3 Ways Blockchain Technology Benefits the Retail Sector

Just a quick recap: Blockchain is a decentralized, digital sequence of records shared on a public network. Blockchain technology removes the need for a third party mediator and provides transparency into the operations. The retail industry which depends on supply chain efficiency needs to implement this technology as soon as possible to meet consumer demand and provide personalization.

So here are three ways the blockchain technology benefits the retail industry:

Tracking Inventory

Blockchain technology helps retailers better track their shipments and stock products properly since the inventory is visible at every point of the supply chain. These retailers can know the status of their inventory, stock levels, numbers etc. in real-time. Since the data from the blockchain is immutable, retailers do not have to worry about the authenticity of the data gathered.

Steve Sarracino, founder of venture capital firm Activant Capital Group explains:

”In retail, the two biggest issues from a data perspective are understanding and knowing where your inventory is — whether it’s in your supply chain or in the store or online — and then matching that with the right customer.”

Tracking Counterfeits

In today’s world of mass production of counterfeit products, retailers and brands are often burdened with correctly identify such products and provide authentic products to the consumers. Again, with blockchain that connects all the points in the supply chain, retailers can verify the authenticity of their products and the sources whether they are new or used.

Samantha Radocchia, co-founder and chief marketing officer of the supply chain startup Chronicled explains:

”If you are tracking it on blockchain and integrating all of these systems so that once it leaves the packager and goes to the first distributor these events are recorded, you can determine at what point the chain was broken.”

Managing Customer Information for Targeting Adverts.

We live in the data age: retailers deal with a lot of customer information that is personal and best kept private. Because of the Cambridge Analytica scandal, there’s is an urgent need for a better way of storing and managing personal data.
Blockchain fulfils that urgent need: retailers can now customize services and ads without having to rely on a central server that might allow hackers to steal data or misuse it in order to target users. Retailers can now use blockchain to replace the current open-bidding ad systems and instead target users based on information stored on their devices thereby protecting the privacy of the customers. This promises to make the advert data industry more secure.

Conclusion

As the blockchain technology matures, retailers will benefit from the transparency, trust and better efficiency in data management. This will allow retailers to protect user privacy but at the same time, prevent any possibility of tampering or fraud within the enterprise.

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