Retail Sector Embracing Blockchain
Blockchain is playing a crucial role in transforming the retail and consumer packaged goods (CPG) sector, in terms of supply chain transparency, security, and visibility. Retailers today are struggling to differentiate themselves in the competitive marketplace, and the success is now majorly driven by customer experience. Customers now demand more personalized retail experience and faster transaction times, which are fuelling the adoption of advanced technologies in the retail industry. Retailers are also adopting several technologies, including AI, analytics, and blockchain, for enhancing their business models and establishing future-ready capabilities.
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- Connected supply chain
- Enhanced store fulfilment
- Creating smart loyalty programs
- Assisting in payments
- Locate stolen products
- Assisting in cooperative purchases
- Fight counterfeiting
- Building a decentralized platform for retail customers, so that they can directly buy from manufacturers
How retailers are embracing Blockchain
Several retailers have taken steps to integrate cryptocurrency and blockchain technology into their operations.
- Walmart had filed patents for using blockchain technology in digital shopping and vendor payments.
- Boxed, an online retail company, had launched blockchain efforts with American Express for customizing rewards for cardholders.
- Starbucks is using a pilot project to create transparency by tracing coffee beans from Costa Rica, Colombia.
- com had launched AI Catapult, for accelerating the development of AI and blockchain technologies.
- Amazon had registered 3 domains related to blockchain and cryptocurrency.
- Newegg had expanded its bitcoin payment option from the US to Canada.
- Rakuten, an online retailer in the US, is planning to introduce Rakuten Coin, a new cryptocurrency that will support the company’s loyalty services.
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Integrating the blockchain technology in the retail sector has gained great attention due to the continuous demand from this industry for boosting sales and developing efficient services. In order to keep the operations active & running and eliminate the fraudulent activities of middlemen, the retail sector is investing in the blockchain technology. Integrating blockchain in the supply chain is helping the retail companies to detect bottlenecks in the system and reduce the liability of bankruptcy. This technology has also helped customers to track the origin of each product, increasing faith in retailers.
– Sonam Chawla
ICT – Research Analyst