How Blockchain is improving Retail Commerce?
In the era of conscientious customers, people are caring more about the transparency in the processes being followed for each and everything; they enquire about the systems and truly concerned about the quality, safety, ethics, and environmental impact while buying any product, accessing to any service and before making any transaction.
The retail industry is always at the forefront reshaped by the latest and emerging technologies to enhance the customer experience. The power of the cloud, artificial intelligence, machine learning, mobility, blockchain, big data, IoT, robotics, and cloud has unveiled many solutions that have great potential to disrupt the supply chain operations in the retail industry.
The main areas where Blockchain is benefitting Retail Market:
Transparency: The trust of customers is very hard to earn. Nowadays more and more transactions are happening online, and blockchain underlies the transparency, allowing all parties—supplier, manufacturer, retailer, and end consumer—to trace a product’s journey. Blockchain has primarily enabled trust, transparency, and collaboration across constituencies. For retail, these benefits can be realized from vendors to employees to customers.
Reducing Counterfeit Products: Stolen merchandise can be more easily tracked with blockchain and numbers of counterfeit products can be reduced. Luxury items and pharmaceuticals are two major departments where counterfeiting is usual.
Protects Personal Consumer Data: Distribution of personal data is a matter of worry for retailers as well as customers and those retailers who collect and retain consumer data today, is getting ahead of this coming shift, which is possible through embracing blockchain-based models.