For effective supply chain management and improved customer loyalty, blockchain's promising use cases seem reliable.
FREMONT, CA: Blockchain has the potential to modify every industry, including retail. Recent blockchain-driven operations by large retailers are evidence of the many opportunities for technology to solve practical challenges in the retail sector. The advanced technology helps retailers to intensify information storage, seamlessly help administer payments and contracts and reinforce product authenticity to limit counterfeiting of goods. Retailers need to adapt their systems to cater to the ever-changing ways consumers are searching for and purchasing products.
According to a report in 2017, retail losses due to fraud were estimated at $ 23 billion. To this end, blockchain offers brands a means to assign a unique scannable code as counterfeiters, and retail fraud is on the growth around the world. Blockchain marks each product that allows consumers to access the complete history of that product from the country of origin to the ultimate reseller. The ability to pursue products through the supply chain is one of the most widespread uses of blockchain technology in retail. It helps in verifying the provenance of luxury goods and reduces counterfeit goods and also has an influence on safety.
A multinational retail company is pioneering the use of blockchain technology in the food supply chain to lessen waste, cut tracking times, and enhance transparency and contamination management. The food traceability technology business is expected to continue growing at 7.15 percent yearly and reach a whopping $20.95 billion by 2026 revealed a report. Retail businesses are adopting more humane-sourcing practices and using blockchain to provide more transparency into their supply chains, as customers become more concerned with the origin of the products bought.
The broad majority of online retailers still prefer to offer traditional payment methods as the cryptocurrency values vary drastically. Retailers that are amenable to experiment with cryptocurrency payments can tap into an additional revenue stream and reach more consumers around the globe. Blockchain technology also provides retailers with more power over how they disseminate coupons or discounts and how their consumers redeem it. Blockchain is here to stay and continues to revolutionize every industry.