With the advent of blockchain technology, several industries have been impacted by its disruption. The retail sector, in particular, has multiple blockchain opportunities that can change the way retailers sell, and by extension, the way consumers buy. But the role that blockchain technology plays in reshaping retail relationships with the end customers and how they buy needs to be the on every retailer’s agenda.
The 11,000-year-old retail industry has been transforming itself over time with various advances in technology. Take for example the dot-com burst: consumers could access a virtual store to purchase products and services with a simple click. But that doesn’t mean that the brick and mortar retail stores were anywhere short of being “transformed” as they account for over 90% of retail sales. Retail stores are employing a mix of marketing and technology like the Internet of Things (IoT), artificial intelligence (AI), etc., to streamline supply chain & inventory management, quicken cross-border payment processing, tokenize customer loyalty programs, and manage customer data repositories.
The retail industry is keeping up with major technological advancements to improve itself and provide consumers with better customer experiences. Such a major technological advancement that has been adopted is by far the most disruptive one of them all: Blockchain – a distributed ledger technology.
Blockchain is a revolutionary technology that has disrupted industries beyond the virtual finance market. In fact, blockchain technology is expected to reach critical adoption by 2020 and become generally accepted by consumers by the year 2025. With respect to the retail market, blockchain technology has applications that are intrinsic to the backend retail processes. According to a survey, blockchain applications in retail can improve efficiency anywhere from 40% to 60%. But, here’s the big question: how do all this impact customer experience and buying behaviour?
Source : Express Computer