What determines if a customer patronizes a brand? A lot of factors. One of the biggest and powerful tool used to shape how consumers make decisions is advertising. It is not surprising that many producers and organizations create big budgets for marketing and advertisement projects. Consumers tend to react to what they see in the media. Today, digital advertising which is one of the largest sectors try to push misleading product information down consumers throat.
Sadly, most marketing and advertising campaigns hide the truth. The ultimate goal remains to get more customers, sell and make profit. In order to achieve these lofty goals, sometimes unethical practices are adopted. For example, consumers are lied to about the content of a product, its effect on the body or even the production process. Consumers are often tricked into buying what they don't need, or even purchasing a product that is harmful to the environment. Maybe blockchains could be put to good use in order to shape consumers behavior positively.
Blockchain technology is changing how we live, work and exist. It is disrupting a lot of industries. And it is capable of positively influencing the decisions made by consumers across all industries. Consider how this feat is really possible.
Let us two blockchain features that could be implemented into various aspects of the goods and services users purchase in order to achieve positive consumer behavior.
One vital feature of blockchain technology that transactions and records could be publicly verified. Blockchains are really transparent. Data stored in a public blockchain could be seen by everyone and authenticated by whoever cares to do so. This feature could be utilized in the production process by many brands.
Take for example the food industry. Consumers care to know how what they consume was made. They care about the raw materials used, the production processes and stages, and how the final product was achieved.
Take for example a business that produces canned sauce. A blockchain production process could be used to document where the raw materials or ingredients for the sauce originated. The company could show their farms, and indicate the methods of growing the ingredients. Then they could show how the harvesting is done, refining, processing and storage. These are examples of the various stages and steps the final product passed through until it was canned and shipped.
The blockchain could be used to store data about this sauce from the first step to the last step. Customers know that any data stored on the blockchain is immutable. So they can trust the entire production process of this sauce and any product. It reassures them that proper standards were followed and that nothing is fishy about any of the processes.
Having a comprehensive data about how the final product was realized would make consumers trust the brand more. In addition, they are very confident that their values such as having or supporting a healthy environment was never abused in the production process. The result is that these consumers would remain loyal to the brand. They could recommend them to others. Most important, having this data transparently stored on the blockchain would make consumers decide not to patronize other products whose manufacturing processes are not known.
Thus, using the blockchain to stored product manufacturing process would influence consumers to buy a particular product and ditch other brands. Wouldn't you like to know how your tasty burger was made? Only the blockchain could be used to store such data.
Another big challenge which consumers face is identifying original products and counterfeits. The immutability of blockchain data could be put to good use in the supply chain sector. Data about a manufactured product and other features that make it unique could be put on the blockchain. Since such data can never be altered or removed in any way, consumers could find this very useful.
Consumers could use public keys made available by the manufactured to check for features to confirm that a product is original. Bad actors in the manufacturing sector would find it difficult to remove authentication data stored on the blockchain. They would equally find it very difficult to put their fake products on the blockchain. In this way, consumers would quickly spot the fake from the original.
By using the blockchain to store data to identify the original product, the behavior of consumers could be positively influenced. Once they verify that a particular product lack the features of the original one, they quickly avoid it. Hence the blockchain would have helped them make the right decision to go for the original products and ditch the counterfeits.
The supply chain could also help consumers choose only original products. For example, supply chains built on the blockchain could actually trace the movement and origin of a product using data already stored. Once they do this, they will not allow counterfeit products to enter the supply chain. That also prevents those fake products from getting to the retailer from where consumers would pick them.
Unfortunately, many fake products today move through the supply chain because there are no robust, fool-proofs systems in place to check for originality. Back actors get smart and still find a way to use the supply chain to move counterfeit goods. But a blockchain validation system would stop them in their tracks and make the work of consumers pretty easy.
In most economies, the consumer is exposed to risks that could lead to damaged health or loss of money. Advertisers are ready to sell anything - and everything! They lie and cheat consumers making them overpay, purchase sub-standard goods or even subscribing to something they do not need. Blockchain technology comes to the rescue.
Consumers could learn more about the manufacturing process, ensuring that the right standards are followed and that the perfect ingredient is used. They could still spot fake from original and ensure that they are buying the right brand. In these and other ways, blockchains make the consumer safer and spend money where they should be doing so.
