How the role of Blockchain is changing organized retail?
Blockchain technology will also guarantee a more transparent supply chain with consumers having access to all the information to determine whether a product meets their standards.BY Guest author | Jul 23, 2018 | comments ( 0 ) |
Consumers today are highly awareof fair trade practices and the truth about the claims that retailers make about their merchandise. The new age omni-channel customer is conscious, more informed and demands authentic and ethically sourced products than ever before. This leaves retailers with no choice but to improve their visibility into the movement of produce from farm-to-fork or products from factory-to-home. Additionally, retailers stand to gain significant operational advantages with these enhanced visibility initiatives.
Blockchain holds tremendous potential to transform retail omni-supply chains. It may be a nascent technology, but, it is likely that blockchain will fundamentally alter the retail industry. With its distributed ledger and shared infrastructure, in combination with smart contracts, blockchain can help retailers streamline operations, ensure product authenticity, and enable tighter supply chaincollaboration.
Blockchain can help businesses in improving consumer trust and transparency. The technology allows consumers to verify the entire life-cycle of a product—and companies have no way to manipulate it. This also helps companies prevent fraudulent distributors to pass off counterfeit goods. Blockchain technology will also guarantee a more transparent supply chain with consumers having access to all the information to determine whether a product meets their standards.
According to the Zebra 2017 Retail Vision Report, nearly 70% of retail chain decision makers are ready to make necessary adjustments to adopt Blockchain technology and IoT solutions by 2021. They are slowly moving away from fear of ‘showroom shoppers’ who visit brick-and-mortar stores with their smartphones in hand but purchase online at lower prices, to explore new ways to capitalize on the growing mobile market and connect with potential customers. Retailers who seek to explore the potential of blockchain’s distributed ledger and shared infrastructure and fit it into their businesses would enjoy an early advantage in simplifying key business functions.
We, at Nucleus Vision, believe that the optimal model for today’s successful retail venture is a physical store and integrated digital channel that is able to execute a broad omni-channel retail strategy. For this sector, the company’s IoT solution enables retail brands around the world to build and execute a customer-focused shopping experience that leverages data from both in-person and online channels.
To accomplish this ambitious goal, Nucleus Vision provides an Internet of Things (IoT) and Blockchain-based customer identification platform that allows brick-and-mortar retailers to identify any customer who walks into a store, in real-time. Using its’ proprietary ION sensor technology, that does not depend on RFID, Wi-Fi or Bluetooth, or even facial recognition technologies to operate, empowers retail stores with an intelligent layer of customer data, which until now was a feature of the online e-commerce experience. Nucleus Vision takes the power of online, which is Data, and transfers it to the bricks and mortar shop front.
In India, a number of leading retailers are actively gaining expertise and exploring the potential of blockchain-enabled solutions.With this intention, leading retailers such as - Shoppers Stop,Future Group, Globus, Gini & Jony, Croma, and Bestseller (Jack & Jones, Vero Moda& Only) – have recently signed agreements with usto implement our Internet of Things (IoT) and Blockchain technology solutions at select outlets across India.
To build and promote an ecosystem around this technology of the future, the Government of Telangana and Goa with Nucleus have come with an initiative bring together Academia, blockchain enthusiasts, government representatives, Start-ups, and tech giants. The International Blockchain Congress will be held on 3,4-August in Hyderabad and the primary focus will be on how the prominence of adoption of the blockchain ecosystem in India.
Blockchain and Internet of Things (IoT) are the future of enabling safe and transparent methods of establishing a decentralized network to boost efficiency and reliability. While total implementation is a dream that is a few years away, it promises to put the end user at a better position upon completion.
The article has been authored by Subrata Siddhanta, Executive President - Retail Business, Nucleus Vision
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