The franchise industry has kept growing since its origin. In 2018, only in the US, the industry counts with more than 825,000 establishments, compared to 749,290 in 2017; that translates into an annual growth of 10.7%. This industry offers 18 million jobs and accounts for a $757 billion economic output of the US economy. This is not only occurring in the US but also around the world, even more pronounced in developing countries like India, Brazil and South Africa, where the percentage of GDP held by the fran- chise industry can reach 13%
Even though, the franchise industry is expected to continue growing, one needs to closely regard the new innovations this market offers. With the increas- ing demand of customers to use technology for their daily shopping, franchise companies need to adapt an offer their clients technological solutions that satisfy their needs. Up-to-date, this is not what it is occuring, as technology is not in the comfort zone of many fran- chise leaders . Nevertheless, it is time to take a step forward if franchise companies do not want to become obsolete, and see how smaller technologic franchises take their share of the market.
One of the fundamental components of the franchis- ing industry is consumer satisfaction. Studying their needs and likes to build a solid service that meets their expectations is essential in order to survive in this sector. The way that consumers percive compa- nies is changing, as technology offers them new expe- riences in how they interact with the products and services. Thus, if franchising still wants to continue to thrive and grow, it needs to evolve and adapt to these new advancements in order to get more insight on current consumers’ behavior.
Blockchain and a tokenized ecosystem are the perfect solution for the problem at stake. Tokens not only serve as a method of payment but also as a device that gathers information for the brand about what consumers want. This way, the franchise can develop new products and services that will satisfy all its consumers. This not only helps the franchises to increase their consumer base, and to make clients more loyal, but at the same time it aligns the interests of both franchisor and franchisee. Preventing any possible conflict between each other that would only devalue the brand’s name.
At the same time, by building a platform where differ- ent franchise brands can connect to, we will create a community that shares value and information among each other. This will help new franchise and franchi- sees as they will receive tips from colleagues on how to develop their business line to be successful. Simul- taneously, all the tokens from the different companies will flow through the Cryptomarket, and they can be exchanged effortlessly inside of it. This gives consum- ers an easy method to use and trade their tokens 24/7, from one retail brand to another to buy the products they desire the most.
CryptoFranchise is the first platform to offer a block- chain Plug&Play solution for franchise clients. This way, brands save money, time and tedious testing to have their own blockchain. As soon as they decide to enter the community, they will be plugged in and able to trade their token without limitation. In addition, clients can decide if they prefer their blockchain to be open-source (allowing everyone to see their source code)orprivate(everyonehasaccesstothesource- code but not to the customizations made to it). This gives the freedom to each client to choose the busi- ness model they prefer, without imposing one or the other.