How Bitcoin Improves Customer Experience – Bitcoin Magazine
This is an opinion piece by Frankie Wallace, a freelance writer from the Pacific Northwest.
Bitcoin has been in the news lately, for both good and bad reasons. Recent declines in bitcoin values have spawned intense speculation about the future of the currency. At the same time, bitcoin’s expansion into markets around the world and rapid developments in system capabilities suggest that reports of bitcoin’s death have been greatly exaggerated.
While there is still much to reveal about bitcoin’s future, what is becoming increasingly clear is its vast potential to revolutionize the customer journey. This article examines the use of bitcoin to promote customer engagement, support customer satisfaction, and ensure an exceptional customer experience.
Bitcoin and hyper-personalization
Bitcoin proponents tout the technology’s potential to offer customers a level of personalization not possible with traditional monetary systems. The ability to personalize stems primarily from the mechanisms by which bitcoin flows through the system.
Because bitcoin platforms offer both completeness and transparency, they allow stakeholders, from merchants to service providers, to access the full record of every bitcoin transaction a consumer has ever made. This gives companies unprecedented targeted marketing power, for users who have decided not to use certain (often recommended) privacy practices that would make this nearly impossible.
Promotional materials and online advertisements are directed only to consumers for whom they are most relevant. This means that potential customers will receive information about the products and services that interest them, without having to sift through a chaotic mix of irrelevant ads.
Additionally, blockchain transparency allows transactions to be documented and reported in real time, which should significantly improve the experience of customer loyalty programs.
With traditional loyalty programs, customers often had to wait for transactions to be processed and recorded before earning points or other rewards. However, loyalty programs powered by Bitcoin can provide users with access to real-time rewards.
Even better, due to the comprehensiveness of the ledger, merchants, banks, service providers, and other entities are better able to personalize loyalty program offers. This holistic and permanent profile of a customer’s transaction history means that loyalty programs can be truly hyper-personalized, ensuring that program loyalty incentives are truly meaningful and effective for customers.
And, as every retailer or businessperson understands, there’s no better way to engage and retain customers than to demonstrate that you know your customers as individuals, that you care about responding. to their unique needs and goals with services designed just for them.
Bitcoin platforms don’t just support the customer journey through hyper-personalization. They also enhance the customer experience through empowerment. For example, bitcoin frees customers from the constraints of national and international monetary systems, allowing users to engage with any entity that accepts bitcoin, regardless of the parties and wherever they are.
Not only does this eliminate the need for currency exchange, reducing or even eliminating transaction costs entirely, but it also decentralizes capital, taking economic power from controlling, often autocratic agencies, and shifting it between consumer’s hands. .
In the same way that bitcoin allows consumers around the world to engage with others on the platform, but when they choose, technological advancements also serve to protect consumers in times of crisis. For example, the new Border Wallets technology allows customers to easily memorize key phrases in order to access funds.
This provides a much more reliable, accessible and secure approach to accessing and using funds when crossing borders in precarious situations.
This is especially critical for users in crisis, such as those who have been displaced and are forced to urgently and unexpectedly cross international borders.
The peace of mind of knowing that Bitcoin users will have access to their funds when they need them most is perhaps the biggest improvement in the overall customer journey. This is especially true when organizations that have adopted bitcoin have also implemented advanced information security programs to protect customer data and, most importantly, to maintain the integrity and confidentiality of their bitcoin account.
Improving the customer journey is often essential to building customer loyalty. Bitcoin offers commercial and public entities unprecedented opportunities to optimize customer experience. This includes an exceptional ability to personalize the customer experience for those who sign up, from increasing the effectiveness of targeted marketing efforts to improving the customer experience of loyalty and rewards programs. Additionally, bitcoin supports the customer journey through empowerment, decentralization of capital, and ensuring that consumers can securely access and use their funds when, where, and how they want.
This is a guest post by Frankie Wallace. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.