Challenges faced by the retail industry
Dispersed omnichannel retail
According to Harvard Business Review, 73% of US consumers use more than one channel when deciding on a purchase, and retail businesses struggle to track and serve them all.
Internal process inefficiency
Retail supply chains, reporting, stock management, and administration processes lack visibility, especially when they’re siloed or rely on static record-keeping.
Fraud risks
Deloitte estimates the global market in counterfeit goods at $340bn. Fakes across supply chains undermine consumer trust and affect sales directly.
Product provenance requests
Consumers wish to know more about the products they buy: where and how they’re made, by whom, all factored into purchase and brand loyalty decisions.
Regulatory compliance issues
Current logistics, administration, and POS tools make it difficult for retailers to comply with regulations, including consumer protection, data privacy, and financial issues.
Complex payments processing
Processing multi-currency, cross-border payments from an international customer base can create difficulties for retailers, requiring complex backend tools.
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Get expert adviceBlockchain solutions for retail from Aetsoft
Supply chain and administration
Manage disparate supply chains, tracking goods at each point of transportation. Collect cross-organization administration data with smart contracts automating exchange and analysis.
Omnichannel
customer view
Automatically collect customer data across points of purchase, securely store it, and track shopping and purchase activities to personalize offerings for each customer.
Product verification
Use RFID, barcode, or QR tracking through blockchain to verify each item. Track components through supply chains and demonstrate your ethical, environmental, and regulatory credentials.
Regulatory compliance
Demonstrate compliance with product, data, consumer, and financial regulations across jurisdictions, with transparent audit trails and cryptographic encryption inherent in blockchain.
Participation and privacy
Protect customer data with modular encryption on the blockchain and set up conditional messaging with smart contracts to maximize marketing efficacy.
Payments and delivery
Use blockchain to process payments through blockchain-enabled digital assets to make transactions faster and more secure.
Blockchain applications in retail
Use case 1. Boosting customer loyalty
Currently
With customers’ transactional data dispersed across loyalty programs, retail brands have to continuously collect those, risking to miss something and not properly reward customers.
With blockchain
Access data from various loyalty activities from a distributed blockchain database, with information about all transactions stored in a single digital wallet.
Use case 2. Increasing logistical efficiency
Currently
Opaque, practically non-traceable supply chains put retailers at risk of distributing counterfeit or damaged products that might affect their reputation along with customer confidence and trust.
With blockchain
Trace condition and provenance data throughout logistics processes, viewing those in real-time, at every step of transportation, up to retailing itself.
Use case 3. Protecting consumer privacy
Currently
Consumer data, such as bank details, health records, or purchase histories, are distributed among siloed, weakly-protected databases, often making hacks a no-brainer.
With blockchain
Put sensitive information onto a single blockchain database, to ensure quick and safe access to immutable insights driving your analytics and marketing decisions.
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