Blockchain, initially utilized for financial transactions only, has extended its applications to other industries comprising retail, wherein it is altering the way suppliers and retailers are gaining consumer loyalty. It allows the merchants equipped to manage issues in inventory management, transaction management, or customer service. The retail industry is changing incessantly and is turning out to be more tailored by providing product recommendations and hassle-free consumer shopping experience.
At present, consumers demand quicker transaction periods and a more tailored shopping experience, which is driving the implementation of sophisticated technologies within the retail industry. The e-commerce and retail sector is backed by blockchain technology by providing more security, improved supply chain transparency, and visibility. For improving the business models, several merchants are implementing the blockchain technology. Further, the vendors are taking steps to incorporate cryptocurrencies into their businesses. To cite, a Japan-located online retailer, Rakuten, allows bitcoin payments and is intending to launch a new cryptocurrency, Rakuten Coin, which will back the loyalty services of the firm.
In addition, the key factor driving the growth of the global blockchain in the retail market comprises the rising implementation of blockchain technology within the supply chain management & retail industry along with the growing demand for speed and efficiency within the supply chain and retail transaction. Also, the rise in need for smart contracts and transparent transactions is another factor expected to fuel the expansion of the global blockchain in retail market. Additionally, the rising expenditure in blockchain-based solutions by retail industries is projected to propel the market expansion in the years to come.
Furthermore, the rise in the requirement to assure reliability, quality, product safety, and authenticity are also few other aspects driving the need for blockchain services and solutions among worldwide retailers. Nevertheless, the lack of experienced professionals is projected to hamper the expansion of the global blockchain in retail market during the forecast period. Nonetheless, the swift alterations in the retail industry because of technological innovations and international trade are anticipated to offer key growth avenues for blockchain in retail market in the near future.
Also, the overall retail industry is changed by the blockchain technology because of several high-valued distributed uses of this technology. Thus, blockchain in the retail market is coming up with novel business models in several domains, like internet/online shopping, smart contracts, digital payment, and compliance & risk. Thereby, these aspects are propelling vendors to spend enormous amounts to look at blockchain technology. The industry is anticipated to expand as numerous startups and IT players have started the potential pilot projects. To cite, in July 2019, a food retail giant, Nestle, had declared that it would conduct the open blockchain technology for trailing its products alongside the supply chain. Also, the blockchain application is being tested by Walmart to offer trackability for “farm to fork” and to enhance efficiency, transparency, and food safety.
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