The Blockchain Meets Retail
Blockchain technology is enabling retailers to power new loyalty applications, prove authenticity, and bring their products to life in digital experiences.
While the bloom is off the rose for crypto, retailers and brands continue to experiment with the blockchain as they look for new and exciting ways to engage consumers. Notable examples include Starbucks’ blockchain powered loyalty program,Gucci’s expansion into Roblox, and Dolce and Gabana’s multi-million dollar virtual dress sale. While it is too soon to tell if any of these specific efforts will stick, it is safe to say that retail will increasingly embrace the blockchain over the coming years.
Why Now?
The maturation of blockchain technology combined with an increased willingness to wrap Web 3.0 in a Web 2.0 skin have allowed retailers and brands to launch initiatives that appeal to more than just crypto fanatics.
Who Cares?
- Luxury retailers
- Metaverse and gaming platforms (Roblox, Fortnite, etc)
- Emerging brands looking to reward loyal supporters
- Owners of high-quality IP
What Areas Excite Us Today?
- Authentication of physical products
- Customer loyalty
- Creation of digital goods for use/display in digital environments