In the not-too-distant future, it is anticipated that almost everyone will be living in cross-realm or multi-realm environments. Experiences such as leisure, socialising, business, and escapism will all occur in any, and all realms. Soon, almost all industries will experience the convergence of both the physical (real) and virtual (digital) worlds.
While this vision of an interconnected world that further allows for the seamless movement of value and data may still seem utopian, digital innovator brands are at the forefront of experimenting what this frictionless future may look like.
New technology like the metaverse and non-fungible tokens (NFTs) are already proving beneficial in brand promotional and loyalty campaigns. By creating immersive experiences, tokenising offline and online interactions and offering unique rewards linked to irrefutable ownership, these technologies have the ability to revolutionise customer engagement and retention.
One can argue that some of this is hype, a marketing ploy or even just the fear of missing out on the next big thing that is prompting the next evolution of digital technology. To ensure that your organisation’s loyalty strategy is future-fit, these digital technology developments and the influence it has on the relationship between brands and consumers cannot be ignored.
Brands can extend their offline experiences across multiple digital touchpoints that are seamlessly connected. This will enable them to harness implicit and explicit data signals to constantly learn and enhance their ability to deliver personalised and elevated brand experiences. Consumers are also more open to sharing their data with brands as long as they receive truly differentiated, personalised experiences in exchange.
The good news is that brands are already exploring (or have already implemented) digital innovations that can be integrated in their loyalty programmes. Recent Collinson-commissioned research, featuring responses from over 350 Australia, Hong Kong and Singapore-based organisations, revealed that 61% of surveyed organisations are keen to heavily invest in technology infrastructure that supports loyalty over the next two years. While there is a varying degree of focus, an average of 66% of respondents are considering or already implementing NFTs, 69% metaverse experiences and 72% blockchain technologies as part of their loyalty programme.
With digital evolution, a realm of new opportunities abounds. Download our complimentary eBook – The New Era of Loyalty: An Innovative and Frictionless Future– to learn more about how brands can harness the power of digital to better connect with their customers now and in the future.