How Blockchain Will Wrestle Control From Amazon To The Shopper
SHOP (now EVERY*) creator John Wantz says that cryptocurrency and tokens will level the retail playing field for brands and their customers
The idea here is that we intend to introduce a token that will be priced by the value of a shopper’s data to allow for a shopper to receive rewards and discounts with brands. What we’re intending to do is organize a lot of brands and shoppers over the next 6 to 10 years, so that we can develop a consortium of those constituents. In the market, we can start to affect some of the impacts that Amazon, Walmart, and other incumbents have had.
What if a brand wants to have a deeper relationship with you about their brand?
What if Lululemon wants to know the fit you prefer, or Nike wants to know the jogging preferences that you have? We’re going to be introducing what are called Brand Tokens. A branded manufacturer can create their own new asset class. They’re able to offer you brand‑level tokens for brand‑level information.
Think of that as like a loyalty reward program. That’s how we’re presenting it and the opportunity for brands to start to have direct relationship with you, compensate you to give feedback or reviews on products and allow for this two‑way value exchange between a branded manufacturer and a consumer.
The real exciting part of this is the shopper tokenization for me.
You’ll have an opportunity as a shopper, not just to share some of that retail data, email addresses, and whatnot, but you’ll get an opportunity to start to share real meaningful data that you control, you permission, you’re completely in charge of. There’s a lot of folks in blockchain right now using the opportunity to use a decentralized, not controlled, ledger as an auditing or an identity verification system.
What that’s enabling is the opportunity to let you, as a human, actually own your sovereign identity. You control the records and the permissioning of who gets access to that.
Filmed at PSFK’s CXI 2018 conference: psfk.com