Major Blockchain Use Cases in Retail

Blockchain technology in retail offers the ability to monitor products via the supply chain. It helps authenticate the origin of luxury goods, remove counterfeit goods, and impact food safety.

Fremont, CA: The financial industry has been leveraging blockchain applications for some years, and this technology can possibly revolutionize other sectors like retail. With retail sales gradually moving online, it is crucial that retailers modify their systems to meet the evolving ways consumers demand and purchase products. Here are four uses of blockchain in retail:

Transforming Payments

Retailers wanting to venture into cryptocurrency payments can access an additional revenue stream and globally reach more customers. Also, blockchain enables retailers with more control over how they allocate coupons and discounts and how their customers redeem it.

Loyalty Programs

Blockchain offers secure, instant redemption of loyalty reward points and simplifies the development and exchange of points across retailers and programs. Retailers can secure and monitor loyalty program transactions transparently with a foolproof, time-stamped database of transactions. Thus limiting costs related to complicated loyalty programs and avoid errors and fraud.

Supply Chain Monitoring

Blockchain technology in retail offers the ability to monitor products via the supply chain. It helps authenticate the origin of luxury goods, remove counterfeit goods, and impact food safety.

The food traceability technology market is predicted to continue growing at 7.15 percent yearly and reach $20.95 billion by 2026. Retailers across all industries are promoting more ethical sourcing practices and implementing blockchain to offer transparency into their supply chains as consumers become more concerned with where their products are sourced from.

Check out: Top Retail Consulting/ Services Companies