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How Retail is Embracing Blockchain | TGDaily

Though the retail industry has evolved in leaps and bounds from its early days, especially considering that the idea of retail commerce is so ancient, it largely plateaued after the convenience ushered in by the internet. Rapid digitization of the processes close to retail’s heart like supply chain management have helped bring it into the 21st century, but the internet cannot promote transparency or consensus like blockchain does.

Shippers and carriers now use mobile devices and Wi-Fi to quickly record inventory and pallet counts, for example, but when handing over custody of the merchandise to another entity the work just begins anew. There is more input that is required—additional human labor necessary to synchronize the two companies’ different systems, workers to double check questionable entries on the manifest, and more.

Low access to this admittedly limited information makes it nearly impossible for a smaller retail business to develop dynamic pricing models for its products, meaning that they must inflate their margins at the customer’s expense. Technology that retail conglomerates use to encourage customer participation is also conspicuously missing from the arsenal of smaller stores. This is unfortunate because driving online participation in local businesses is one of the best ways that tiny operations can fight back against larger, more technified competitors. Just as solutions like Yojee can bring standardization and low-touch accuracy to the supply chains mentioned above, blockchain can also boost those businesses who find that traditional rewards and loyalty programs don’t help them much. Even tools like Groupon, which employ data technology to aid local businesses in bringing customers from the online realm, are so opaque that campaigns often detract from their partners’ coffers instead of adding to them.

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How Retail is Embracing Blockchain.