{"id":12360,"date":"2021-01-29T09:00:28","date_gmt":"2021-01-29T09:00:28","guid":{"rendered":"https:\/\/yeeply.com\/en\/?p=12360"},"modified":"2023-12-11T10:46:53","modified_gmt":"2023-12-11T08:46:53","slug":"influence-blockchain-customer-engagement","status":"publish","type":"post","link":"https:\/\/yeeply.com\/en\/blog\/trends-skills\/influence-blockchain-customer-engagement\/","title":{"rendered":"The Impact of Blockchain on Customer Engagement"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Customer engagement almost doesn&#8217;t meet with the financial technology world. Yet, blockchain is a tool that can revolutionize the way people conduct business. It can <\/span><b>influence and transform how companies will engage with their target<\/b><span style=\"font-weight: 400;\"> market. That is far beyond its potential to transform banking transactions and the whole financial industry.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Surprisingly, blockchain has an immense ability to enhance consumer service. It can expand connectivity for vulnerable consumers. Moreover, it can make companies appear transparent and protect all sorts of business-customer experiences.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Today, blockchain isn&#8217;t solely seen in financial environments. There are numerous examples of <\/span><b>blockchain technologies<\/b><span style=\"font-weight: 400;\"> being used in a wide variety of industries with diverse applications. It is now being used outside the finance and the banking industry for voluntary contributions, voting networks, HR processes, and more. Along with other <\/span><a href=\"https:\/\/microsoft.softvire.co.nz\/post-timeline\/best-productivity-software-for-small-businesses\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">technologies that benefit businesses<\/span><\/a><span style=\"font-weight: 400;\">, there are many possible customer interaction applications for blockchain as well.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Keep reading to discover how blockchain could turn around and influence customer service functions!<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><div class=\"bt-proyecto\"><a class=\"do-not-track\" href=\"https:\/\/yeeply.com\/en\/?rel=EN-BT-proyecto-digital#publish-project\" target=\"_blank\" rel=\"noopener\">FIND THE BEST TEAM FOR YOUR DIGITAL PROJECT<\/a><\/div><\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Index &#8211; How blockchain is improving customer engagement<\/span><\/h2>\n<ul>\n<li><a href=\"#relationships\"><span style=\"font-weight: 400;\">Building deeper relationships<\/span><\/a><\/li>\n<li><a href=\"#contracts\"><span style=\"font-weight: 400;\">Modern contracts<\/span><\/a><\/li>\n<li><a href=\"#wallets\"><span style=\"font-weight: 400;\">Use of digital wallets<\/span><\/a><\/li>\n<li><a href=\"#record\"><span style=\"font-weight: 400;\">Record keeping<\/span><\/a><\/li>\n<li><a href=\"#payment\"><span style=\"font-weight: 400;\">Payment journey<\/span><\/a><\/li>\n<li><a href=\"#product\"><span style=\"font-weight: 400;\">Product journey<\/span><\/a><\/li>\n<\/ul>\n<h2><span id=\"relationships\" style=\"font-weight: 400;\">Building deeper relationships<\/span><\/h2>\n<figure id=\"attachment_12365\" aria-describedby=\"caption-attachment-12365\" style=\"width: 748px\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-12365 size-full\" title=\"customer purchasing in a store\" src=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2021\/01\/customer_store.jpg\" alt=\"customer purchasing in a store\" width=\"748\" height=\"499\" srcset=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2021\/01\/customer_store.jpg 748w, https:\/\/yeeply.com\/en\/wp-content\/uploads\/2021\/01\/customer_store-300x200.jpg 300w\" sizes=\"(max-width: 748px) 100vw, 748px\" \/><figcaption id=\"caption-attachment-12365\" class=\"wp-caption-text\">Brick and mortar business with loyalty programs. Source: <a href=\"https:\/\/unsplash.com\/@claybanks\" target=\"_blank\" rel=\"noopener noreferrer\">Unsplash<\/a><\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Blockchain can dramatically affect consumer engagement. However, effective adoption would be mostly dependent on how businesses use blockchain to <\/span><b>re-imagine touchpoints on the user&#8217;s path<\/b><span style=\"font-weight: 400;\">. There is space for business owners and marketers to use blockchain to deploy a network of loyalty services intended to lock in new clients.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">About <\/span><a href=\"https:\/\/www.proprofs.com\/c\/customer-support\/customer-loyalty-statistics\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">77% of existing consumers<\/span><\/a><span style=\"font-weight: 400;\"> join loyalty programs. That signals the need to transform how companies promote customer activity. It can also be noted that there is a need on how to retain customers involved in repeat purchases. By connecting content to a virtual coin attributed to the customer&#8217;s account, businesses may explore blockchain to enable customers to <\/span><b>share loyalty points in real-time<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span id=\"contracts\" style=\"font-weight: 400;\">Modern contracts<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Just like <a href=\"https:\/\/yeeply.com\/en\/blog\/9-ways-iot-will-transform-the-retail-industry\/\">IoT<\/a><\/span><span style=\"font-weight: 400;\">, blockchain could revolutionize physical products. There is also a chance for non-physical exchanges to be modified in the long run. One way anyone can achieve this is by smart contracts, allowed by the blockchain. Through blockchain, contractual commitments may be related to individual acts using the &#8220;If\/Then&#8221; paradigm. <\/span><b>Blockchain may activate or inactivate these actions<\/b><span style=\"font-weight: 400;\"> until the contractual terms are met or do not satisfy the technology present.<\/span><\/p>\n<h2><span id=\"wallets\" style=\"font-weight: 400;\">Use of digital wallets<\/span><\/h2>\n<figure id=\"attachment_12366\" aria-describedby=\"caption-attachment-12366\" style=\"width: 748px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-12366 size-full\" title=\"paying with a digital wallet\" src=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2021\/01\/digital_wallet_payment.jpg\" alt=\"paying with a digital wallet\" width=\"748\" height=\"467\" srcset=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2021\/01\/digital_wallet_payment.jpg 748w, https:\/\/yeeply.com\/en\/wp-content\/uploads\/2021\/01\/digital_wallet_payment-300x187.jpg 300w\" sizes=\"(max-width: 748px) 100vw, 748px\" \/><figcaption id=\"caption-attachment-12366\" class=\"wp-caption-text\">Paying with a digital wallet. Source: <a href=\"https:\/\/unsplash.com\/@cardmapr\" target=\"_blank\" rel=\"noopener noreferrer\">Unsplash<\/a><\/figcaption><\/figure>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Digital wallets will allow users to reclaim their credits at their convenience. In exchange, advertisers will use these data analytics to promote a robust view of their customer base. That will increase awareness of the new offering and boost sales rates.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">After-sales support is a significant determinant of customer turnover, as customers are demanding a successful end-to-end experience. Self-service is now increasingly becoming popular, with consumers choosing online assistance instead of switching to support officers. When built and designed correctly, <\/span><b>blockchain through digital wallets can automate these transfers<\/b><span style=\"font-weight: 400;\">, offering customers innovation and experience.\u00a0<\/span><\/p>\n<h2><span id=\"record\" style=\"font-weight: 400;\">Record keeping<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">There are horror stories of businesses that have struggled to keep consumer data secure. Whether it is passwords, health records, or even information that exposes personal views, businesses and customers alike are understandably having growing concerns about consumer data protection.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Consumers trust that businesses only have knowledge about them that is fair and proportionate. Although, it is not always the case.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">With blockchain&#8217;s help, businesses do not need to keep the confidential details required for consumers to carry out any business transaction. <\/span><b>Companies would not have to think about keeping the data secure<\/b><span style=\"font-weight: 400;\">, sterile, or legal since it would not be held centrally. Customers would not have to worry about unnecessary or insecure personal <\/span><span style=\"font-weight: 400;\">data collected by businesses<\/span><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Beyond the handling of consumer identity records, there are also opportunities for other forms of <\/span><b>blockchain-based records management<\/b><span style=\"font-weight: 400;\">. Commonly used these days in healthcare, some organizations plan to use blockchain to store health information such as medical bills and patient-physicist correspondence. Blockchain-based databases&#8217; existence ensures that this knowledge can be simultaneously guarded by encryption while guaranteeing that the records made can never be interfered with.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">\u00a0 Discover more: <\/span><a href=\"https:\/\/yeeply.com\/en\/blog\/cybersecurity-for-startups-guide\/\"><i><span style=\"font-weight: 400;\">Cybersecurity For Startups (A Step-By-Step Guide)<\/span><\/i><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><span id=\"payment\" style=\"font-weight: 400;\">Payment journey<\/span><\/h2>\n<figure id=\"attachment_12367\" aria-describedby=\"caption-attachment-12367\" style=\"width: 748px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-12367 size-full\" src=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2021\/01\/bitcoin.jpg\" alt=\"bitcoin\" width=\"748\" height=\"499\" srcset=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2021\/01\/bitcoin.jpg 748w, https:\/\/yeeply.com\/en\/wp-content\/uploads\/2021\/01\/bitcoin-300x200.jpg 300w\" sizes=\"(max-width: 748px) 100vw, 748px\" \/><figcaption id=\"caption-attachment-12367\" class=\"wp-caption-text\">Bitcoin cryptocurrency. Source: <a href=\"https:\/\/unsplash.com\/@ewankennedy19\" target=\"_blank\" rel=\"noopener noreferrer\">Unsplash<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Bitcoin and other cryptocurrencies are using blockchain to move funds from one individual to the next. It is a stable and open mechanism that works even without a central bank&#8217;s need.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><i><span style=\"font-weight: 400;\">Blockchain allows strangers to exchange without the need for a third party to control the transaction.\u00a0<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Clearing and proof of identities require awhile. International transfers can take a long time and typically come with high costs. Many clients are vulnerable or impaired, do not usually have a bank account, or can neither access a bank.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Payments made through blockchain technology could eliminate these banking problems. It can <\/span><b>allow money to travel easily between companies and their clients<\/b><span style=\"font-weight: 400;\">, without the need for banks or payment networks to serve as middlemen.<\/span><\/p>\n<h2><span id=\"product\" style=\"font-weight: 400;\">Product journey<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Customers usually lament that they have paid for a product or service they have not received. Those complaining consumers are the tip of the iceberg with issues with the dispatch and receipt of products. These customers have missed business opportunities as they are overwhelmed with negativity about a particular brand and even defy organizations the chance to work on them. These types of customers simply walk away and move on to competitors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the future, businesses can only take customer funds only if the product has been checked on the blockchain technology as obtained by the client. Companies could see this form of <\/span><b>blockchain-facilitated process improvement<\/b><span style=\"font-weight: 400;\"> as a competitive differentiator. It can help encourage consumers to not be at risk of missing out if any product kit goes astray, thus improving customer engagement along the way.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\"> Recommended reading: <\/span><a href=\"https:\/\/yeeply.com\/en\/blog\/power-intelligent-process-automation\/\"><i><span style=\"font-weight: 400;\">The Power of Intelligent Process Automation (IPA)<\/span><\/i><\/a><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Final Thoughts<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Blockchain continues to gain traction in the business industry. This innovation appears to be <\/span><b>manageable for most businesses<\/b><span style=\"font-weight: 400;\">. It also a flexible investment area for brands and organizations where customer engagement matters. As technology continues to evolve, it disrupts existing digital marketing models that sometimes fail to increase openness with a more frictionless experience.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The connection between companies and customers is being redefined these days. Customer engagement and satisfaction may traditionally get lost along the buyer&#8217;s journey.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, with the rising influence of blockchain, it is now being reinforced. This degree of engagement <\/span><b>empowers customers to connect with businesses<\/b><span style=\"font-weight: 400;\">. It also allows companies to access accurate data and analytics, essentially reinventing customer engagement&#8217; complexities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><p><a href=\"https:\/\/yeeply.com\/en\/?rel=EN-BP-proyecto-digital#publish-project\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/yeeply.com\/en\/wp-content\/uploads\/2020\/04\/EN-cta-blogpost-proyecto-digital.jpg\" alt=\"Proyecto Digital\" \/><\/a><\/p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Customer engagement almost doesn&#8217;t meet with the financial technology world. Yet, blockchain is a tool that can revolutionize the way people conduct business. It can &#8230;<\/p>\n","protected":false},"author":2,"featured_media":12394,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_uag_custom_page_level_css":"","footnotes":""},"categories":[498],"tags":[],"class_list":["post-12360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-skills"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Influence of Blockchain on Customer Engagement<\/title>\n<meta name=\"description\" content=\"Blockchain technology is already leaving a mark in the financial realm. 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