Now the retail sector is seeing a rapid transformation. Such technologies as IoT and Big Data have already started penetrating the industry. Coupled with mobile apps and machine learning, they enable retailers to take a deep look at customer needs and preferences. By using technological innovations, retailers can get various advantages and opportunities, for example, the collection of customer data, audience segmentation, improved marketing campaigns based on customer analysis, and much more.
However, it’s not the end of retailers’ challenges. Today customers are especially concerned about fair trade practices, the truth about the claims that retailer companies make about their goods, as well as receiving high-quality services. Empowered by social media, the new age retailer’s customer is more informed, demanding, and conscious. Trust, security, and transparency are becoming critical for success, requiring the adoption of new business models.
Blockchain technology, that is going to revolutionize the financial industry, has a great potential to transform the retail domain too. Representing an immutable digital data record and ensuring safe transactions and data exchanges, it can help retailers take a competitive advantage.
1. Authenticity confirmation & counterfeit minimization
It’s common for customers to worry about the quality and authenticity of goods and products they are buying. No …