Article

Jenny Stanley
Jenny Stanley 3 October 2023

Revolutionising Customer Experience with Blockchain Technology

Blockchain technology, often associated with cryptocurrencies like Bitcoin, is evolving far beyond its financial origins. Businesses across multiple sectors are waking up to the transformative potential of blockchain, particularly in the realm of customer experience (CX). This article delves into how blockchain is revolutionising CX, underpinned by solid statistics and compelling numbers.

Transparency and Trustworthiness

One of the foremost strengths of blockchain is its transparency. Blockchain records are immutable; once data is added, it can't be altered without the consensus of all participants. 

- Statistic: According to a 2020 survey by PwC, 82% of business executives believe that blockchain improves transparency in business operations.

Reducing Fraud and Ensuring Authenticity

Blockchain's decentralised nature helps counteract fraudulent activities, ensuring products are genuine and not counterfeits.

- Number Highlight: The World Trademark Review estimates that by 2022, the global economic value of counterfeiting could reach $2.8 trillion. Implementing blockchain can drastically reduce this number.

Enhanced Security and Data Privacy

The encrypted nature of blockchain transactions provides an unprecedented level of security, ensuring customer data remains private and secure.

- Statistic: A study by Juniper Research found that the adoption of blockchain could save businesses up to $20 billion annually by 2024 in data breach-related costs.

Connected Packaging: A Game Changer

Blockchain and Connected Packaging are a match made in heaven. Connected Packaging refers to the integration of technology into packaging to communicate information, authenticate products, or engage customers.

When blockchain is integrated, consumers can scan a product to view its entire journey – from sourcing of materials to the final product in their hands. This not only guarantees product authenticity but also engages customers at a deeper level. In a world where 75% of consumers want to know more about product origin, this is a groundbreaking innovation.

WhatsApp-Image-2023-08-14-at-17-20-24-(1).jpeg

Streamlining Supply Chain Management

Blockchain offers real-time tracking of products in the supply chain, ensuring faster delivery and minimising errors.

- Stat: Deloitte reported that companies implementing blockchain in their supply chains witnessed a 50% reduction in transaction costs.

In Conclusion

Blockchain is more than just a financial tool. It's a transformative technology poised to redefine the landscape of customer experience, creating transparency, trust, and enhanced engagement.

As businesses adapt, the winners will be those who leverage blockchain's capabilities to serve their customers better.

Visit Appetite Creative’s Blog for more of such content!

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
How to Review a Website — A Guide for Beginners

How to Review a Website — A Guide for Beginners

A company website is crucial for any business's digital marketing strategy. To keep up with the changing trends and customer buying behaviors, it's important to review and make necessary changes regularly...

Digital Doughnut Contributor
Digital Doughnut Contributor 25 March 2024
Read more
The Impact of New Technology on Marketing

The Impact of New Technology on Marketing

Technology has impacted every part of our lives. From household chores to business disciplines and etiquette, there's a gadget or app for it. Marketing has changed dramatically over the years, but what is the...

Alex Lysak
Alex Lysak 3 April 2024
Read more
Sales and Marketing Collaboration: A Recipe for B2B Success

Sales and Marketing Collaboration: A Recipe for B2B Success

In the world of B2B, the age-old rivalry between Sales and Marketing often overshadows the potential for a fruitful partnership. Yet, when these two departments align their goals, strategies, and efforts, the results...

Zsofia Raffa
Zsofia Raffa 12 September 2024
Read more
3 Reasons Why Building Social into Marketing is a Significant Competitive Advantage

3 Reasons Why Building Social into Marketing is a Significant Competitive Advantage

Understanding the role of social media in your business is important; however, before you get caught up in tactics first ask yourself “Is my business social?” If not, or if you aren’t sure, here are 3 reasons why...

Anna Fox
Anna Fox 31 October 2024
Read more
How to Understand Your Customer Needs Through Social Media?

How to Understand Your Customer Needs Through Social Media?

Social media is generally known to be a tool of online communication that is used to easily share information and bring together people with similar ideas on the internet. But brands use them as a marketing tool. And...

Manisha Sukhyani
Manisha Sukhyani 29 August 2017
Read more