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Using Blockchain to Reach the Millennial and Gen Z Consumer
While attending Sustainable Brands in Detroit a couple of weeks ago, I had the opportunity to learn about a new and foreign concept for me—blockchain. If you google the term, you might be left feeling a bit confused, as I was, without any context:
“A blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.”
While it may be confusing as a standalone definition, once you learn about how it’s put into practice, I found it a very intriguing concept, and I had the chance to sit in on a couple of sessions that shared how several companies are using blockchain to their advantage to promote their sustainability efforts.
Just a few months ago, Bumble Bee Foods announced they are using SAP Cloud Platform Blockchain to trace the journey of the yellowfin tuna from the Indonesian ocean to the dinner table. The consumer can either scan a QR code or type in the code on the can of tuna on their website and can find information from the fishery location to the cannery.
And last year, Timberland announced the Blockchain Cotton project, which will ultimately help rebuild Haiti’s cotton industry. Soon, when a Timberland customer goes to purchase one of their products, they will be able to see the journey the cotton has taken before it’s been made into the product they are about to purchase. The blockchain technology will go so far as to show you the farmer who picked the cotton
While we should all be curious about the sustainability and fair-trade practices of the companies we support, I find blockchain to be an excellent method to engage with and cater to the Gen Z and Millennial markets. Some refer to Gen Z as “philanthroteens,” because of their desire to support social causes. And according to research by Kantar Consulting, more than 60 percent of Millennials show preference for brands that stand for something.
It will be interesting to see the purchasing power of the next generation and how brands will need to adapt—and how blockchain can help.