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Unleashing the Future: NFTs Redefining Loyalty in a Big Way! 🚀 Eric McHugh From ShopX

About THE SPEAKER

Meet Eric McHugh, a 30-year-old entrepreneur celebrated for his diverse expertise. He honed ad optimization skills at Snap Inc, consulted Fortune 500 companies through Chapter 11 bankruptcy, and engaged in groundbreaking Dark Matter research at Carnegie Mellon University. Co-founding CartRev, a social commerce platform embraced by 100+ Shopify brands, showcased his leadership. Eric’s entrepreneurial ethos emphasizes simplicity, adaptability, and clarity, seamlessly aligning with the complexities of web3 entrepreneurship. Renowned for strategic thinking, he excels in crafting innovative solutions to navigate challenges within this cutting-edge industry.

What you’ll learn

Integration of NFTs (non-fungible tokens) within SHOPX and it's Benefits.
NFT Based Loyalty Program and it's Implementation.
Web3 Ecosystem For Ecommerce.
Role of AI evolving in ecommerce marketing by 2024.
And much, much more!

Resources Mentioned

In this episode…

  • 00:00:00 In this section of the YouTube video titled “Unleashing the Future: NFTs Redefining Loyalty in a Big Way!”, Eric McHugh, the president of ShopX web3 e-commerce and chief growth officer of dating and AI-powered matchmaking, discusses the role of NFTs (non-fungible tokens) in web3 loyalty programs and e-commerce. According to McHugh, the ownership aspect of NFTs makes customers feel like they’re part of the brand, creating a strong sense of loyalty. This loyalty results in repeat customers and word-of-mouth marketing, benefiting brands seeking to retain customers. McHugh also emphasizes the importance of web3 in creating an Internet where users can read, write, and own content, with NFTs being the means for that ownership transfer. The Shopex platform, discussed in the video, is a suite of products for e-commerce brands to interact with web3 and offers an NFT-powered loyalty program, Reserve X, which allows brands to launch their own NFT collections and add e-commerce products through a no-code solution
  • 00:05:00 In this section of the YouTube video titled “Unleashing the Future: NFTs Redefining Loyalty in a Big Way!”, Eric McHugh of shopx9582 discusses how NFTs (Non-Fungible Tokens) can be implemented in various types of stores to create brand loyalty. McHugh explains that NFTs are not limited to crypto stores but are a bridge for e-commerce brands to enter the space. He provides three use cases: Enterprise, Midsize, and Small mom-and-pop stores. The Enterprise use case is exemplified by Fox Studios and their new show “Kopis.” With an NFT collection called “Crap Chicken,” holders gain access to exclusive merchandise, an option to vote on shows, and even have their NFTs appear in the show, fostering fan engagement and loyalty. The Enterprise implementation led to record-breaking viewership and revenue. The Midsize use case is showcased by “The Mag Park,” a family-owned store from Los Angeles. They faced an issue with botting, which led to utilizing NFTs in the form of limited-edition passes, granting different perks to customers, and ultimately creating a stronger bond between the shop and its loyal clientele. Although the focus is on digital NFTs, McHugh also indicates that NFTs may be used for physical products, with each item carrying an individual NFT and presenting benefits to customers, such as limited editions and loyalty rewards. The implementation is versatile and can be tweaked according to store size and business model
  • 00:10:00 In this section of the “Unleashing the Future: NFTs Redefining Loyalty in a Big Way!” video by Eric McHugh, the discussion revolves around the role of NFTs (Non-Fungible Tokens) in tracking and authenticating products, creating direct value streams between brands and customers, and providing opportunities for small businesses. The advantages of NFTs include the ability to ensure authenticity and track products throughout their lifecycle, offering programmable royalties for creators, and acting as a bridge between physical and digital goods. In the future, NFTs can be connected to metaverse avatars and can unlock benefits in e-commerce, creating a direct stream of value between brands and consumers. Shopex, a platform mentioned in the talk, provides a solution for small businesses to launch NFT collections without any upfront costs, earning revenue for each sale while sharing it with their community and stakeholders. This model allows influencers, agencies, or other partners to earn incentives for promoting the brand, creating a mutually beneficial ecosystem. The speaker shares an example of a small brand, Husky Jackson, who was able to raise funds and build a customer base prior to launching a product through NFT sales
  • 00:15:00 In this section of the YouTube video titled “Unleashing the Future: NFTs Redefining Loyalty in a Big Way!”, Eric McHugh from shopx9582 discusses how NFTs (non-fungible tokens) are revolutionizing loyalty programs in e-commerce. McHugh elaborates on the success of selling at least 50 NFT pass products, which proved the concept, generated significant revenue, and resulted in an astounding 80% conversion rate. This high conversion rate means that around 400 out of 500 NFT holders end up purchasing products. McHugh explains that this creates scarcity, making NFT holders feel part of the brand and incentivizing them to work with the brand in the future. Additionally, this loyalty generatesword-of-mouth marketing, which all brands seek. McHugh uses examples of digital projects like CryptoKitties, limited edition merchandise, and Kickstarter-style campaigns to highlight the various applications of selling NFTs to drive customer retention. Ultimately, McHugh believes that as Web 3 e-commerce adoption grows, NFTs will enable multi-store or multi-brand ownership, promoting a marketplace scenario for selling both products and NFTs with potential secondary sales
  • 00:20:00 In this section of the video, Eric McHugh of shopx9582 discusses the current challenges hindering the mass adoption of crypto and NFTs, particularly in terms of user experience and incentives. According to McHugh, the pass for an NFT event cost around $1,000, which put it out of reach for many in Web 2. However, users still wanted the associated merchandise, leading them to learn the system. McHugh asserts that big brands, such as Nike, which have already entered the crypto space, will help improve the user experience and drive mass adoption. He also mentions the issue of terrible user interface as a significant roadblock. McHugh suggests that with the involvement of these big brands and the increase in developer power, the system will become more user-friendly and composable, allowing for seamless transactions. He acknowledges some progress has been made through various collaborations and integrations, such as enabling credit card purchases for NFTs. The ultimate goal, according to McHugh, is for crypto to come across as usable and accessible to the masses, much like the web 2 experiences we encounter daily
  • 00:25:00 In this section of the YouTube video titled “Unleashing the Future: NFTs Redefining Loyalty in a Big Way!”, Eric McHugh of shopx9582 discusses how NFTs (Non-Fungible Tokens) are redefining loyalty in e-commerce through token-gated checkout processes. Shopx does not force credit card purchases or crypto transactions on brands using Wo Commerce and Shopify, instead allowing brands to maintain their checkout processes. Brands are sensitive to adding anything to the checkout, and McHugh suggests that focusing on post-purchase experiences and loyalty is a smarter strategy since the brands have already collected payment. The adoption of web3 in e-commerce does not require a Shopify of web3 or a payment gateway; rather, brands will have different needs and either build it themselves or work with companies that have already done it, improving the web3 ecosystem as a whole. McHugh believes in a power versus force approach, where both parties win. The trend in e-commerce is the real-world acquisition of assets being tokenized, and shopx has NFT loyalty programs in place. While NFT loyalty programs are here and proven to be a revenue driver, McHugh acknowledges that it will take time for mass adoption
  • 00:30:00 In this section of the YouTube video titled “Unleashing the Future: NFTs Redefining Loyalty in a Big Way!”, Eric McHugh of shopx9582 discusses the potential of NFTs (non-fungible tokens) in creating a continuous revenue stream for brands and the importance of Scalability in implementing NFTs. He elaborates on two methods of attaching NFTs to products- one less efficient, where NFTs are minted at the time of purchase, leading to high gas costs and scalability issues, and the other more efficient one where NFTs are attached at the manufacturing level. McHugh further mentions the role of crypto payments, stable coins, and back-end technologies like Chainlink in facilitating mass adoption of NFTs in e-commerce. Additionally, McHugh presents his work on a dating app, Dating AI, that uses AI-powered matchmaking, creating user profiles based on their social media footprint to ensure better matches. The app is set to launch around Valentine’s Day 2023
  • 00:35:00 In this section of the YouTube video, Eric McHugh discusses how his company, NFTs, is redefining loyalty and experiences in the dating industry. marketting is the business model used by current dating apps, keeping users unhappy and on the app to continue paying subscriptions. However, NFTs aim for quick matches and then offer personalized experiences and suggestions for dates off the app. McHugh also explains that the dating app can function as a community app, suggesting friends and group activities. Additionally, McHugh expresses his appreciation for AI in marketing, stating that it empowers creativity but requires human interaction for a more personal touch, addressing the shortcomings of AI in creating relatable and tonally correct content
  • 00:40:00 In this section of the YouTube video titled “Unleashing the Future: NFTs Redefining Loyalty in a Big Way!”, Eric McHugh discusses the capabilities and limitations of an AI tool for creating email campaigns, specifically in the context of email marketing. He acknowledges that the tool is effective for creating one-time emails but falls short when it comes to creating complex email campaigns or flows. McHugh suggests that while the tool may eventually get better at creating email campaign flows, it currently lacks the ability to handle conditional logic. He shares his personal experience with email marketing and how Shopex, a B2B crypto platform, approaches email campaigns in their ecosystem. While Shopex offers consultations on including NFTs in email campaigns, McHugh emphasizes the importance of treating these new offerings like regular products and including them in a normal email flow. He also mentions using various email marketing tools such as HubSpot, Clavio, MailChimp, and Intercom for creating and managing email campaigns
  • 00:45:00 In this section of the YouTube video titled “Unleashing the Future: NFTs Redefining Loyalty in a Big Way! 🚀 Eric McHugh @shopx9582”, the speaker discusses how Non-Fungible Tokens (NFTs) can be used for creating more effective and optimized marketing flows in a business context. He explains how tools such as Shopify and W Commerce apps are integrated with NFTs, allowing businesses to track purchases made with NFTs and identify loyal customers. The speaker touches upon the potential of implementing referral programs and affiliate programs using NFTs to anonymously track transactions and ensure payment for influencers or affiliates. Referencing a case study of the startup Riv, the speaker mentioned that smart contracts can be employed to track affiliate transactions and token gates can be set up for access to specific channels on platforms like Discord and Slack. Overall, NFTs offer a more efficient and rewarding approach to marketing by providing anonymous yet trackable transactions and the ability to create token-gated loyalty and access programs
  • 00:50:00 In this section of the YouTube video, Eric McHugh from shopx9582 discusses how NFTs (Non-Fungible Tokens) can redefine loyalty in the e-commerce industry. NFTs have expiration dates, making them non-stealable and non-losable, creating a new way for businesses to reward their loyal customers. They can be used for referral systems, early access to new products, or exclusive content. McHugh also touches on the topic of ad algorithms in marketing. He mentions that the goal is to get a “big hook” at the beginning of an advertisement and how the importance of algorithms varies among different social media platforms. He emphasizes the need to constantly adapt, learn, and find experts in specific areas to succeed in advertising. McHugh shares some tips like optimizing SEO, utilizing podcasts, and forming collaborations with influencer agencies to get more visibility on social media
  • 00:55:00 In this section of the YouTube video titled “Unleashing the Future: NFTs Redefining Loyalty in a Big Way!”, Eric McHugh discusses various strategies for utilizing social media platforms, such as Instagram and TikTok, for marketing and content creation. He shares insights into how short videos can go viral and captivate audiences, leading to potential music careers or brand growth. McHughen also emphasizes the importance of having a creator mindset and time-boxing social media usage to avoid mindless scrolling. He also mentions his go-to marketing strategies for his brand, Shopex, on various social media platforms, including targeted ads on Instagram and Facebook and influencer marketing on TikTok. McHugh closes this part of the conversation by discussing the upcoming trend of AI-based agencies and influencers, which offers scalability but may face challenges with platforms like Instagram
  • 01:00:00 In this section of the YouTube video titled “Unleashing the Future: NFTs Redefining Loyalty in a Big Way!”, Eric McHugh discusses the importance of touchpoints in marketing strategies and the potential of AI in enhancing email marketing and creating automated, chatbot-like communications. He acknowledges that AI still needs human intervention for expert positioning but can be effective in reaching larger audiences. McHugh also shares his excitement about the trend of AI-based influencers in marketing, specifically in fashion, lifestyle, and exotic location niches due to their unrestricted ability to travel. Overall, he emphasizes the potential of AI in web3 marketing for boosting brand loyalty and encourages listeners to check out his website, shopx.co, for more information on his services.
     

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