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Blockchain technology has become the most anticipated technology for its successful implementation of bitcoins. Although bitcoins could not achieve the desired success, it has brought blockchain technology to the fore. While the finance industry was the first to implement the blockchain technology in its applications and processes, many other sectors including retail have acknowledged the potential of the technology to transform their business processes.
In recent years many retail giants have been conducting blockchain-driven experiments to solve many age-old problems existing in the industry. As the retail market is increasingly shifting to the digital medium, it’s paramount for retailers to adopt innovative and efficient techniques to cater to their consumer’s expectations. Here are a few ways in which blockchain technology can be a boon for retailers:
Tackling Counterfeit Goods: Blockchain technology allows customers to keep track of their products at all times. Retailers can assign a scannable code to each product which will enable the consumer to view the entire history of the product from the place of manufacturing to the last reseller. With a significant rise in counterfeit products, retailers have been experiencing losses due to the high margins and flexible return policies. Blockchain can be an ideal ally to foil these retail frauds.
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Innovative Payment Solutions: Many online retailers have started to accept cryptocurrencies as a form of payment. However, the fluctuations in currency values are preventing the mainstream adoption of cryptocurrency payment in the retail space. Blockchain technology also enables retailers to have control over the distribution of coupons and discounts.
Loyalty and Reward Programs: Retailers use loyalty and reward programs to engage their existing customers and attract new consumers. The current process of loyalty programs have a lot of flaws and are prone to misuse or fraud. Blockchain technology can streamline the process of rewards and loyalty redemption. It allows customers to immediately redeem loyalty reward points with a tamper-proof, timestamped database of transactions. Blockchain technology can help retailers to reduce the cost associated with the complex loyalty programs by providing a transparent and easy way for the transaction.