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Blockchain Report, Retail Technology Report

Blockchain in Retail - Thematic Research

Retail decision-makers may not necessarily understand how the blockchain technology works, but could be convinced to invest in blockchain-based solutions if they solve specific business cases, such as gaining greater control over suppliers, achieving higher customer loyalty, or higher security standards to be prepared for GDPR.

  • What you will discover...
  • If blockchain was a panacea, then all retailers would have adopted it already – but only a few have already done so.
  • Blockchain and its cost limitations – Retailers are advised to be cautious and ensure that they estimate ROI and cost savings appropriately to avoid running over budget.
  • While blockchain is useful to ensure data accuracy as timestamps are amended, there needs to be trust in the data that is created or fed into the blockchain based system from other databases to avoid creating a false sense of accuracy and reliability.
  • One of the most widespread uses of blockchain technology will be to convince consumers of the authenticity of their products, to combat the sale of counterfeit versions of branded products on marketplace websites. This will especially impact luxury branded goods, such as fashion, jewelry, and accessories. It also has great potential in concert/sports ticketing, where counterfeiting is rife.

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From Retailer to Consumer - Blockchain to track the entire value chain

Be it in-stores, on-floor, online or customers – retailers can benefit from blockchain in many ways, including greater control over their data and how it is managed and amended by their staff, as well as external stakeholders such as customers, suppliers, and payment solutions providers.

By using blockchain based systems, retailers can better manage data flows because every change creates a timestamp for greater traceability and accountability.

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