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In a recent survey, KPMG found the growing willingness among consumers across all age groups to make purchases with tokens, identifying loyalty programs as a key area where businesses can leverage blockchain to transform commerce.
The Tokenization, Loyalty and Blockchain survey was conducted by Ketchum Analytics to support KPMG’s thought leadership efforts on blockchain and tokenization. The findings in the report, entitled “Blockchain-enabled digital tokenization is poised to transform commerce,” are based on the results from a survey of 1,000 Americans age 18+.
KPMG said that loyalty programs represent an ideal platform for businesses to introduce blockchain-enabled tokenization and build brand equity among consumers.
"[Tokenization] provides inspiring new ways to classify value, either by creating new assets or reimagining traditional ones, sustained with the security and transparency of blockchain. Businesses that take advantage of tokenization can open the door to entirely new process improvements, revenue streams and customer engagement opportunities,” said Arun Ghosh, KPMG US Blockchain Leader.
According to the survey results, one-third of consumers are “highly familiar” with the blockchain-based definition of tokens. Of this one-third, a majority (63 percent) perceive tokens as an easy form of payment, and 55 percent believe tokens will enable them to make better use of loyalty reward points.
Other key takeaways include:
- 82 percent of respondents said that they are willing to use tokens as part of an existing loyalty program.
- 81 percent said they would trust the use of tokens more readily if they are already participating in a company's loyalty program.
- 79 percent of respondents said they would be more willing to use tokens, if proven to be simple to use.
- 83 percent of Americans surveyed, ages 18 to 24, and over half of older Americans, ages 65+, said that they are interested in the future of tokens.
“By using tokenization, companies can develop new forms of value exchange within an existing network, such as allowing consumers to use loyalty points for purchases with different merchants," continued Ghosh. "Not only can this create more engaging customer experiences, it offers significant operational efficiencies by accelerating the transfer of value."
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