The Elephants in the Business Rooms: Customer Experience & Blockchain

The Elephants in the Business Rooms: Customer Experience & Blockchain

In today's business world, customer experience has become a crucial differentiator for companies. With the rise of technology and increasing competition, companies are looking for ways to stand out and provide the best experience to their customers. The era of customer experience (CX) has been underway for some time now, and it has been proven that companies that focus on delivering a great customer experience see increased customer satisfaction, brand loyalty, and business results. But there's an elephant in the room that's causing a stir, and it's called blockchain.

Blockchain technology, with its decentralized ledger system, has the potential to revolutionize the way companies interact with their customers.
According to Dr. Dimis Constantinides, Manager, Creative Technologist  of PwC Experience Center & Experience Consulting, "Blockchain has the potential to enable greater transparency,leading to heightened engagement,trust & security. In the new 4.0 industry-era Privacy and frictionless Authentication is of paramount importance for customer transactions, which are all critical components of a positive customer experience." This, in turn, can help companies build trust and loyalty with their customers, which is essential in today's highly competitive business environment. With blockchain and other Web3 solutions, companies can not only enhance their customer experience but also streamline their operations, reduce costs, and improve overall efficiency.

This is not just another passing technology trend; we believe it is the operating system for the second era of the digital age. In the first era, we witnessed the emergence of mainframes, PCs, the internet, cloud computing, big data, mobile web, and social media. Now, we are entering a new phase where technology expands into countless objects, transforming them into smart, interconnected devices capable of transactions. AI, machine learning, and blockchain serve as the foundation of this second era.

Trust is the cornerstone of the digital age in this new era. Unlike the reliance on intermediaries, trust is achieved through cryptography, collaboration, and innovative code. What is currently being developed, including the digitization of all assets, represents the most extensive digitization in history, surpassing any previous technological advancements.

One example of a company that has successfully used blockchain technology to enhance customer experience is Carrefour, one of the largest retail chains in Europe. Carrefour has implemented blockchain technology to improve the traceability of its products. By using blockchain, Carrefour can track the journey of its products from farm to shelf, allowing customers to access information about the origin and production of the products they purchase. This not only improves transparency and trust but also enables customers to make more informed purchasing decisions and encourages sustainability practices.

In addition, Carrefour has also launched a blockchain-based platform called "Act for Food" that allows customers to scan QR codes on product packaging to access information about the product's journey and environmental impact. This platform provides customers with a more engaging and interactive shopping experience while also promoting sustainability and ethical practices in the retail industry. By implementing blockchain technology, Carrefour has been able to improve its customer experience by providing greater transparency and trust in its products while also promoting sustainability and ethical practices.

So, the first step in this journey is to adopt a human-centric approach. Companies need to focus on the needs and wants of their customers, rather than just their own goals and objectives. This means taking a step back and using design thinking to understand what customers want and need from their experiences. By doing this, companies can ensure that they are providing the best possible experience to their customers, and that their blockchain initiatives are aligned with their customer-focused goals.

Once companies have a human-centric approach in place, they can then begin to focus on the importance of customer experience. Companies need to understand that delivering a great customer experience is not just about providing a great product or service. It's about creating an overall experience that meets the needs of the customer, from start to finish. This includes everything from the way customers interact with a company to the way they receive support and feedback.

As Yiannis Lapatas, Director of PwC Experience Center & Experience Consulting says, "Companies that prioritize CX in their blockchain strategy can create a seamless and transparent customer journey, providing a competitive edge in the market." Therefore, it's crucial for companies to keep their customer experience at the forefront of their blockchain strategy.

The next step is to leave ego at the door. Companies need to be open-minded and embrace the changes that blockchain technology can bring to the customer experience. This includes being open to new ideas and approaches and being willing to experiment and try new things. By doing this, companies can create innovative and unique customer experiences that stand out in a crowded market.

We're transitioning from a Things economy to an Experience Economy, where technological experimentation creates connections between commerce experiences. The buyer's journey now includes numerous customer touchpoints that are challenging for brands to influence and monitor. Adopting these technological advancements opens up new engagement opportunities and complexities for brands. It's crucial for brands to adapt to this paradigm shift and determine their role in the Web3 ecosystem to understand consumer behavior fully.

Interoperable experiences will enable remarkable behaviors, such as capturing a physical product's image and creating a virtual rendering through AI and machine learning. This design can be shared in a community of creators who collaborate and enhance it virtually. Brands can then recommend physical accessories or parts needed to recreate the collaborative design. Moreover, brands can produce the unique design, allowing community members to obtain the actual product. Collaborative exclusivity and seamless integration of shopping carts across multiple Metaverse experiences will shape the future competition for experiential brands.

Finally, companies need to understand that customer experience and blockchain are not mutually exclusive. The two can work together to create a unified and seamless experience for customers. With blockchain, companies can store and manage customer data in a secure and transparent manner, providing customers with peace of mind that their personal information is being protected.

Written by:

Yiannis Lapatas, Director of PwC Experience Center & Experience Consulting

Dr. Dimis Constantinides, Manager, Creative Technologist of PwC Experience Center & Experience Consulting