KPMG has unveiled research conducted in collaboration with Ketchum Analytics titled “Blockchain-enabled digital tokenization is poised to transform commerce,'' where the company highlighted “the strategic business value of blockchain infrastructure”:
“Companies that ignore the potential of tokenization to transform business models and competitive landscapes may soon be leap-frogged by bolder players who are harnessing tokenization to create competitive advantages”
According to the survey, users are becoming more and more open to the idea of using tokens. While general awareness remains low and only every third respondent was highly familiar with the concept, 63% of them “appreciate the advantages of tokens as an easy form of payment” and 55% “ believe tokens will enable them to make better use of loyalty reward points”.
Loyalty programs themselves are one of the use-cases with the highest level of consumer readiness – more than 80% of respondents are ready to use tokens in loyalty programs they participate in. In general, consumers have a tendency to trust in the idea of tokens with companies they already buy from since the trust and confidence has been already established.
At the same time, 60% of respondents indicated readiness to “use tokens to make payments to small businesses”, and 64% – “for any kind of e-commerce transaction”.
Consumer readiness varies across industries: the readiest industries are gaming and e-commerce, where 42% and 38% of respondents are ready for tokenization. Demographic factors play their role too, with the highest interest in tokens registered among Generation Z respondents. Interestingly, over 50% of respondents over 65 say they are also “interested in the future of tokens”
In general, research allowed the company to conclude that despite the fact that tokenization is a new phenomenon, the market is ready to use it:
“The technology is in place. The market is ready.”