Like most industries, the retail business has had its ups and downs in the last two years during the turbulence of the COVID-19 pandemic. Being a retailer in the 21st century has become one of the most complex jobs out there.

Today, the retail industry is not limited to only consumer relationships and effective pricing as the consumer has increased due to cross-border trade. In this predicament, it is really hard to know what the future has in store for the retail industry.

Consumer concerns about sustainability and trust. These two factors were developing before the COVID-19 pandemic. It seems that the retail industry has tried to start from scratch again.

While the retail industry has so many uncertainties, there is one thing certain; retail businesses will find the need to use Blockchain to handle all the modern challenges and issues.

Today, the Blockchain and Retail industry will be our main topic of discussion. Here, we will find out what the future has in store for the retail industry.

Blockchain Technology’s Application In The Retail industry

Brick-and-mortar retailers continue to lag behind when it comes down to the adoption of technologies. However, with the COVID-19 pandemic and the need for technology to survive have driven retailers to adopt new technologies.

This shift is part of a greater digital transformation. Thanks to the online eCommerce giant Amazon, people have now gotten used to the eCommerce industry and expect the same from any other brick-and-mortar retailer.

While consumer trust is critical. It can easily be broken. With Blockchain, retailers can enforce transparency, auditability, and confidence in how the business operates itself.

With increasing consumer transactions being done online, using Blockchain to build trust can significantly benefit the retail industry. To know more about online transactions and how Blockchain can help with it, visit the bitcoin loophole.

Exploring Blockchain Applications

If this is the first time you are listening to Blockchain technology, let us tell you one thing. It is a global phenomenon that will change the way we do business. It will revolutionize the way we do transactions and exchange value across the border.

Below are a few applications where the retail industry is moving forward with Blockchain.

1. Tackling Fraud

Fraud costs estimation is 5 trillion dollars every year globally. In this context, the benefit of the indestructible digital ledger of Blockchain can really help the retail industry get the trust of their audiences.

Retailers can guarantee product authenticity as counterfeit goods will lack the necessary verification history. However, for Blockchain to achieve that, you first need to put information about the products in the Blockchain public ledger.

2. Maintaining Product Quality

Blockchain has an obvious application where the products can be tracked from their original sources, even if they are not genuine. For instance, perishable products can be monitored and ensured they stay safe during their manufacture to the delivery life cycle.

Furthermore, if the product is found to be defective, it can easily be tracked back in the Blockchain history to find in which phase the damage has been done. Thanks to this, retailers can know the loopholes in their supply chain management and correct the issues.

3. Managing Consumer Data

The adoption of the General Data Protection regulation brought everyone's focus to consumer data management. However, as retail organizations continue to collect more consumer data than ever, they are responsible for keeping it safe and secure. This is where Blockchain technology can help them out.

Blockchain technology enables decentralized identity. This identity helps the users store all their sensitive data outside the organizational database. Through the decentralized identity, any links can be pointed toward the Blockchain, where data can be stored safely.

4. Tracking Inventory

Effective inventory management is critical in the retail industry. If you lose control over your inventory management, you lose control over your business. With better control, you are able to decrease inventory costs, satisfy the customers by having the right product at the right time, and improve forecasting and profit margin.

Giving assets such as inventory units, orders, and invoices access to Blockchain improves visibility at every point in time.

Exploring Blockchain Application

Whether we are talking about fostering customer trust or removing the labor-intensive admin from the supply chain management system, Blockchain's application is vast in the retail industry.

As the technology matures, businesses of every size will benefit from the adoption of Blockchain technology in their business.