Web3 Tools Powered by Solana Revolutionize Payments and Loyalty Programmes
Summary:
Prominent brands are reaping significant customer data insights and returns from Web3 tools powered by Solana's layer-1 blockchain, as showcased at the 2023 Solana Breakpoint conference in Amsterdam. Solana's blockchain technology has notably benefited the payment and loyalty programs sector. For instance, a San Francisco-based bubble tea brand, Boba Guys, reported an 800% return on their Solana-based loyalty program, and their app increased monthly visits by 67% and spending by 65%. Moreover, Solana Pay's integration with leading e-commerce platform Shopify acts as proof that these Web3-based payment tools are becoming real alternatives for traditional businesses.
Solana's blockchain technology is proving beneficial to leading mainstream businesses, offering significant returns and thorough customer data insights based on reports from those present at the Solana Breakpoint. The four-day event, that took place in Amsterdam in 2023, was a magnet for a diverse array of businesses spanning traditional, Web2, and Web3 sectors. It was largely acknowledged that Solana's technology was revolutionizing the payment and loyalty programs sector.
Boba Guys, an increasingly popular US bubble tea brand modeled after Starbucks, highlighted the benefits of its pilot customer loyalty app. The San Francisco based company reported a rise in insightful data and a noticeable increase in customer retention. Visa has also utilized Solana to expand its USDC payment facility.
The loyalty program was promoted solely in-store over a five-week period and managed to onboard 600 users, attributing 31% of its orders to the program. Also, the app reportedly boosted monthly visits by 67% and spending by 65%, according to co-founders Bin Chen and Andrew Chau.
Josh Fried, Solana Foundation's head of commerce business development, informed Cointelegraph that the results of the loyalty program are a solid use case for businesses wanting to leverage Web3 and blockchain tools to build customer bases. He added that Boba Guys recorded an 800% return on investment from this Solana-based program. Boba Guys makes $9 for every $1 invested in the program and plans to expand it to their New York and Los Angeles stores.
Fried also cited the recent integration of Solana Pay into Shopify, a significant e-commerce platform, as proof that Web3-based payment tools are becoming alternatives for traditional businesses. He claimed that these tools are driving sales across various sectors, like bespoke fragrances and NFT projects, and these successes highlight how useful these tools can be for e-commerce.
Despite these promising developments, Fried admits that driving uptake of tools like Solana Pay does present some challenges. Drawing on his past decade at Google, during which he helped develop Google Pay, Fried highlighted that even the tech giant took a considerable amount of time to allow widespread adoption of its payment service. Major payment processors will play a pivotal role in accelerating the adoption of Web3-based payments.
Published At
11/3/2023 2:43:12 PM
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