Customer loyalty. Brands want it, and consumers want something for it. But beyond the tried and true, and quite frankly, somewhat now boring membership card or loyalty points that have become de rigueur, what’s a brand to do? Well, why not hop on the NFT train, even if they’re not really quite sure what that is?
Helping these brands is Parisian customer engagement platform Cohort, supported by a fresh €3.2 million in seed funding driven by IRIS alongside Axeleo Capital, with Kima Ventures and 3founders, the web3 studio part of Hexa (eFounders) led by Florent Quinti, Thibaud Elzière, Quentin Nickmans, and Amaury Sepulchre, participating. Also joining the round are angel investors Camille Tyan (Payplug), Guillaume Princen (Stripe), Brian O’Hagan (Sorare), and Marianne Gosset (The Socialite Family).
Now before any of you out there jump down my throat about the not really knowing what an NFT is or what to do with it, allow me to explain.
For brands that want to go beyond (well beyond) the aforementioned membership card or loyalty points in their customer loyalty programmes but perhaps aren’t so savvy, or have the budget for, on code, crypto, or custodial wallets, this is where Cohort can come to the rescue.
With Cohort, these companies can launch NFT-powered campaigns in, according to the startup, just a few hours across an array of integrations, including Salesforce and Shopify, thereby enabling brands to offer their campaigns through their existing sales channels.
A Cohort client, women’s footwear brand Socque Paris founder Camille Cour outlines her experience using the product, “At the end of 2022, we launched the first pair of shoes with a lifetime guarantee in partnership with Cohort. This initiative, based on a warranty certificate in the form of an NFT, was part of our desire to offer our customers innovative experiences around sustainable fashion. Just by showing the NFT certificate at our partner shoemakers, our customer gets the right to lifetime repair for free. The same NFT unlocks advantages on our online store. The Cohort solution, both turnkey and flexible, allowed us to implement it very quickly with a fluid and totally secure customer journey.”
And as with all things NFT, this is just one tiny fraction of a percentage of a conundrum wrapped inside a riddle of what you, me, or brands can be doing with NFTs.
While NFT art has seen a marked rise and fall in value, and the non-fungible token concept arguably grossly misrepresented and therefor impacted the overall comprehension amongst the general public, 3founders founder Florent Quinti comments, “Just a year ago, major brands raced to launch NFT campaigns but few got any real value from it. From the onset, the Cohort team has been determined to create a product that addresses a real problem and introduces a new vision to the market. Their dedication has led to impressive results, achieving significant growth in a short period of time. This unique approach has positioned Cohort at the forefront of this new wave of digital engagement powered by NFTs.”
As the Web3 space begins to settle in and become part of the collective conscience, it should be interesting to see just how far and wide not only Cohort can push the NFT-powered loyalty concept, but just how far, wide, and imaginative the associated brands utilising their offer can and are willing to go.
Time will tell.