Blockchain: Simplifying Information for customers technology where all data is accessible to inspect in real time, so that any update or replacement can be seen athwart the network, making it probable to view the full history of a product and its components. These sets of data cannot be amended or deleted in any way, making this technology challenging to hack and therefore a safe choice for the current digital data. It is being adopted across various industries in an unprecedented way and is also revolutionizing the retail arena. However, the retailers need to pay attention to how this technology will impact their industry and how it can assist customers.
Easy Access to Information: With the product story being offered by blockchain owing to its chronological technology consumers can view data and information from every point in the supply chain. Of late more emphasis is being put on customers buying ethically sourced products and are keen to know their background, its origin and also how it has been made and in which kind of environment. Blockchain will make it possible to permit absolute transparency between retailers and customers giving the retailer an aptitude to prove that products are dutifully sourced, ethical and will add a whole new echelon of trust to the brand-customer relationship.
The authenticity of luxury brands: This scenario has always plagued and become a cause of concern for favorite fashion houses, with believable knockoffs available at far lower prices, thinning the exclusivity of the items. Data that has been tracked from the sourcing of materials to customer purchase will warranty customers that what they are buying is a particular product and substantiate its authenticity. Blockchain will also help curb theft of luxurious items and resale of stolen goods through tracking the ownership of the products.
Tracking shipments: This has been for long an issue which is about to become a lot easier with the use of blockchain. Every logistical phase of a product’s journey will have information on who handled it, where and when all in real time, resulting in less lost and broken goods. This could also be used to observe the health and safety requirements and contagion of food products by following temperature and air condition at all times from beginning to end of the shipping journey.
Cryptocurrencies: Blockchain will not only initiate the retailers to accepting crypto-currency as payments, but the digital records that have been shaped will also help rationalize the returns and refunds procedure. More significant purchases like houses, cars and other high ticket items can also have their ownership tracked and confirmed to reduce the resale of stolen goods.
Ownership details: Blockchain also offers the technology which can trace and determine the proof of ownership. As already mentioned, an obvious benefit is a reduction in crime and duplication of products, but another critical use for many retailers will be the proof of provenance. The ability to unquestionably prove who has prepared or owned or had contact with individual objects or designer goods will augment their value and guarantee the buyers know exactly what they are purchasing with the knowledge of what has been its past.
The evolution to blockchain in retail can hit the shores like a big wave. Innovation in retail, however, takes its own time and numerous organizations often draw up their shields when the time for execution comes. Only some organizations move ahead, while most others follow the ancient wait-and-watch strategy. An essential challenge for blockchain to overcome will be membership. Adoption by the entire value chain will decide the victory and impact this novelty eventually has.