Every business desires to attract more customers. But this can be challenging, especially now that studies show you might need at least five times more to get a new customer than to retain an existing one. That’s why you want to be as innovative as possible to ensure you’re ahead of the game. Thankfully, blockchain technology can actually be helpful.
Much of blockchain’s public visibility has come through cryptocurrency markets. Conversations around Bitcoin price analysis have dominated headlines for years, drawing attention to the underlying technology behind the asset. While investors focus on price swings, business leaders are increasingly exploring the engine behind it as a practical infrastructure for solving real-world challenges.
Many companies now use blockchain to improve their supply chains, payment methods and even online security. Looking at the statistics, Acropolium suggests that more than eight in ten world’s largest public companies have already implemented this technology. As a forward-thinking brand, you also want to align with this trend to maintain your competitiveness.
Meeting the growing need for instant payments
It’s no surprise that Fortune Business Insights expects the global real-time payments market to jump from $34.16 billion in 2025 to $284.49 billion by 2032. That’s a more than 35% CAGR, highlighting how almost everyone is turning to this payment technology. With technology having advanced this much, no one expects their funds to be delayed.
In another study by Testlio, it was noted that about seven in ten buyers want funds processed in not more than two seconds. Any delay beyond that could cause businesses to reduce conversion rates by up to 20%. From this statistic, you can agree that improving the efficiency of payment methods can help reach more customers.
Efficient methods can also improve customer satisfaction, leading to better retention rates. And what better way to improve efficiency than by adopting blockchain? This technology’s decentralization eliminates the need for intermediaries, who often complicate the transaction process, ensuring customers can receive their funds in no time.
Winning over the skeptical customer
A few months ago, Exploding Topics highlighted that the number of daily cyberattacks had reached 600 million. This is why almost everyone is taking measures to improve the security of their online interactions. Just a single exposure to threat actors could cost you millions of dollars. According to recent approximations, you may need at least $4.88 million to recover.
Besides financial losses, you risk losing a significant share of security-conscious customers. With cyberattacks becoming common, many shoppers often examine websites to check whether they’re secure before transacting. For instance, they could want to be sure your website uses features like 2FA or SSL encryption. The privacy-conscious ones could want to know whether they can access services anonymously.
If your platform turns out to be insecure, you may end up losing these customers. But thanks to blockchain, you can avoid such consequences. Most public chains like Bitcoin and Ethereum don’t use your real name or email to record transactions. Instead, they use alphanumeric addresses that don’t require users’ personal data.
Suppose you send Bitcoin to person X. Unless someone links your identity to your wallet address, your personal information remains hidden. And because blockchain records can’t be tampered with, businesses can offer verifiable proof that a product is authentic or produced sustainability.
Reaching broader audiences
If you’ve been in international businesses, you know how navigating currency conversions can be problematic. As much as you may want to expand into new markets, you may have to deal with the burden of conversion fees quickly chipping away at your profits. Imagine the pain of having to pay between 1% and 3% of every cross-border transaction you make.
To avoid these pains, businesses are turning to blockchain-based payment systems, which often complete transactions at lower rates compared to credit cards or wire transfers. This makes it possible to reach even regions with limited traditional banking infrastructure.
Also, don’t forget that crypto owners are increasing. A recent study found about one billion individuals using these digital currencies. If you want potential buyers to perceive you as customer-focused, implementing experiences that align with this population can come in handy. One billion is about 13% of the world’s population – a significant percentage for forward-thinking brands to take advantage of.
More engagement with decentralized loyalty programs
It’s challenging to envision success if your business lacks engaging loyalty programs. According to pxa.impact.com, you may miss the opportunity of appealing to 84% of consumers who are more likely to remain loyal to brands offering these features. But again, it’s not just about adding a loyalty program to the shopping experience. You want to implement an easily redeemable program that users can even take advantage of across other sectors.
Gone are the days when everyone was just okay with receiving the rigid traditional setups locked inside apps. These setups can even cause you to forget they exist. However, with decentralized programs, customers have more control as they can use them however they like. Automation through smart contracts can also streamline operations, potentially reducing the costs associated with managing and administering loyalty programs.
Considering all these advantages, it’s right to think that blockchain can help improve your reach. This technology offers competitive advantages like strengthening online security and enhancing transaction speeds, ensuring that customers remain engaged as much as possible.