Utop proposes a Blockchain-based customer loyalty platform that allows the usage of points accumulated to get post-purchase rewards. As these loyalty programs are integrated to Utop, they are guaranteed to bring better customer experience and budget optimization for businesses.
About Blockchain: Wide and deep effects
Blockchain is known as a breakthrough technology in new industries like the ever-attractive 4.0 industry and Web 3.0. This is mostly due to its different method of attraction compared to traditional approaches: via decentralized ledger systems that influence various industries aside from finance. In particular, Blockchain has brought about positive changes to the fields of healthcare service, NGOs, agriculture, insurance, manufacture, and so on.
One highlight advantage of Blockchain is its transparency in both protocol and application. With its distributed data system, Blockchain is better at controlling irregularities as well as negative tendencies than centralized systems.
Blockchain and customer care programs
On an industry-wide level, Blockchain can be applied perfectly in customer care programs. Particularly, in the sky-rocketing Loyalty Industry that had vastly developed with the efforts of businesses and researchers alike, products and services are improved not only for starting businesses, but also to retain these businesses and motivate customer engagement. The birth of AI and Big Data also gives companies a popular means of marketing, with which they can utilize the technologies’ efficiency to maintain competitive advantages.
Major problems to the Loyalty Industry
Businesses and organizations however will meet their own challenges in deploying customer loyalty programs. These lie not only in limited marketing wideband, but also in data completion (having “clean” customer data) and siloed systems (like customer data on CRM systems, marketing data on related applications, transaction data on ERP systems, payment data on heritage systems, survey data on other databases, and omnichannel calls on specific and underground databases).
On the other hand, retailers lament the lack of integration between multiple channels, for example: consumers registering for loyalty programs online or via email, however, the loyalty card/POS systems are not updated, which hinders management of customer loyalty programs on different channels, leading to segmentation, difficulties in determining profits, and so on.
Among the current challenges, it is necessary to have reliable solutions for reducing the gap between planning, development, and deployment of loyalty programs. This can be solved with Utop – a Blockchain platform specialized for Loyalty-as-a-Service use cases, developed by Akachain. Utop is the perfect representation, as its value matches both the desired advantage in deployment for businesses, and the demands from customers.
Utop proposes a Blockchain-based customer loyalty platform that allows the usage of points accumulated to get post-purchase rewards. The use of Smart Contracts will enable businesses and stores to easily form agreements and determine terms without the need for lengthy discussions. As these loyalty programs are integrated to Utop, they are guaranteed to bring better customer experience and budget optimization for businesses.
Utop: A mutually beneficial solution for businesses and customers alike
As aforementioned about business challenges, Utop hopes to build efficient customer loyalty programs worthy of their participation. As customers – the supposed benefited party of these programs, are not always having the best experiences, Utop will consider the perspective of both business and consumer. Challenges like having a loyalty program and a centralized channel requires the best approach. Via Blockchain and its distributed data system, organizations can be ensured that there will only be one single open, unchanging, and accessible database, due to the innate transparency of data distribution. This will help save costs related to building a heavy and costly centralized data system.
On the other hand, via the use of Blockchain and smart contracts, participants of loyalty programs are spared from human errors, while other relevant central system risks (like being hacked, being interrupted, shut-downs, unfairness to earlier participants due to changes of terms…) are tremendously reduced. With the smart contract system, Utop can also constantly benefit brand association, as it eliminates lengthy discussions often involved in decision-making. This will help save time for businessmen, fastens decisions, as well as equipps business owners with effective and transparent loyalty programs.
Better relationship between businesses and customers
On a larger scale, with better Utop-enabled approaches in provision and deployment of loyalty programs, businesses shall expect better ROIs as their marketing budget are now managed better. Besides, customer engagement is supposed to be the major target of loyalty programs, so the rise of customer experience in these programs will maximize when they get appropriate values from their spendings.
Utop is developed by Akachain, a permissioned enterprise Blockchain-as-a-service provider.
Akachain is an omnichannel network built with Fabric, with both main chain and private chain, linked by the Privacy Preserved Bridge Protocol (PPBP). The network can store cryptographic data to ensure transparency and security, and its core focus being permission of business innovations. By creating a fair and objective environment, Akachain enables smooth transitions of businesses during Blockchain application.
While it is only one name on the growing list of Blockchain 4.0 projects, Akachain is still sure to be one of the firsts with actual profession in particular industry fields. With collaborators around the world, Akachain’s experts are always devoted to diversifying Akachain’s ecosystem – a business service suitable for Blockchain-as-a-Service, easy in technical procedures for users to constantly deploy these techniques in their different business operations, as well as to reduce difficulties for those unfamiliar with these new technologies. Finally, Akachain’s vision is to become the leader in Blockchain application for businesses.