Published in: Blog

Exploring The Potentials Of Blockchain In Retail Industry

Author Bacoor Team

Published on: July 16, 2021

Table of Contents

Is the concept “Blockchain in retail” necessary these days?

It is undeniable that Blockchain in retail nowadays provides a huge amount of chances and resolves several resistant issues. A more vigilant look is shown following

When the pandemic comes, retailers have coped with several major issues such as supply chain, products sales, store expansions, and ensuring that all the customers and employees are staying safe.

Therefore, retail industries need to care about blockchain more seriously and begin to integrate it into their systems.

Here are principal issues that retail industries are confronting:

Keeping up with Consumer’s Expectations

The retail industry has to handle a lot of volatile elements including consumer expectations. Indeed, consumers seem to change their expectations quite speedily. As a result, the retail industry needs to be clever enough to grasp all this information.

Weak Customer Loyalty Maintenance

In order to keep customers, you must have a good customer experience. We all know that dealing with consumers is a challenging mission. Additionally, promotional offers or special discounts can be helpful, it’s still not enough since most of the time, retailers are not successful in delivering personalized provision.

State-of-the-art Technologies are not available

Many technologies are made dedicated for certain businesses and can bring additional advantages when used precisely. Nevertheless, the retailer companies are completely behind the time.

In addition, some retail companies make wrong decisions to opt for the technology. Especially, this can lead to inefficiencies and waste of money.

Lack of Modern Marketing Strategy

In reality, many retail companies only stick with social media marketing while there are various ways you can market your products to the customers. Moreover, retail companies sometimes market the products too much, which increases customer discontent.

Cyber Crime

The increasing number of cyber hacks is another congestion for retail companies. In fact, it’s virtually easy to hack into the servers and steal data which is important. Hence, this can quickly become a huge security breach leading to losing lots of revenue. More so, it leads these companies to lose consumers’ trust .

The benefits of applying Blockchain to the retail industry

Blockchain brings many benefits to retail industries. Many of them are exclusive and only feasible when the industry starts to use this technology.

Effective Inventory Management

Blockchain in retail is useful in making their inventories better organized. Moreover, money can also be saved since it can automate the process of product shortage or product surplus according to consumer demand in real-time.

Crypto as A Payment Method

It seems that cryptocurrencies are going to become the money of the future. From here, retail companies can take one more step to accept existing crypto as authorized payment for the products. Especially, this method actually helps them make payments using secured and digital money in a transparent way.

Better Customer Information Administration

Companies can adopt blockchain in the retail market to secure the data relevant to the customer. As a matter of fact, authentication processes in the system are provided and all the information in the immutable storage is stored. Therefore, no third party can breach the network and misuse that info.

Preventing Counterfeit Goods and Fraud

By means of blockchain technology, retailers can keep track of their goods from the manufacturers and ensure that they are obtaining authentic products from time to time. Consequently, counterfeit products can be well controlled

Offering Product Origins

With the help of blockchain, the companies can eventually offer provenance as the consumer can track or see the entire supply chain of a single product. This can boost customers’ trust and they can spend their money on an authentic product.

Reducing Cyber Hacks

When blockchain appears, the scenario can change drastically. Especially, blockchain can offer high-security protocols to fight cyber-attacks, no security breach from the third party will be viable anymore.

From Person to Merchant Transactions

It can be cool that Blockchain in a retail store can provide a person with merchants’ transactions. As expected, this helps both parties to benefit from the payment process because the customer doesn’t have to cough up added charges using other third-party financial services.

Which Retail Companies are Using Blockchain Technology?

Blockchain in retail can make a big alternation to this sector. Despite this sector’s development, Blockchain technology still copes with a variety of issues causing problems later in the future.