Consumers have a tough time ascertaining the value of a commodity online. Across the board, suppliers have come up with ingenious ways to inflate reviews even on popularly trusted sites. The rise of incentivized ratings has successfully deceived consumers into buying inferior products. With time, consumers are losing trust with producers of goods and services around the globe, especially with the vast array of goods available in online stores.
Online reviews should present customers with an authentic evaluation of the commodity by recent buyers. The real expert in determining the quality of a product is the actual user. Initially, online reviews worked exceptionally well in informing potential buyers of the pros and cons of the product they intend to buy. However, most producers have joined their competitors selling online, and the only way to match their sales has been inflating reviews in the store.
The digital age is here to stay. However, users on both ends of online trade must learn how to navigate the murky waters presented by growing technology. Malicious software has been leveraged in recent past to suck up value off unsuspecting consumers. At the mercy of cybercriminals, users stand a minimal chance of getting legitimate reviews on products online. As it is, the lack of transparency is the root of the online review’s quagmire. Blockchain provides a fair system that verifies the authenticity of reviews, rewarding both the producer and the consumer with a sound marketing strategy.
A great example of a successful blockchain system is the Singapore-based TEE Coin(TEC). The TEC rewards users for product reviews and in-app activity through their ChatTee mobile app. Users can redeem TEC for discounts and coupons on the 40,000 + sellers currently onboard the platform, and exchange the vouchers for cryptocurrencies and other reward points.
All the reviews on the TEC are verified through a core blockchain system, providing its users the access to authentic customer feedback on all products available on the platform. Merchants onboard the platform can also benefit from its AI-based analytics for accurate insight into market trends and consumer preferences. Specialized loyalty programs can also be provided on the ChatTee by suppliers giving them an edge in leveraging the 86,00 + users on the app. It is now public knowledge that blockchain has an edge on other technology when it comes to transparency and authenticity. All stakeholders in the online shopping industry stand to gain so much by incorporating this promising technology.
Read More: https://nulltx.com/leveraging-blockchain-for-authentic-online-reviews/
