Blockchain helps retailers to better track the origin of stock, give them better control over what they sell, and provide assurances for food safety, among other applications. Blockchain can also be useful for controlling supply chains as changes to data such as manufacturing dates and locations can be tracked.
The consumer goods industry possibly has the most
number of interactions between suppliers, manufacturers, and retailers.
Blockchain-powered smart contracts can not only tie all the parties together
but can also ensure all the parties are adhering to their end of the bargain.
Controls can be built around smart contracts to ensure
ethical sourcing and adherence to labor regulations. Blockchain can prove to be
a very effective tool in preventing counterfeiting, a problem that plagues the
electronics, luxury, and lifestyle industry segments through traceability at
every point in the supply chain.
A significant set of blockchain use cases centers on
the “circular economy.” Rather than using raw materials to make products, which
are then consumed and thrown away, circular economic models, strive to
reduce waste, reuse products and recycle materials. Major retailers, including
Adidas, Neiman Marcus, Nordstrom, and IKEA, have launched circular-economy
initiatives. This approach has been driven in part by consumer demand for
sustainable and ethically sourced products that has made supply-chain
visibility an imperative for maintaining brand value.
Consumers: Shopper confidence
grows in aisles and online as blockchain verifies the authenticity and safety
of goods.
Suppliers: Retail supply chain
participants can better ensure they’re trading in ethically-sourced goods to
meet emerging consumer demands.
Retailers: From big names to
small-town businesses, retailers can promote products, earn loyalty, and gain
insights into consumer preferences in entirely new ways.
Why does Blockchain Matter in Retail?
Blockchain helps retailers to better track the origin
of stock, gives them better control over what they sell, and provides
assurances for food safety, among other applications. Blockchain can also be
useful for controlling supply chains as changes to data such as manufacturing
dates and locations can be tracked. This could help eradicate the use of
unreliable suppliers, poor quality ingredients, and child labor.
One of the biggest advantages of blockchain is that
it's a decentralized system. Blockchain can help retail with ambitions to go
paperless by helping manage product warranties digitally. For retailers who
collect and retain consumer data today, getting ahead of this coming shift by
embracing open and transparent blockchain-based models will have a positive
impact not only on operations but at a public relations level as well.
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