- What you need to know...
- By applying blockchain technology to customer records and transactional data, retailers can minimize insider threats such as staff members manipulating records in order to steal products.
- Some retailers are experimenting with blockchain-based cryptocurrencies for loyalty schemes, which are more efficient and appealing for customers than traditional points-based loyalty cards.
- By tracking every transaction in detail, customer preferences can be better identified, and correlations drawn by comparing products, basket sizes, and store locations, among others.
Blockchain technology within the retail and FMCG sectors has the potential to eliminate the use of unreliable suppliers, child labor and poor quality ingredients. Read GlobalData’s Blockchain in Retail and FMCG – Thematic Research report to learn more about how your business can stay ahead of competition.