E-commerce platform STUK.co is an excellent example of how blockchain technology can significantly amplify existing business models and ideas – especially when it comes to customer loyalty and retention.
Falling under the umbrella of Student Money Saver, the goal of STUK is to ensure that its members can find the best deals regardless of whether they are looking for an electric scooter, a pair of new shoes or a new fitness centre.
Speaking in an interview with Coingeek, STUK founder and nChain’s CEO Christen Ager-Hanssen said that STUK illustrates how any ecommerce system can be plugged in the BSV blockchain, tapping a market worth around $6.8 trillion annually. He added that the plan is to build one of the biggest loyalty programmes in the world, creating a global peer-to-peer economy powered by BSV technology.
Ager-Hanssen said that STUK’s purpose is to increase engagement, using discounts and rewards for consumer goods and services as a hook to demonstrate how easy it is to run a digital wallet-based economy. Users discover BSV themselves by using the services, and STUK is gamified with incentives to explore more and bring new users into the network.
Everything, everywhere, all at once
In the interview, Ager-Hanssen also noted that STUK is also working with BSV-based company Asset Layer to build an NFT marketplace that will highlight digital-only products.
Ager-Hanssen said that the ultimate goal is to offer an umbrella of products and services so that no e-commerce business can afford to ignore BSV’s efficiency. He added that e-commerce is one of the biggest use cases for BSV and that the technology will act as ‘lubrication technology’ where it can be installed into existing platforms on both the consumer-facing and B2B side.
Ager-Hannssen also believes that the technology speaks for itself and that customers and businesses should not be convinced or cajoled into adopting it, as it just works. He added that BSV in particular is quicker, cheaper and more efficient than other chains.
‘Our plumbing is the core of this world. I am the world’s biggest plumber. With our technology, the value of their company will change. It will go up,’ he said.
Beyond shopping – using blockchain to improve customer loyalty
In addition to the specific use cases provided by STUK, blockchain technology has been proven to improve customer loyalty in several ways:
- Transparency: Blockchain provides a transparent and immutable ledger that records all transactions. This means that customers can track the history of their interactions with a business, including purchases, rewards earned, and other interactions. This transparency helps build trust with customers and can improve their loyalty to the business.
- Interoperability: Blockchain can enable loyalty programs where customers can earn and redeem rewards across multiple businesses. This can increase the value of loyalty rewards for customers, as they can accumulate rewards across a network of businesses instead of just one.
- Security: Blockchain technology provides secure and tamper-proof records of transactions. This reduces the risk of fraud and ensures that customer data is protected. Customers are more likely to be loyal to a business that can provide a secure and trustworthy environment.
- Personalisation: Blockchain technology can enable businesses to create personalised loyalty programs that are tailored to individual customer needs. This can increase customer satisfaction and loyalty, as customers feel that the business values their individual needs and preferences.
