significant concern for all consumers is the safety of their data. While some people are willing to share specific data with businesses for more relevant promotions, that deal always comes with some concerns about how to protect information.
Blockchain can protect sensitive data and offers an attractive solution because it is a more effective data protection tool. Blockchain can enhance businesses’ confidence in how they store and process data. This measure gives consumers a better understanding of how their data is stored, used and protected. It is mutually beneficial for both the business and the buyer.
Develop a blockchain CX solution for your business e-commerce activities
The war in the e-commerce industry is diverting towards the great customer experience. Today’s modern customer journey is more complicated than ever. To survive, it requires companies excellent strategies and efforts into every aspect of the business to solve common e-commerce problems.
Every e-commerce player must prepare in advance for all possible scenarios occurring on the complicated buying journey of the e-commerce world. Blockchain will have a powerful impact on the customer experience, but success will depend on how marketers leverage this technology to review existing touchpoints on the customer journey.
To fully exploit the potential of blockchain, the akaChain blockchain platform is developing blockchain CX solutions that can be easily deployed and integrated.
Our solutions not only help manage and store customer records effectively, increase accountability for e-commerce business activities, but also create cost-effective advantages for enterprises.
Improving the cost savings for your company is of the utmost importance. However, we believe that costs-saving doesn’t merely mean reducing your total costs, but that you can get more out of every dollar spent.
Is the blockchain CX solution a silver bullet for your business? Feel free to contact us or leave your information, and we will reach you as soon as possible to find out.
akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since Establishment in September 2018, akaChain’s product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management, etc. to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io/.
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