Location-Based Tokens: The Power of Blockchain for Local Merchants and Malls
In today's ever-evolving retail landscape, the relationship between local merchants and shopping centers is undergoing a transformative phase. With the rise of the digital age and the challenges brought on by the 2020 pandemic, innovative solutions are more crucial than ever. Enter location-based tokens, a revolutionary technology poised to reinvigorate local businesses and shopping mall revenues.
Reviving Retail with Location-Based Tokens
Location-based tokens represent a groundbreaking approach that can rejuvenate local merchants and shopping centers. These digital assets are intricately linked to specific customer interactions within various stores, offering a fresh way to boost sales, establish shared loyalty programs, and create bundled offers. They breathe new life into declining foot traffic and sales figures, serving as a lifeline for local businesses and mall owners.
Enhancing the Customer Experience
What sets location-based tokens apart is their ability to gamify the shopping experience. Customers are not only encouraged to explore different retailers but also enjoy a unique and enriched shopping adventure. These tokens also serve as digital mementos, adding a distinctive layer to the shopping experience while promoting social sharing and community building within malls.
Unleashing Data-Driven Insights
The incorporation of blockchain technology for issuing and tracking location-based tokens represents a game-changing development for data collection. It offers insights into customer behavior and preferences, including foot traffic patterns and interaction history, providing valuable data for local merchants and mall operators. This empowers them to make informed decisions regarding future promotions, store layouts, and marketing strategies, leading to increased revenues and the sustainability of shopping centers.
The Two Types of Location-Based Tokens
At GOTYOU, we utilize two different types of location-based tokens to deliver a comprehensive and powerful solution for local businesses. The first is the universal token, which operates across our network. It ensures that consumers' information remains private and owned by them. When a consumer checks in through the app or scans a QR code, it notifies the merchant of a new connected consumer, activating campaigns designed to encourage consumers to provide feedback, post on social media, participate in surveys, or refer others to the business. In return, consumers earn more tokens with each action, which can be spent at any local business within the network.
The second type of location-based token we call "stamps," which are merchant-specific. For example, if someone visits a movie theater multiple times in a month, the system triggers the issuance of an NFT Token (Stamp) in their wallet. This NFT Token offers consumers something special, like free popcorn, a drink, or even a free ticket. Each token type can be utilized for cross-promotions with other merchants and integrated into various gamified experiences.
Experience Points for a Better User Profile and Experience
In addition to location-based tokens, we employ experience points, which, although not tokens, serve to engage consumers in more gamified ways, enriching their user profile and experience. Since consumers opt-in through a simple check-in, a direct connection is established between the consumer and the merchant, eliminating the need for additional opt-ins. Importantly, this puts consumers in control, removing opt-in limitations from merchants and saving significant expenses, particularly for larger businesses.
Conclusion: A Brighter Future for Local Retail
Location-based tokens, backed by the power of blockchain technology, offer a novel solution to the challenges faced by local merchants and shopping centers. They not only optimize shopper interactions and amplify revenue streams but also cater to the desire for unique and engaging shopping experiences. With Gen Z showing a strong preference for in-store shopping, this innovative approach aligns perfectly with the evolving retail landscape. As we navigate the future of retail, location-based tokens are poised to become the beacon that guides local businesses and malls toward a brighter and more prosperous future.