Technology

Blockchain in Retail: Changing the Shopping Experience

Although the blockchain first began as the technology behind cryptocurrency, many innovators soon found other applications. In addition to non-financial applications such as cloud storage, contracts and smart cities, the blockchain is considered an ideal solution for disrupting the distribution landscape ]. While changes can not be implemented overnight in retail and will require massive adoption, the current blockchain pathways are Incorporation courses can go a long way. transform the buying experience.

Reinventing the Collection and Analysis of Detail Data

Data improve the buying experience for customers. Blockchain provides an effective way to collect and analyze the information available. Working with Artificial Intelligence and Blockchain, OSA DC is a decentralized platform that collects and evaluates real-time data from sources such as consumers and retailers.

What has happened is that so much data is now available from so many places that they are fragmented. This fragmentation makes it difficult to sift through and find the types of models that can drive how a retailer changes its customer experience to meet the specific needs and expectations described in the data. These become missed opportunities for retailers. However, a platform blockchain collects data across the supply chain. Then he uses the machine learning to add a structure to the information.

However, creating a single ecosystem for the data accomplishes even more for the retail environment. Blockchain can improve the inventory tracking process, including reducing overstocking and under-storage. Because the blockchain uses a highly secure registry format, product data is more reliable and more secure against forgery. Finally, blockchain's ability to collect accurate information can reduce the waste of supply chain products.

Providing a market for materials, resources, components and more

Retail companies have often struggled to obtain the best prices on components, materials and parts, and to communicate directly with manufacturers who will offer quality every time. This process involved a centralized system with intermediaries. This meant higher prices, limited access to manufacturers, a slower process, often riddled with errors.

It is there that a blockchain society like Hamster Marketplace can change the game to detail. Its decentralized platform is a unique electronics market and connects retail businesses directly with device manufacturers. Suppliers who join the manufacturing platform are audited to ensure that they can provide the best quality, prices, and conditions for retailers seeking to connect with them. This is particularly ideal for retailers looking for small productions of their products.

Blockchain ensures that the data is connected to each partnership and oversees the order and delivery system. In addition, it can even manage an arbitrage system for the market in order to solve any problem between the retailer and the manufacturer.

Serve as the great book of the supply chain

Beyond the market relations that can develop and prosper thanks to the blockchain This is the entire chain of Supply that prevents a retailer from providing the best possible shopping experience for its customers. While all segments of the retail business can benefit, this can make all the difference in the grocery segment, which involves perishable products and unstable demand.

As an article from INS explained: "With local producers struggling to enter the shelves and large retailers who dominate the market, the global market the supply chain remains inherently unbalanced in terms of abuse of bargaining power.As the mega-chains aim to reduce stockouts and have their tablets full at any time, the situation generates significant inefficiencies such as increased food miles, scams and waste. "

Blockchain ensures that the supply chain and logistical data remain authentic and secure. This includes monitoring all the files and forms in the supply chain. It means no falsification. In addition, there is a timestamped record of each step in the supply chain. Everything is checked independently. The result is greater control over the product's manufacturing location, process, and schedule. In addition, a blockchain supply chain model also allows a retailer to dictate transportation, storage, delivery and presentation.

Examples of supply chain management systems and blockchain stocks include those developed and launched by IBM, Microsoft, and Mojix. These retail-oriented blockchain platforms define to transform the way retailers can align their inventory with end-user demand for a retail experience. improved shopping. WAVE is another example of a blockchain company that offers a decentralized database that exploits blockchain to document every action in a chain of events. ; supply.

Validation of the authenticity of a product and establishment of trust

Counterfeit goods continue to afflict retailers and global consumers seeking to take advantage of luxury brands. Knockoff merchandise is often available at the local exchange meeting. However, finding them on legitimate online sales sites can be surprising. Fake goods are an important global problem. One source quantified the problem : "Imports of counterfeit and pirated goods are worth around half a trillion dollars a year, or about 2.5% of world imports, after in the OECD and at the European Intellectual Property Office. Up to 5% of the goods imported into the European Union are counterfeits. "

It is there that blockchain can close the chances of receiving fake goods . The technology follows and verifies the complete life cycle of a product. This means that there is no means that a fraudulent distributor could pass its fake articles to a retailer who uses a blockchain platform for his goods.

Alongside this authenticity, transparency helps consumers better understand what they buy. Consumers have access to the data collected during the verification process. This includes where, how and when on the product. In addition, it could give an overview of the materials used. This additional information helps to engage the consumer as well as build trust between them and your retail brand.

Provenance helps to show where their food was grown, including whether it was local. In addition, the data provided check the ingredients for consumers who are concerned about allergies. The blockchain platform helps a consumer avoid specific products.

A New Experience

From a more efficient supply chain aligned with the cyclical needs of end users and markets with higher quality components to the ability to provide the most authentic products possible for consumers , blockchain technology Changed the way the retail environment works to improve the overall experience. In return, retailers will produce satisfied customers, a stronger brand reputation and opportunities to win more consumers.

Brad Anderson

publisher

Brad is the editor who oversees the content of contributions on ReadWrite.com. You can reach me at brad at readwrite.com

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