Blockchain set to transform retail industry
R Pay’s revolutionary features can streamline operations, ensure product authenticity and enable tighter supply chain collaborations.
Across all continents, traditional retailers are facing challenging times. Margins are shrinking because of competition, limited supply chain visibility, high transaction costs and ever rising counterfeit products. Given such challenges, blockchain has the real potential to address these issues and many more.
Retail and Rpay
Making a mark first in the financial sector, blockchain is now set to transform retail industry. It provides a way to conduct and record transactions through a peer-to-peer network that replaces the traditional role of a central trusted authority. Rpay Mall is an online space where the user can buy and sell their products in the listed categories. Goods and services are bought and sold on Rpay Mall using R Token, which is a digital cryptocurrency that is decentralized and censorship-resistant. Transaction fees on the R Token network are economical.
Blockchain has the potential to reinvent and in some cases obviate key business functions throughout an organization. As a result, it can bring greater trust and security and enhance sales forecasting and inventory control. In fact, a recent survey done by Cognizant shows that 82% of respondents predicted that blockchain would yield cost savings for their organization of more than 2.5% by streamlining operations and automating manual tasks.
Though it is known that the benefits of blockchain can accrue to internal processes, the real benefit can be seen from the collaborative efforts with external organizations such as supply chain partners. In fact, the retail industry should adopt blockchain technology faster so that they are not left far behind in the race for growth. Rpay can help you achieve your vision as retailers who will be on a wait-and-watch mode will find it difficult to catch up once the direction for blockchain in the retail industry gathers momentum.
Key benefits of blockchain in retail
Improve inventory management: Shorter product life cycles have made sales forecasting very challenging. R Pay’s blockchain technology can provide smart contracts to enable a retailer automate execution of payments and orders. An efficient supply chain management will help in making accurate forecasting and minimize lost sales due to nil stock. It will also help to push up profit margin and increase customer satisfaction.
Authenticate product: One of the biggest advantages of blockchain is that it never allow spurious products to reach the shop shelve. The technology of Rpay will help scan the product barcode and trace the origin of the product.
Customer rewards programme: Rpay will issue loyalty rewards points to increase customer satisfaction. As customers have difficult in navigating the rewards programme and loyalty points, blockchain applications will allow users to easily redeem points across different merchants. In fact, RPay seamlessly makes loyalty programmes simple by enabling customers easy redemption of points and bringing enhanced smile on the faces of customers.
As retailers, both traditional and digital rivals, compete with each other for efficiency, blockchain’s distributed ledger technology provides an opportunity to increase operational efficiency and reduce cost. At Rpay, we can provide blockchain technology to retail business which will generate higher efficiency across the value chain in the business and help in innovation.