Since the advent of cryptocurrency, Blockchain technology has been making its way through multiple industries. The provision of a decentralized system allows varying businesses to enjoy different advantages. Not only are these businesses improving their own internal operations but streamlining the experience for the consumers as well.
Just like many industries, retail is one major sector employing the benefits of Blockchain. Retail has drastically improved over the years as more and more digital technology comes into use. Consumers have way more power over their purchases, especially since marketing becomes more customer-oriented. And Blockchain will make it even better.
Here is how Blockchain technology can improve the shopping experience for consumers:
- One of the biggest issues in retail is fake or knock-off versions of products. The average consumer can be easily fooled by fake products. The problem has become more prevalent as online shopping has become more common. Long gone are the days when fakes were limited to Rolex watches and street sellers. Today, it is very easy to set up an e-commerce platform and sell knock-offs; the consumer only realizing after the actual product is in their hands. Blockchain allows tracking a product’s lifecycle, which reduces the risk of any distributor replacing the original product
- With Blockchain, consumers will be able to buy products that meet their specifications. It allows transparency in matters of buying products that contain healthy ingredients, are socially responsible or respect the original manufacturer. In a world where people have become more cognizant of human, animal, and environmental abuse, it has become significant to know what kind of product is being bought, where it comes from, how it is produced, etc. And Blockchain’s tracking makes this possible
- Blockchain also helps create a transparent supply chain system. Not only retailers themselves will have access to decentralized information about their suppliers and distributors network but consumers can track a product as well. Consumers will likely appreciate information related to what kind of conditions a product is stored in, who owned it at what time, etc.
- Since Blockchain is so closely related to cryptocurrencies, coins and tokens could become the new payment solutions for customers. This will be specifically useful for B2B shopping experience where the shipments are often large and so is the transaction. This will also reduce the burdens on accounting and finance operations. The end to end data trail is quite helpful and so is the smart contracts option, which is easier to manage than traditional transactional structures
- One of the best ways to improve the shopping experience for customers is to know what they want. For this purpose, retail businesses collect customer data for analysis from varying touch points. The combination of Blockchain and artificial intelligence helps access data in real time over a decentralized system
Many of these improvements are still in development and may take a few years before they are actually implementable. However, these will truly change the retail experience.
LuxTag® enables businesses and their customers to protect authenticity & ownership of their valuable assets by providing digitized certificates using blockchain technology. At LuxTag, we see a great opportunity to reduce the costs of current systems and bring a new service to market that has not existed before. Proving this is very well possible, we have created a blockchain-powered application to cater the market of anti-counterfeit, ownership tagging, track & trace, and manufacturer big-data, serving different markets with ready to implement solutions. As of today, the catered industries include Fashion and Apparel, Jewelry, Documents, Luxury, and Art.
®“LuxTag”, Trademark registered.