One revolution that will bridge industries and the future is blockchain technology. Let's see how blockchain can help retail and ecommerce platform evolve.
Since the pandemic has struck, ecommerce is one of those businesses that require rapid advancement to manage ever-growing market conditions and development in the industry. Also, to have a viable business strategy and remain important forever, it has become obligatory for corporations to be open to drastic changes. One such revolution that is bridging industries and the future is blockchain technology. Its integration with an ecommerce business provides notable features capable of facilitating advanced digital transformation. Blockchain technology solutions for ecommerce, from providing decentralizing underlying infrastructure and enabling authentic transactions to immutability, has a range of attributes to offer. Blockchain is a vital revolution that technology has introduced in recent times.
In this blog, discover why innovators should consider the implementation of blockchain technology solutions for ecommerce platforms and retail markets development and evolution.
Blockchain architecture for retail markets provides efficient omnichannel retailing without sacrificing the traditional system's functionality. There are, in reality, multiple methods in which it brings transformation.
By eradicating intermediaries from almost any phase it is implemented into, blockchain technology makes its first step. A significant advantage of this provision is that it also significantly decreases the cost of transactions. Thereby, a retailer can pass the savings on to consumers.
Once again, fewer the intermediaries, fewer the stops a transaction takes before completion. Those transactions occur in a single network in blockchains. The only factor on which the transaction speed relies now is the capacity of the network.
Also, Read | Blockchain Applications in Retail | Driving Efficiency and Productivity
A blockchain system means that a single central server does not store the data. Alternatively, it gets distributed across a network of nodes or machines that make it incredibly immutable. Hacking is virtually impossible because only after the consent of all the parties approved acts take place.
We call it blockchain technology because it chronologically stores information in a series of blocks linked like a chain with a unique key that it creates for each entry. Changing information requires a consensus of the network. Without reaching network consensus, it is nearly impossible to alter the information on a blockchain network. It ensures that not only your data is secure, but you also have access to the history of the transaction since its inception.
To err is human. Then there is an intermediary at any stage of a supply chain management system. It makes your transaction vulnerable to tactics and unethical practices to cut costs or damage your company. In a blockchain integration scheme, meddling with it becomes complex.
As a technology update, blockchain got implemented after Bitcoin made it large. This technology's past has capital written all over it. There are now a variety of blockchain payment methods that can dramatically reduce transaction costs. Further, crypto wallets developed with blockchain integration makes transactions frictionless.
Encouraging loyalty programs, monitoring transaction records, suggestions for improvement, and feedback through successful systems are just a few of the many advantages that originate from retail and eCommerce company blockchain growth.
As the online sales industry continues to both accept and benefit from distributed blockchain technology, it will multiply how sellers can work and support their clients and their bottom line
Also, Read | Is Blockchain Indeed Capable of Evolving Ecommerce
Each e-commerce site thrives on the supply chain's reliability. A consistent supply chain process helps the store operator to understand what stock is in the pipeline and when new stock is going to arrive, as well as ensure that suppliers supply the exact goods ordered. E-commerce companies will ensure that manufacturers conform to standards decided upon using blockchain and do not substitute goods without warning. Thus, blockchain-powered traceability brings transparency to the process.
The digital traces they leave behind are unprecedented, as more and more individuals use online platforms to perform transactions. Each time customers enter their personal or bank data for payment purposes on an e-commerce website, information gets exposed to many web databases vulnerable to security problems. Blockchain-based identity can help retailers develop powerful authentication mechanisms and encrypted digital identities for enhanced identity protection by securing individual identities from fraud and misuse.
Usually, the store owner creates loads of high-quality images, product videos, reviews, and other material integral to every e-commerce website at great expense. However, ownership belongs to the e-commerce platform. With blockchain, retailers can own all digital properties, including digital storefronts, product photos/videos, and reviews. This ownership gets registered and is entirely transparent on the blockchain.
Also, Read | Blockchain Digital Identity Management | Empowering Individual Data Ownership
Inventory management is one field that can greatly benefit from blockchain use. For example, retailers can identify and reduce inventory similar to traditional shopping carts by integrating blockchain into inventory management. They can also order replacement stock when pre-defined thresholds exceed. It means that the online store never runs out of items while at the same time ensuring that there is no accumulation of excess inventory.
Blockchain will allow clients to benefit from customized deals and incentive programs for loyalty. Personalized offers and loyalty incentive systems get streamlined with blockchain. A solution securely records purchase history and preferences on the blockchain. Since records of every transaction are on the chain, providing a discount or awarding incentive points to customers when they meet those purchasing thresholds gets fasters and secure with blockchain-based loyalty program management.
Consumers and dealers also face the annoyance of losing paper receipts and being unable to show warranty coverage. With blockchain, retailers can store warranty information securely and efficiently; suppliers, retailers, and clients will all be able to access the data, allowing quick access and confirmation of warranty information.
A few of the many major retailers that have already started experimenting with blockchain retail technologies are Buying.com, Ikea and Nordic Store, Home Depot, Walmart and IBM, and Target and ConsenSource. There are conventional obstacles to the retail industry. Therefore, retailers have sought answers from evaluating the implementation of blockchain in their operations. Those include smart contract solutions, transactions based on Ethereum, supply chain monitoring, record-keeping with hyperledger, inventory management, better supplier relationships, and even better traceability of drugs such as medical.
A technology partner is a must to explore this futuristic technology and thus transform your e-commerce business. At Oodles, our development experts develop advanced blockchain-based e-commerce solutions that provide various opportunities for your business. Connect with us and discover the potential.
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