NFTs and Personalized Commerce

It's Good for Business

Hold the technical jargon for a minute. NFTs are just a technology. They're a tool. NFT businesses do the same basic activities as other businesses. But there are bread crumbs of evidence that this tool can improve the success of those common activities, like marketing and sales. One reason is because of personalized commerce.

McKinsey found that "Personalization drives performance and better customer outcomes... Seventy-one percent of consumers expect companies to deliver personalized interactions. And seventy-six percent get frustrated when this doesn’t happen... Companies that grow faster drive 40 percent more of their revenue from personalization than their slower-growing counterparts."

Look at Amazon's homepage and you can see why they're a juggernaut. We collectively shop there so much, so they have an enormous amount of our purchasing data, and can offer recommendations. My Amazon homepage sections include:

Individual stores have a harder time with this because we spend relatively less time shopping there, so they have less data to use for personalization. Also, each individual store has its own log-in which is annoying to find and enter at each site. As a result, we're shown the general page. Below, the Nike homepage requires several degrees of navigation to get to what I'd be interested in, even though I am a repeat customer of their site.

Additionally interesting is that, after I log into my account, I'm still shown this same homepage. Even Nike has yet to fully embrace personalized e-commerce.

NFTs and blockchain wallets offer new possibilities. A blockchain wallet is your purchase history across NFT stores. Its a single log-in that any store can use to understand your buyer activity and offer recommendations.

Doodles, an NFT company, and their partner Shopify are a good example of where this is heading.

Upon entering the site, you can connect your wallet:

I'm not a Doodles holder so I see the general store, but it's easy enough to show a separate store for those logged in and holding an NFT in their wallet:

The reviews on the Shopify tokengating app used here, called Manifold, show even more possibilities:

An added twist is that stores can offer deals based on purchases from other NFT stores. Doodles could offer discounts to Cool Cats owners. Cool Cats could offer exclusives to CryptoPunks holders. It's a new way to collaborate and compete and personalize.

Maybe it's just a bread crumb today, but the playbook exists for deeper personalization which can turn into some real dough.