Building consumer trust in a digital world
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Consumers, especially Millennials and Generations X and Z, are digital masters. They crave immediate information on the products they purchase. Being increasingly skeptical to company information, they demand digital proof to validate product claims.
Corporate proof of responsible operations is no longer enough. Connected and digitally savvy consumers demand instant information about single products and validation that claims can be trusted. With hyperconnectivity and trust in brands declining, capturing consumer’s trust is a different ballgame. However, taking advantage of the very same trends, companies can and are already using digital, blockchain-based solutions and ecosystems to optimize business processes, bridge the growing trust gap and drive sustainable impact.
What is the trust gap?
The Edelman Trust Barometer concludes that while companies are seen as competent, only NGOs are deemed ethical. This is essential because ethical drivers are found to be 3 times more (74%) important to company trust than competence (24%). Consumers link competence to ability while ethics is linked to integrity (49%), purpose (12%) and dependability (15%). There seems to be an inherent, even if not justified, lack of trust in companies’ intentions. Companies must actively bridge this gap to gain consumers’ trust. Ask our team about the Edelman Trust Barometer.
Digitalization contributes to the gap. Can it help me close it?
The answer is “Yes, it can!” At DNV GL, we believe digital, blockchain-powered solutions and ecosystems can provide a powerful answer. However, technology alone is not enough. It must be combined with independent third-party assurance and domain knowledge, in this case food & beverage competence. Applying our enterprise fit solutions enables companies to leverage on the rapidly transforming digital landscape, improve performance and provide the trusted answers consumers crave.
Food & beverage and other companies applying our solutions today optimize business performance, track-and-trace their product’s journey and can instantly share the story behind with consumers. Whether bespoke solutions or My Story™, we help you address and communicate:
- Tracking of ingredients and components of a product
- Sustainability (social and ethical aspects, environmental footprint, etc)
VeChain provides the blockchain-powered technology. DNV GL providing the needed assurance, industry expertise and trust models. Together, we have created an enterprise fit solution, enabling data collection and verification to provide predictability and trust. We also work with other partners for added technology or collecting data in a seamless and reliable way to ensure that our customers can share what’s behind their products.
Circular economies, digital ecosystems and tokenization
The same combination blockchain-powered technology, assurance and industry expertise can and has been applied together with partner VeChain in circular economy and ecosystems incentivizing sustainable behaviors and choices. From working to rid our oceans of plastic trash to reducing CO2-emission by incentivizing greener driving. With BYD, major Chinese electric car manufacturer, a Digital Carbon Ecosystem (DCE) has been established. Electric car drivers are rewarded with tokens for their carbon reductions and can use their reward in the associated digital marketplace. Among other things, they can purchase dairy products. Companies engaging, incentivizing sustainable behavior, stand to make significant contributions to the UN SDGs.
Scan the QR-codes below to see videos on
How My Story has been applied to Italian wine.
How blockchain impacts supply chains