Blockchain Affecting Brands and Marketing
For a brand to be successful, authenticity plays a major role, as it is important for customers to see their brands live up to the value. But brands do lack things and Blockchain makes up for it by providing proof that production of goods is done with responsible practices, are sustainable, and ethical.
Sustainable shoppers and millennials are constantly looking for proof of the products. Brands like Everlane and Patagonia are very transparent about where their materials are from and how they are produced. This approach ensures clarity. Hence, people buying ethical goods are increasing every day.
Blockchain is bringing in efficiency, transparency, and brand reputation, providing an opportunity for brands to transparently record where their product comes from. If brands can show that, their products come from sustainable sources, the brand value increases in the eye of the customers. Hence, companies that can prove that their practices are ethical have an upper hand in marketing gimmicks.
Besides, brand value is not just impacted by where products come from but also where they go. The truth is that the way goods are produced is inefficient. The supply depends on the previous year’s numbers, dubious projections, etc. It is rarely accurate. And due to this inaccuracy, companies lose on their potential profits. Blockchain ensures suppliers shift from an oversaturated to a demand-supply chain. Hence, if Blockchain is used, money can be saved by businesses, thus, making them more efficient. On the other hand, customers would enjoy buying the products, also, enabling worker satisfaction, higher retention rates, etc.
Check out: Enterprise Technology Review