Transforming Consumer Loyalty: The Power of Web3 in Restaurants

Introduction

In the evolving landscape of consumer loyalty, technology and web3 are reshaping the restaurant industry. Learn how Blackbird’s CEO, Ben Leventhal, is revolutionizing the way restaurants connect with their guests and drive customer lifetime value.

Ben Leventhal’s Career in Hospitality and Technology

• Ben Leventhal, the founder and CEO of Blackbird, has dedicated 20 years to the hospitality industry, focusing on optimization for getting into good restaurants.

• With a passion for restaurants, Ben has had a significant influence in the industry, founding eater and Rezi, which was recently acquired by American Express.

• Technology’s impact on the restaurant business has been substantial, from the insertion of middlemen to the recent surge in delivery services. While technology has empowered restaurants in delivering hospitality and creating magical consumer experiences, it has also led to the loss of direct connectivity and leverage for marketing and delivering hospitality.

• The recent surge in delivery products across the restaurant space has resulted in almost every restaurant offering delivery of some kind. However, the relationship with delivery companies like UberEats and DoorDash comes with challenges, as they take a significant percentage of the revenue.

The Concept of Blackbird

• Blackbird is a loyalty and payments platform powered by web3, focused on creating direct connectivity between restaurants and guests.

• The platform aims to empower restaurants with direct one-on-one connectivity tools to instill loyalty and drive up the lifetime value of their customers.

• Restaurants currently lack the tools to connect with as close to 100 percent of the people that come through the door, and Blackbird seeks to address this gap by providing them with the ability to do so.

• Blackbird also aims to create new opportunities for consumers, such as providing options for walk-in restaurants and reservations-based restaurants to enhance the dining experience through innovative loyalty programs.

The Transformational Power of Cryptocurrency in Technology and Business

• Cryptocurrency offers cutting-edge technology for building tech companies in 2022.

• It enables companies to engage and reward early adopters in ways not possible in a non-crypto environment.

• Experiments around consumer loyalty and crypto include initiatives by Tiffany, GaryVee’s Fly Fish Club, and Nike’s product marketing.

• The crypto industry needs to identify large-scale consumer use cases to drive mainstream adoption.

• Restaurants present a significant opportunity for crypto adoption due to the engaged customer base and potential product-market fit.

• The current time is opportune for building in the crypto space, especially for the restaurant industry, which has faced challenges during the COVID-19 pandemic.

The Impact of Technology and Cryptocurrency on the Restaurant Industry

• Restaurants have raised funds overnight by leveraging their brand strength and adopting technology to accelerate their operations.

• The advancements in the cryptocurrency space have made it more accessible and user-friendly, with the potential for new forms of engagement and consumer loyalty.

• The competition within the restaurant industry is intense, and traditional players like credit card companies and regulators face the challenge of embracing web3 and loyalty programs.

• The end state of consumer loyalty is expected to involve direct connectivity, incentivizing structures, and gamification to create a spontaneous and adventurous dining experience.

• The focus is on building technology to enhance hospitality beyond just reservations, extending to personalized experiences for both regular and new customers.

• The team at Blackbird is driven by a passion for hospitality and ambition to empower restaurants to connect better with consumers and be more profitable.

• The excitement and inspiration around the scale of Blackbird’s ambition have attracted talent who are passionate about hospitality and ready to explore the future of the restaurant industry.

Exploring Pain Points in the Payments Flow

• The speaker expresses the ambition to identify pain points in the payments flow, particularly in the context of restaurants.

• They aim for restaurants to be more confident in connecting directly with consumers and to be more profitable through using Blackbird.

• The discussion touches on dynamic pricing in restaurants, highlighting the challenges and opportunities it presents.

• There is a focus on reaching out to late adopters and creating incentives for both consumers and restaurants to promote the use of Blackbird.

• The conversation also addresses the current lack of understanding and education around alternate forms of payment in the restaurant business.

Conclusion

The integration of web3 and cryptocurrency is revolutionizing consumer loyalty in the restaurant industry. With Blackbird leading the way, restaurants are empowered to establish direct connectivity with guests and drive long-term customer value, propelling the future of dining experiences.

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