Benefits Of Blockchain In Retail According to Experts
People who are employed in the bowels of retail warehouses and furnish rooms don’t get enough credit. Managing endless incoming and outgoing inventory is no easy task. But firms investing in blockchain-powered inventory management systems do these workers a solid.
Supply chain and inventory management are among the most obvious applications for blockchain technology in retail. Knowing where a product is at any given time drastically reduces the probability of property or theft loss. The simple fact that blockchain-powered ledgers are remotely accessible by management, warehouse employees, and shop workers equally is a cherry on top. Inventory supervisors and their underlings will still have to do the heavy lifting, however, blockchain will alleviate headaches in the logistics department.
Experts point to the prospect of cryptocurrency payment systems to expand client bases. When companies adopt crypto-friendly payment gateways for physical and electronic storefronts, they bring a new customer class.
These benefits may be insufficient to spark investment out of many retailers. But as the technology becomes more familiar and the benefits become more apparent, the case for investing in retail-centric blockchain systems will only get more powerful.
Kristen Howell, Partner at Fox Rothschild
Kristen Howell”Blockchain often seems cloaked in secrecy, using its origins in cryptography. However, one of its best use cases is for improving transparency. From reducing fake goods (LMVH), to supporting emerging markets (Onda Origins), to engaging with consumers past the point of sale, private blockchain provides meaningful transparency for producers, the shopping public, and retailers.”
Michael Dobak, CMO of all BLOCKv
Michael Dobak”The blockchain has several important benefits for promotional promotion within retail. 1 particular benefit is enhanced measurement of campaign performance and a new channel for direct one-to-one engagement prior to, during and after buying anything.”
Alexander Kuzin, Co-Founder of EVEN Foundation
Alexander Kuzin”A growth of cryptocurrency users will expand the retail industry. Goods and services available online simply will find additional clients. The same is true for fiscal retail — crypto loans, escrow, transborder transfers. On-line payment versus payment on delivery expands shipping alternatives and increase conversion rates for e-commerce.”
Jitin Agarwal, VP, Enterprise Products, EPAM
Jitin Agarwal”While the five key benefits of blockchain are immutability, availability, encryption, transparency and governance, and the most important advantage for retail is transparency, since it applies to members of the distribution chain from producer and distribution station, to the merchant and end customer. Transparency guarantees that everyone in the value chain has the trust and confidence in the goods and services being delivered, which is possibly the core of this end-user experience that is the key differentiator in conventional retail now. Incidentally, transparency also has multiple subsequent advantages, such as fraud and counterfeit prevention, record management digitalization and customer loyalty.”
Morvareed Z. Salehpour, Esq., Managing Partner of Salehpour legal consulting
Morvareed Salehpour”The largest benefit from program of blockchain technology in the retail space is that supply chain applications not only reduce injuries and illness from faulty foods and products given the enhanced speed of identifying and locating those faulty foods/products, but also help retail companies save costs and increase efficiencies as only really affected goods/products would have to be remembered instead of a more reflective recall. Further, supply chain blockchains give companies using them a competitive advantage not only in terms of reduced prices for remembers, but also in terms of better public image originating from the transparency created in their supply lines.”