Blockchain — The Retail Advantage
The retail landscape has changed over the last decade. With newer technological enhancements, more retailers are opting to incorporate the latest technology to stay ahead of the competition.
From drone deliveries to one hour deliveries, companies are increasingly investing in virtual assistants and AI to engage with customers and enhancing customer experience.
Blockchain is not far behind. With its satisfying results by effectively creating a complete virtual financial market, it is here to stay. It’s no surprise that blockchain is revolutionary technology. The retail industry has finally recognised the power blockchain holds.
Here’s how blockchain can play a crucial role in the future of retail:
Data Collection and Analysis
Data enhances the shopping experience for customers. Blockchain does that, by delivering an efficient way to collect and analyse the available information. Leveraging AI, Blockchain can gather and assess data in real time from different sources like consumers and retailers.
There is a lot of data now that is available from different locations. Unfortunately, the data that is available is fragmented. This makes it difficult to sift through and detect patterns that can let the retailer know which direction they have to take to enhance their customers’ experience and address their pain points. These become missed opportunities for retailers. Here, the blockchain technology can aptly address this problem and make it easier. A blockchain platform collects data from across the supply chain and leverages machine learning to structure the data. Blockchain can enhance the inventory tracking process, including reducing overstocking and under-stocking. Since blockchain uses a secure ledger format, the product data is more reliable and secure from tampering. Furthermore, it can reduce supply chain product waste.
Supply Chain Ledger
There are several ways that blockchain can help strengthen relationships. The entire supply chain is one major aspect retailers need to keep secure as it directly impacts the shopping experience for the customers. Using blockchain as a supply chain ledger can make a huge difference in all segments of retail. This especially can impact and enhance retailers that are involved in perishable goods.
Blockchain ensures that the supply chain and logistics is secure and authentic. This means that every record and form is being checked and time stamped in the supply chain. This ensures no tampering of data with everything being independently verified. Thus, there is greater control over product manufacturing location, process, and timing.
Furthermore, a blockchain supply chain model also enables retailers to control all aspects of transportation, storage, delivery, and presentation.
Payments and e-commerce
Blockchain is a trusted means of payments. The majority of retailers are integrating bitcoin and other cryptocurrencies as means of payment processing. The big advantage here is, compared to credit cards, the integration of cryptocurrencies is that it is cheaper and transparent to process transactions.
Blockchain allows for retailers to accept cryptocurrencies along with digital records which helps streamline refunds and return processes.
Besides, purchasing items that need a large amount of money such as cars or land property with cryptocurrency can track the ownership and verify resale of stolen goods.
Retailers must now realise that Blockchain is here to stay. While there are other developments happening in the industry, they need to keep an eye out for this technology.
The possibilities have only just begun.