Blockchain is the one stop solution in the processes that requires gaining trust or building a reputation that depends upon safety for all its concerns. Looking forward to industries like retail ones, the maximum need is to grab the trust of the consumers for a long run. Blockchain can benefit consumer goods and retail industries to the large extent. After all, what is blockchain for consumer goods and retail industries? And, how does it impact?
Blockchain for consumer goods and retail industries
We are already aware about the functions of Blockchain and its role. It provides an unbreakable security system for all the situations. The very first and foremost feature of blockchain is that it helps in recording all the transactions without any interruption. There is no need of modification by the third party. Hence, keeping the records safe and reliable is possible with blockchain.
Blockchain can provide all the game-changing features to the retail industry. Blockchain would facilitate a free-flow of supply chain management, sales activities and also maintaining the after-sales activities. Also, blockchain would help ensure the easy flow of goods. This, in turn, will build a trustworthy relationship with the consumers and improve their experience.
Some areas should be priority; these parameters are:
- Payments without hassle,
- Providing authenticity with every purchase,
- Improving the experience, reliability, and transparency with consumers regarding supply chain management,
- Maintaining identity, being loyal, and
- Building a trustworthy relationship with the clients or consumers.
As we just got to know the main dimensions that retail industry demands; here, are a few features that would bind retailers and consumers through blockchain!
Clarity and Liquidity
Marking the exact origin and providing the actual journey of the product is the customer’s main concern and a right too. Blockchain plays a role in which the transparent ledger provides all the information about the history of the goods. It also makes the information visible to all the parties involved in the transaction like supplier, manufacturer, retailer, and the consumer.
Implications of fake and real
Blockchain comes with an unremarkable feature of certified goods under a certain measure. Hence, it helps in figuring out that if the product that has reached the manufacturer or the retailer is a fake or the real ones. Items like medicines and too expensive items need to go through a set of standards which defines them to be different from others. According to these standard, these products are marked as real or fake ones.
Dealing in transactions that include a huge amount of money involved in it makes it harder for the normal bank processes to make it done and also, is a very risky take. Blockchain has the ledger which records each and every transaction to its exact point making it safe from modification and errors. In this way, blockchain paves a way for a more reliable system of making transactions.
Staying safe and relied on retailers
There are many already existing companies that use this feature to transfer the warranty without any hassle. Blockchain helps in maintaining warranty wallets from transferring it from cloud to blockchain ledgers which in turn helps the manufacturers and the retailers to stay free from the unnecessary tasks they would have to perform in order to maintain the administrative work. Also, eliminating this hassle makes a way for building a trustworthy relationship among the retailer and the end consumer.
Increasing the reach
Blockchain development technology has headed towards the international markets to help in the easy flow of supply chain globally. The decentralized system of blockchain helps in the direct communication of the parties involved in the transactions. If blockchain would come into charge the need for the certification of the middlemen to validate the transaction would not be needed. All the supply processes will be done directly within the parties, hence, solving the shipping problems.
It has been a long time since we started getting to know the functions and enhancing the possibilities which blockchain will be able to provide for us. It has now reached the industry which includes the most trust, labor work, transactions and supply, and shipping chains. Increasingly people are adopting it in the retail industry and are surprised to know the outcomes of blockchain for consumer goods.
There are many loyalty programs that blockchain leads the retail industry to enhance its performance by each day passing.