Businesses are constantly looking for new, cost-effective ways to attract customers. Using conventional marketing methods is becoming increasingly difficult as the retail market becomes more global and online shopping methods become more and more popular. Through Proof of Location (PoL) technology on the blockchain, it becomes a new solution for retail market advertising with new technology. PoL allows the placement of digital assets and money in any location. One of the big fashion brands that are already utilizing blockchain is LVMH. The benefits of the Modern Luxury greatly affect marketing, as well as eliminating counterfeiting, which has become an old problem.
Digital assets can be cryptocurrencies or virtual coins, characters, documents, pictures, coupons, and other digital goods. These assets can be strategically placed in locations that consumers can easily access and retrieve.
There are many scenarios in the application of this technology in business. This technology can be applied to department stores that open in new locations to attract customers to visit their branches. The new department store can strategically airdrop crypto tokens that act as coupons around new locations for people to collect via their smartphones.
Smart contracts, can coordinate these activities, and open up new opportunities for marketing activities. Smart contracts can require someone to watch a video, enter a code, or visit a store’s physical location before assets can be redeemed and acquired.
In addition, assets can be geo-fenced so that they only work in certain areas, or change their rules depending on the location. This provides business benefits such as automatically recalculation of the discount value or tax value when the user is in a different location or renders the asset unusable in a different location.
Transparent and fast are the advantages of this system which may be the answer to some of the problems we often encounter, especially in the industrial sector. Closing all access for parties who want to take business benefits as personal gain so as to eliminate worries in the future.