Blockchain help businesses in improving consumer trust and transparency. This technology allows consumers to verify the total life-cycle of a product—and companies have no way to manipulate it. This also helps companies prevent foul distributors to pass off forged goods. Blockchain technology will also guarantee a more transparent supply chain with consumers having access to all the information to complete whether a product meets their standards.
Blockchain technology allows immediate and secure transfer of assets on a distributed ledger that settles and records a transaction through the engagement and verification of members in the blockchain. Each member in a blockchain has the same record of all the transactions appurtenant with the property being traded-off in that blockchain.
With the inception of a new transaction, rather than relying on a central intermediary to confirm and settle the transaction, each member’s ledger is put together, and the consensus of the group approves the transaction. With each new transaction, every member’s ledger is updated to show the new rights of the assets within the blockchain.
Efficient Online-Offline Operation
It is not unusual for offline retail stores to sell their products online, either through social media or marketplaces. It is also becoming more common for successful e-commerce sites to move towards opening their own retail spaces.
The real challenge is spanning online and offline operations. The challenge may not seem much for businesses that started life as an e-commerce entity, but offline stores find concatenate online storefronts challenging.
The retail industry has been a favourite for blockchain technological innovations as it opens its door to the biggest route to reach out end-users directly. Any technology that aims to disrupt retail in a significant way will grow into a household name within a short time-span. Amazon and eBay brought shopping to the doorstep and today eCommerce is a trillion-dollar industry globally.
As a result, blockchain technology is not just beneficial for the financial as well as the banking industry but also it is beneficial for the retailers as well if used in the right way. The number of benefits of blockchain technology that are mentioned.
- Improve Inventory Management
- Ensure Product Authenticity
- Build Consumer Trust
- Enhance Consumer Loyalty/Rewards programs
- Blockchain’s Broader Impact
Blockchain is only just getting started with disposing of the retail industry. There are other solutions entering the market, including solutions designed to streamline payments and protect customer privacy. There is no surmised that blockchain will be used in more ways – particularly in retail.
The next wave of digital disruption is Blockchain in retail, the technology touted to be the biggest modernity after the Internet. A system that works without the need for verification by a centralized government or regulatory agency, blockchain uses the concept of a distributed ledger that is secured by encryption and obtainable to all stakeholders in a value chain where it is to be implemented.
Blockchain technology helps retailers better track their shipments and inventory products properly. These retailers can know the status of their inventory, stock levels, numbers etc. in real-time. Since the data from the blockchain is uncomplaining, retailers do not have to worry about the honesty of the data collected.
In today’s world of mass production of counterfeit products, retailers and brands are often burdened with correctly identify such products and provide authentic products to the consumers. Again, with blockchain that connects all the points in the supply chain, retailers can verify the authenticity of their products and the sources whether they are new or used.
Managing Customer Information for Targeting Adverts.
We live in the data age retailers deal with a lot of customer information that is personal and best kept private. Because of the Cambridge Analytical scandal, there’s is an urgent need for a better way of storing and managing personal data.
in order to target users. Retailers can now use blockchain to replace the current open-bidding ad systems and instead target users based on information stored on their devices thereby protecting the privacy of the customers. This promises to make the advert data industry more secure.
This paper talks about the key technology challenges that today’s retailers face, such as:
- Data security
- Customer demands
- Rising regulatory compliance requirement
- Regulation of counterfeit goods
- Supply chain & Logistics visibility
By find out the usability of blockchain in the retail industry, several solutions can be draught to solve the issues mentioned above.
- Authentic Premium Products with blockchain
- Lowered costs with cryptocurrency transactions
- Automated and Secured transactions with Smart Contracts
- Better customer trust with secured data and transactions
Blockchain will become an indefeasible part of recent day retail. This whitepaper will focus on the key challenges that blockchains will address, the possibilities that blockchain will open in the world of retail and provide tips to retailers on how to be ready for a blockchain strategic in their organization.
There are plenty of start-ups in the blockchain technology which upload information about the consumers as well as consumer buying habits on the blockchain. The retailers would be able to easily access this information. Moreover, whenever the retailers are able to get repeat consumers, they would be able to access the previous buying habits of these consumers on the blockchain. This would ensure that they are able to offer the customers, most targeted products. Once they are able to do that, you can be sure that not only the customer engagement would increase but also the conversion rate of the customers would increase significantly. This would take the business of the retailers to all the level. They would be able to earn more revenue per customer.