Blockchain Loyalty Program for Non-Crypto Brands

• Solana Labs has launched Bond, a customer engagement platform that seeks to bring non-crypto brands to the blockchain by reimagining their loyalty programs.
• Bond will enable direct customer engagement and provide insights into the customers’ preferences while offering authenticity and verification, digital collectibles, digital product passports, and more.

Solana Labs has announced the launch of Bond, a platform that allows global brands to increase customer engagement through direct customer engagement, digital collectibles, and more.

In its announcement, Solana claimed that Bond would offer global brands, including non-crypto firms, a platform ” to create personalized, transparent, and engaging digital experiences that deepen customer connections and drive long-term loyalty.”

See more

1/ Today, Solana Labs proudly announces the launch of Bond, an innovative platform for global brands to elevate customer engagement. Bond uses blockchain to create personalized, transparent, and engaging digital experiences, deepening customer connections and driving loyalty ???????? pic.twitter.com/WZHU3aDiD9

— Solana Labs (@solanalabs) June 12, 2024

The global loyalty program market was estimated at $12 billion last year and is projected to grow by nearly $1.5 billion this year and hit $41 billion by 2032. However, it faces several challenges. One is companies’ inability to maintain direct relationships with consumers when their products are resold through wholesale channels. This denies them the ability to fully analyze their customers’ preferences and habits.

Additionally, when brands partner with other firms, sharing private data can be problematic, risking compromising relationships and, sometimes, loss of strategic control. With counterfeit goods being a $1.7 trillion market annually, an inability to authenticate goods can cost brands their reputation, especially for luxurious goods.

These are among the challenges Bond is out to solve. Solana Labs states:

Bond solves these problems by enabling direct engagement through personalized communication and curated experiences. It provides insights into customer preferences, empowering brands to tailor individualized journeys and targeted outreach.

Solana’s Bond to Offer Personalized Experiences, Digital Collectibles

With blockchain, customers can always authenticate any good as the data is immutable, transparent and public. With Bond, customers can verify that the products they purchase are genuine, enhancing brand loyalty and fostering more partnerships.

Bond will also offer users digital collectibles, including digital twins of physical products and limited-edition virtual goods for collectors. This will create new revenue streams for companies while enhancing customer interactions, especially for brands that serve international customers.

Other features include digital product passports that track goods throughout the supply chain and a platform for clients to partner with different brands.

Commenting on Bond, Solana Labs Head of Product Tal Tchwella stated:

Bond equips brands with the tools to deliver personalized experiences, foster trust, and cultivate enduring relationships with their customers. We’re thrilled to introduce Bond as a game-changer for brands seeking to improve their customer engagement strategies, allowing them to design bespoke loyalty programs and rewards that encourage repeat engagement and increase overall customer value.

SOL trades at $148.30, losing 2.2% in the past day as trading volume dropped below $2 billion. In the past week, SOL has shed 13.4%.

Recommended for you: