In the retail sector, differentiation and user experience are key to competing and occupying a prominent position in the market. Retailers are looking to innovate and implement new tools or technologies that allow them to be more efficient and gain a competitive advantage.
Among the technologies that are playing a more decisive role in business areas is blockchain technology, characterized by the decentralization and immutability of the data stored in its network of nodes. In such a network, data is certified in such a way that transactions are processed and stored or rejected by all the machines that make up the network.
The prominence that this technology is gaining in the retail sector, as in others, is mainly due to the creation of trust. Certified access to the entire network in real-time reduces the perception of uncertainty and risk, thanks to its contribution to security, redistribution of power, and data visibility.
After this introduction, we will show you the benefits that blockchain brings to the different actors involved in the retail sector.
Manufacturer – Supplier – Retailer
In this case, blockchain technology offers effective solutions that affect both manufacturers and retailers. Thanks to the transparency and traceability it provides, the authenticity of the product or materials and their origin would be verified, while deliveries would be certified, offering greater confidence and security.
To guarantee the quality of products, the reliability of suppliers could be verified through certificates stored in blockchain free of manipulation and counterfeiting.
Finally, thanks to the traceability that this technology makes possible, the analysis of all the data obtained would make it possible to optimize the entire process and avoid possible failures, deviations, or fraud.
As we said at the beginning, one of the key points for the retail sector is the user experience, which is increasingly sought to be closer, faster, and more personalized. To this end, blockchain allows:
- Create loyalty programs, which collect customer data securely, providing confidence in the consumer and allowing much more personalized actions.
- Provide greater transparency and information to customers, being able to know details of products such as their origin.
- Adding value to products thanks to the famous NFTs. Customers can access experiences, promotions, or special content if they have this type of token that can be associated with the physical product.
- Manage warranties, allowing customers to store them securely. In addition, these warranties can be updated and even transferred.
- Create ownership certificates, allowing the ownership of a good to be properly recorded at the time of purchase, either for possible loss, theft or even for a resale conceived from the beginning of the product’s life cycle (vehicles, valuable or unique objects, etc.).
- Secure and fast payments: enabling tokenization of consumer payments and creating traceable and decentralized digital records of consumer purchases. In addition to allowing payment with cryptocurrencies.
Do you have a business? Would you like to validate the potential of blockchain to make it more profitable and efficient?
At iCommunity, we know that the key is not to invest to invest in revolutionary systems, but to study in depth the needs of companies, assess the possibilities and evaluate the return that each innovation will have.
Our solutions provide real benefits, which can boost your company by making it more profitable and competitive.
Tell us about your project and we will advise you without obligation.