Prior to introduction of enterprise blockchain development, did you have any idea it is coming into the retail industry too? People are working on making the retail industry to reach to the highest pace! Like every industry, retail is also facing some of the major issues. Well, blockchain in retail and inventory management can alter these situations, read how?
Blockchain In Retail And Inventory Management
For starters, let’s get to know the general functions which blockchain provides us with!
- The recording of data without the alteration of third party keeping it away from all the threats of being fake ones.
- Blockchain records the data in a sequence. This makes it even harder for any person or professional hackers to hack.
Now let’s think how the blockchain technology can bless the retail industry. The retail industry is one of those which requires and consist of the supply chain. Further, it has numerous parties involved within the procedure like manufacturers, suppliers, retailers and the end consumer.
Situations where the retail industry needs blockchain for the better and free flow of goods!
- There are many products for which we cannot make out if they are the real or the fake ones. This is an era where many frauds and fraudulent activities take place. Here, we need to find a solution to fight these bugs that are the main obstacles in the way. Blockchain helps in making the product get through some of the measures to ensure that the product passes all the details in order to be referred to as the real ones.
- Blockchain eliminates the gap between the supply chain and the parties involved in it! When the products reach from the supplier or manufacturer to the retailer, there is always an involvement of the third party. Third-party involvement in a way may pay some tricks to modify the goods and take advantage of it. Blockchain helps in the verification of the good to safely reach the retailer and then to the consumer.
Other than these, there are many major aspects of the retail industry about which the blockchain workers are taking care of and would help in the revolutionizing of the industry.
Managing the inventory
It is quite difficult to know where the product is coming from or stored in. It could be in the store or online or in the warehouse. However, it is important to know the status in order to make your business away from fraudulent activities. Blockchain helps in the inventory management. It tracks the location of the goods in order to keep the receiver aware of the updates of the product. Blockchain makes it quite easier for the supply chain to know the status of the goods.
Tracking the goods with the blockchain is more reliable which will make the consumers have trust over the retailers for the goods as all the information will be transparent for them too.
Securing the product
As we already know that the products came from the particular supplier. And, the blockchain ledger records the entire journey of the product. This transparency helps the consumer to take steps and know whom to contact in case of some problems with the product.
There are many cases in which the consumer finds themselves clueless about the safety of the product and get to know that product that reached them has some wrong with it. In these cases, blockchain come to the rescue. It helps the consumer to contact the one who is actually responsible for the loss.
This feature of blockchain again helps the consumer and retailer to build a trustworthy and reliable relationship among them for a long run. Hence, building the retailers reputation in the market with other consumers at the end.
Protecting the odds
Products like luxury goods, cosmetics and, high-end products come with a measure to be gone through in order to be certified as the real ones. Many of the online websites sell duplicate ones and divert the consumer of purchasing the real ones. Blockchain help in these products of passing these measures and get to the market with certain certification.
This feature adds up to one of the most reliable ones helping the consumer with their right to information for everything they buy. Information, with the help of the ledgers, is notified to all the users of the chain and in turn, provides a glass through which consumer can see everything about the product.
There is a lot of information about the consumers that are needed to be recorded. The tasks are made easy with the help of blockchain as the record one added into it will never be modified or deleted by any third party.
Over to you – Blockchain in retail is beyond inventory management
Providing a decentralized system to the retail industry would be benefiting for all of us as you could make out from the article! How do you think the blockchain has something to gift us within the retail industry? Do let us know about it.