Ledger technologies have the power to allow stakeholders to share the same information without any possibility of it being hacked or manipulated. Due to levels of competition in the market and increasing demand from customers, retail businesses have to pick up the pace when it comes to offering more efficiency and a better all-around service. It is likely that blockchain will play a big part in mobile payment, supply chain, and finance in the future. But what are the three top reasons why retailers should consider blockchain?
Increasing consumer trust
As blockchain is considered to be a complex technology, it is believed that widespread implementation would affect the majority of consumers due to increasing purchasing costs for customers. Whilst this point is negligible, there is no doubt that the increase in the level of transparency as well as providing concrete proof-of-purchase, among-st other things, is something that customers desperately want. Whilst implementation could be costly, the benefits to the customer, and ultimately the vendor is not to be underestimated. From issuing invoices and receipts on the blockchain to QR codes that link to products and prices, the business can automate their processes whilst increasing consumer satisfaction.
The counterfeit goods market was worth a staggering $1.3 trillion in 2017 and if businesses can strengthen their global supply chains by proving authenticity, then they are set to benefit from a significant competitive edge. By tracking every stage of production from raw material to customer’s hands, consumers can verify their purchases and ensure they are getting what they are paying for. As an example: the producer of Jack Daniel’s says that 30% of the alcohol in China has no proof of being authentic but blockchain could play a huge role when it comes to stopping counterfeits in the black market.
Simplifying tracking and delivery
Delivering a product is a part of the supply chain process that can be one of the most problematic. Tracking a product is not straightforward and it involves communication, data entry, telephone, and liaison with third-party companies. Blockchain has the power to smooth the logistical process and make transportation more efficient, resulting in quicker delivery times for clients, and lower operating costs for vendors.
These are just three areas of the retail business industry that could be simplified and made more efficient by adopting blockchain technology.
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