Business is all about serving the customers. And how well you do that brings long-term sustainable success to your company. Please a customer with your service and you will see a beeline of consumers. But disappoint one, and you have to get ready for disaster. This is the absolute moment of truth for the business world where the key to survival is superior customer service.
However, with the market shifting toward an increasingly digital economy, satiating the rising demand for improved customer experience and heightened trust is no easy game. In fact, according to NewVoiceMedia, businesses lose more than $62 billion because of poor customer service. So, how to meet customer expectations and make consumer experience better? Well, blockchain could be the answer. Yes, blockchain has enormous potential to revolutionize customer experience.
Let’s look into how blockchain can perk up the customer experience.
- Streamlining Payments
Convenience is one of the key aspects of positive customer experience. A consumer will prefer a service that ensures optimum convenience, not just sale. And blockchain can help you accomplish that. This disrupting technology can streamline the payment process while minimizing or eliminating the paperwork. It can also make the warranty and insurance claims settlement process a lot easier for the customer while considerably reducing the time required to receive insurance benefits. This will ultimately enhance the customer’s experience. Also, Blockchain-based transaction eliminates the need for middlemen between a company and its customers. Thus, the cost-savings from eliminating third parties can be passed on to consumers by offering them better products and services at a lower price.
- Smart Contracts
Imagine a customer signs a contract with a firm for some service but didn’t get it by the specified date. This causes chaos for customers as they often have to chase, discuss, persuade and fight for compensation. And if things go seriously wrong, they may even have to involve the third party or sometimes the consumer affairs regulators to verify claims of contractual wrongdoing and put situations right. This process is resource-heavy and quite complicated to administer. But what if there is a convenient process for consumers that can automate the consequences of contractual non-compliance without the involvement of any third party? Well, that’s the beauty of blockchain-powered smart contracts. In smart contracts, all parties are held to their contractual obligations and action can be taken automatically if the conditions are not met. Thus, it reduces the time and effort needed to put situations right while saving the customers from the unnecessary hassle.
- Business Transparency
As we know, blockchain is transparent. Its potential to create business transparency can be leveraged to foster trust among consumers. For instance, if you allow your customers to view all blockchain-related activity associated with them so that they can see how their business relations stand, it will improve the brand loyalty, and ultimately add to their trust.
- Securing Customer Data
Today, customers are being asked for a huge amount of information before making a purchase on any e-Commerce site. This is because companies need the information to make the transaction happen and to verify that they are who they say they are. But with Blockchain, all this can be changed. The ground-breaking technology holds the keys to customer identity in an independent, trusted location and step in between the customer and company to authenticate that identity independently. And as the Blockchain identities cannot be changed, the company and customers can rely on it. Thus, blockchain put control of their data back in the customer’s hands, and thereby improve the customer experience.
Final Word
If the bottom line or losing customers is your highest concern, the blockchain technology can be your secret weapon. In this dog-eat-dog era where every business aims at creating the next big thing, improving customer service through blockchain can give you a competitive advantage over others . The technology can enable you to build a customer relationship that is based upon core values of security, fairness, and equality.