How NFTs Spice Up Your eCommerce Business
The concept of NFTs or non-fungible tokens has long existed since 2014.
But it’s only been integrated with eCommerce since December of 2021. So what does NFT marketing eCommerce mean for entrepreneurs?
It goes without saying that NFTs are taking over the digital space. It’s safe to say it’s crawling its way up to be on par with Bitcoins and Ethereum.
The available integration of NFTs with Shopify peeks us through one thing: the future of marketing.
Recap, what’s an NFT?
An NFT, or a non-fungible token, is a digital asset like Bitcoin and Ethereum – coins you’ve probably heard of already. But, NFTs and cryptocurrencies are not the same. Coins like Bitcoin and Ethereum are fungible, but NFTs aren’t.
This means that every NFT out there is different from one another.
For instance, an Argentinian designer Andrés Reisinger is selling furniture NFTs. While they are all digital furniture (which you can’t put in your house’s living room when you buy it), you can probably use them on online games like Minecraft or sell as items for the metaverse architecture firm.
And, each piece of furniture has different prices as well.
Bitcoin and other coins are different from NFTs because the latter are unique.
Many pieces of furniture designed by Reisinger costs around $450,000.
Why use NFTs to market your eCommerce business
Let’s go back to the basics.
eCommerce refers to purchases that are done online. So it involves exchanging actual products. You might think it’s contradictory with NFTs since they’re digital assets, and that is correct. But it helps in other aspects.
NFTs help in eCommerce marketing by attracting a new segment of clients — those who are bold enough to dive into new experiences and those who desire exclusivity.
As of 2022, there are roughly 2.5 million online sellers in the United States alone. That means there are more consumers than that number, even more around the world.
So how can you stand out and bring your eCommerce marketing to the next level?
By being the first few business who do something different and use NFTs.
Take cues from the fashion industry — they always set the latest trend. And as of this writing, 17% of brands featured in the Vogue Business Index have used NFTs in their business.
We’ve listed more reasons why you should use NFT for eCommerce marketing:
You can build up product curiosity
1.You can build up product curiosity
As of 2022, there are about 300 million people who use cryptocurrency. That still leaves billions of people who don’t use it.
When you release a new product and use NFT for eCommerce marketing, you are making billions of people feel left out. And when they feel the fear of missing out, they will most likely check it.
That said, you are building up the curiosity that can drive prospects to your product and business as a whole.
2. You can reach a greater audience
NFTs are gaining more attention these days because of their Twitter integration.
There are about 450 million active Twitter users. It’s more than those who use cryptocurrency. When you use NFT for eCommerce marketing, you are potentially tapping these same people.
The frequency illusion can potentially be felt by Twitter users, and this idea can help you leverage the existing Twitter audience, to drive to your business.
3. You can encourage customer loyalty
For your business, NFTs can serve as proofs of transaction — and symbols of status too.
They have unique blockchain entries so you can use them for referral programs you can set up. So when existing customers market your products online, a superiority complex can be felt. Those who don’t know what NFTs are and how they work will feel compelled to then check you out.
Marketing is connected to psychology and when you put it to your advantage in marketing your products, you can bear its organic fruits.
How NFTs Spice Up Your eCommerce Business
When it comes to eCommerce marketing, one of the most important things you can do is make your products stand out.
Here’s how NFT marketing for eCommerce can help you do that and more:
1.It helps set your brand apart
In November 2021, McDonalds released its first NFT to announce its limited collection.
This is a smart move from McDonalds because it builds up the excitement about the product that they advertised as a limited edition. What’s more is that only those who retweeted the post are qualified to get the exclusive collection of the McRib NFTs.
It helps in setting their brand apart because they are not only building up excitement. They are also urging people to do something that can spread the organic word about their product.
2. It paves the way for partnerships
Burger King is also one of the brands who used NFTs since September 2021 when they first launched the Keep It Real Meals campaign.
This campaign required consumers all over their U.S. branches to scan QR codes in the Real Meal boxes. Then, they would get rewards that are among the three collectible NFT game pieces.
If consumers complete the set, then they can get rewards like a years-worth of whopper sandwiches and digital collectibles, among others. This is a smart move that encourages customer loyalty.
3. It gives a certain level of satisfaction
The thing about limited edition items is that it hypes up the consumers.
It makes them competitive just so they could dibs on the product up for sale. And that’s what happened with Pepsi’s Pepsi Mic Drop NFT collection. This collection aimed to produce 1,893 to represent the founding year of the brand.
These 1,893 NFTs are also unique. But it’s not easy to wrap your hands around them. You had to register for it to be waitlisted and get verified. This is a smart move because it helps in building quality leads list.
4. It gives your high-end customers exclusivity
It is innate for some people to want to feel superior. And that feeling can be leveraged in eCommerce marketing. Through the use of NFTs, you can pique complex human emotions and effectively introduce what you have to offer exclusively.
Take it from Ben Raratabu.
He uses NFTs for customer loyalty in his clothing business. He uses NFTs as a way for people to get first dibs on latest releases and exclusive pieces. This then builds a strong sense of community between the consumers and the business — a great way of humanizing a brand.
How NFTs Work with your eCommerce Platform
There are already a lot of ways that you can integrate NFTs with your eCommerce business. The thing is, it can be done so more easily with Shopify.
Just last year, it allowed online sellers to directly sell NFTs on their platform.
Here’s how NFTs work with eCommerce platforms differently.
The contradiction
In eCommerce, you are selling physical items like shoes, clothes, and food among others. And in most cases, they are replicable. It is far different from NFTs because they are unique. They are not replicable at all, and they are also owned just online.
Hence, there is a barrier to how this two serve the customers and prospects. They serve different purposes, but both could greatly benefit the eCommerce business respectively.
eCommerce helps you:
- Make a living out of what you were initially selling
- Establish a reputation for your craft and brand as a whole
- Connect you with customers, even those who live far from you
Meanwhile, NFTs help you:
- Stay on top of rising trends
- Be a step ahead of your competitors
- Reach a farther audience and community
The complementary
When done right, these two contradictory facts between eCommerce and NFTs can be favorable to your business.
Through the use of NFTs, you can establish a loyal customer base.
NFTs can be an effective way to build a community online that can be heavily rooted in rewards and loyalty. This way, you can retain customers and attract even more.
This could also allow you to tap the respective network of your existing customers– allowing you to reach an audience that may initially not be interested in what you do. NFT marketing also provides immediate satisfaction to your buyers.
When they purchase from your shop, it doesn’t get to their doorsteps right away – mostly because of the long shipment.
With NFTs, you can give them a sense of ownership that is different from the physical goods that they initially availed of.
How to put it on your Shopify store
Since NFT marketing for eCommerce is quite new to most sellers, it gets overwhelming to integrate it. But some tools can streamline processes for you, like Rectangle AI.
Launching Shopify NFT for your own business could change the game greatly. And you can do it easily with existing design templates available here.
Get into NFT marketing now or get left behind
The integration of NFT into eCommerce marketing is revolutionary. It changes the way we could appeal to our customers and it could make or break our existing store performances.
NFT marketing eCommerce has tremendous potential when it comes to product marketing because of its ability to be immersive and interactive, build trust, and educate customers more. And it’s just about right if you don’t miss out on leveraging this.
So hop on this rising marketing trend now. Or get left behind.
With Rectangle AI, you can launch your NFT campaigns in no time with its existing customizable templates. May that be using NFTs for coupons, loyalty rewards, or giveaway presents, Rectangle AI has it done easy for you.
Integrate NFT for eCommerce today! Start your free trial here.