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?Â
For starters, let’s get to know the general functions which blockchain provides us with!
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.Â
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.
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.Â
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.Â
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.Â
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.
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.
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.
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