NFTs to revamp Loyalty Programs
The digitization of customer relations has moved to such a level where customers expect to interact with brands on digital platforms. One of the most effective bridges between brands and customers is customer loyalty programs.
The rudimentary forms of customer loyalty programs can very easily be beaten today, and hence require some capable technology that withstands the action of forgery and copying while maintaining the aura of traditional loyalty programs.
The problem with traditional loyalty programs today is that many of them are restricted to redeeming points in exchange for brand-specific rewards. Most rewards have expiration dates, little flexibility, and cannot be transferred. On top of that, some loyalty programs out there still rely on physical cards, and can’t seamlessly integrate into the digital world. Customers not willing to use these points within a given frame have no other options but to get them wasted.
For the rescue, is the technology of NFTs to withhold the digitized demand of customers and modernized needs of the brands. Some people still see NFTs as over-hyped collectables, but they do have the potential to radically change the way customer loyalty works. Maintaining the uniqueness of NFTs is essential– they are not intended to be mass-produced and so are loyalty programs to be shown as–exclusive.
So what are the practical benefits of using NFTs in Loyalty Programs?
NFTs can be used to gain admittance to in-person events, conferences, VIP lounges, and special sections within venues, replacing traditional and digital ticketing. These tickets once minted can be automatically rewarded to customers after they achieve a certain limit of interaction with the company’s service or products or satisfy a certain benchmark set by the company in contracts.
For the company, the same NFT becomes a way to show the value of their service or product, and provide the customer with an exclusive engagement experience.
For the customer, this NFT is an all-time access to the brand’s exclusive deals, experiences, and multiple special rewards. If not, the same can be sold to others on secondary marketplaces, where not only the customer but also the brand receives a royalty once the pass is sold.
For the customers, holding the brand’s NFTs can be put liable to multiple price discounts, cash benefits, or even liable to physical gift rewards. All done in the sight of providing a unique experience to the customer and increasing the value of the brand’s NFT ownership.
While the customer enjoys the rewards of owning the brand’s invaluable NFT, the brand enjoys access to generating much-needed data on how its loyalty program and services/products are performing in the market. The same NFTs, once the customer sells in the market, will provide the brand with a percentage of royalty over that trading, hence again making the brand liable for a profit.
Unlike traditional loyalty programs, a voucher, or token once expired doesn't give any value to the customer or the brand. But an NFT once launched out in the market will circulate as long as the brand is willing and will provide both the brand and the customer an all-time refreshed engagement opportunities.
DigiphyNFT makes it a Reality
So how about giving a shot to these digital tokens that now seem, they were made for loyalty programs? DigiphyNFT brings the easiest ways to understand and implement the utilities of NFTs into a brand’s success story.
From easily customizable NFTs to getting the freedom to mint tokens as per a brand’s liking, with the personal choice of rules and rights in the contracts, we also give brands the golden ways of directly approaching their customer base in no time, with the most effective plans and procedure.