Blockchain technology shifts the current business paradigm by improving customer interactions with brands. It provides transparency, trust, security, and simplification in the purchase process. In the 21st century, the major force on new consumer behaviors has been novel social technologies. They include the internet, mobile and social networks.
Blockchains and tokens will shape the next decade of consumer behavior.
An Analysis of the Consumer Behavior
Consumer behavior is mainly an image of how consumers decide what to buy, when and how to buy. Consumers may be diverse in that they can be individuals, groups, or firms. Consumer behavior can thus be skeuomorphic or emergent.
Skeuomorphic behavior is the kind of behavior that exists but changes consumption format or insight. Consumer perception can change steadily or in an instant. For instance, the global perception of telemedicine and other in-person services shifted beyond zoom meetings during the pandemic.
Emergent behavior is the kind of behavior closer to new behavior, changing both format and perception. As an example, NFTs are a great shift in consumption format as well as a shift in consumer perception. This is because they are ownable and valuable.
Not all new consumer behaviors are expected. However, tokens are a new consumption format and allow for protocols to design human behavior.
How Consumer Behavior Evolves in Blockchain
In communication and social networks, wallet-to-wallet messaging is the primary skeuomorphic behavior. Individuals can connect through their wallets on specific platforms like Magic Eden. On the other hand, Web3 social platforms open social graphs and port followers as the main emergent behaviors.
Additionally, on physical infrastructure, skeuomorphic behavior allows the building of new infrastructure by private companies. Emergent behavior allows for pioneering business models where there is the rewarding of consumers for allocating capital and performing work. An example is the Helium network.
The recurring behavior revolves around token incentives, which involve getting rewards through tokens through referrals, discounts, or cashbacks. However, the emergent move has been through retroactive airdrops, rewarding their community and consumers when they use new products.
It is impossible to predict new behaviors fully. However, they are often catalyzed by new business models, technologies, macro events, and trends.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.