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An insight into how brands can use NFTs to offer an exciting shopping experience

ConsumerGeniuses

ConsumerGeniuses

NFTs (non-fungible tokens) are unique and different from other virtual currencies, allowing retailers to offer their consumers an exciting shopping experience. Retailers can leverage the use of NFTs and win GEN Zs and millennials by offering incentives for using NFTs. 24% of American consumers aged 18-34 would be more interested to use NFTs if they are given exclusive privileges like dedicated check-out lanes at physical stores and discounts. There are three ways, that can be adopted by retailers to offer a unique shopping experience to consumers:

  1. Creating a limited amount of original goods associated with NFTs. A limited amount of goods allows retailers to find customers’ demands and play with other alternatives.
  2. Adopting a phygital strategy: Retailers can adopt a strategy that is both physical and tangible in nature. In simpler words, retail companies can sell physical products with an NFT that unlocks the same products in the digital worlds of Roblox or Fortnite.
  3. Implementing customisation and personalisation into their NFT. Brands can offer a personalised and customised shopping experience to consumers by blending the physical and virtual worlds with the help of augmented reality technology. Retailers can prepare their customers for the virtual worlds and NFTs using 3D, AR, and try-on technology.

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