Worldwide retail ecommerce sales are anticipated to top $4 trillion by 2020.
Meanwhile, following the boom of cryptocurrencies in late 2017, blockchain is anticipated to surface as one of the hottest technologies of 2018.
It’s no wonder so many companies are jumping on the bandwagon to try and use this new technology to change the way we view the retail and ecommerce industry.
How Can Blockchain Improve the Retail Industry?
There are many ways we can apply blockchain technology to the retail industry to create improvements.
Some of the main ways the blockchain can have a positive impact on the retail industry include:
- Improved product tracking to reduce the number of damaged products and ensure products have been handled safely.
- Increased transparency to give customers more awareness about what they are buying.
- Increased authenticity and anti-counterfeiting solutions to ensure customers know exactly what they are buying and that they are not scammed out of their money.
- Enabling proof of ownership for products and allowing artists to register themselves as creators for pieces of digital artwork so they can track sales.
Let’s take a look at some of the most discussed up-and-coming blockchain startups promising to change the retail industry…
Shping Simplifies Shopping, Provides Greater Transparency, and Rewards You for Using Their Platform
Shping is a blockchain platform designed to combine ecommerce with retail shopping to create a brand new user experience. It combines many of the features from the above platforms into a single neat, compact solution.
The platform simply requires users to download the app on their phone and use it to scan product barcodes when they’re out shopping. From this, they can find out everything they need to know about the product – from what’s in it, where it’s from, and whether or not it is authentic.
They can even read other people’s reviews and ratings for the product they’re looking at.
Essentially, this app combines all the best parts of ecommerce shopping (the ability to instantly find out everything you need to know about the product) with all the best parts of retail shopping (the ability to access the product immediately without having to wait for delivery).
The best part is, you’ll even be rewarded with Shping coins for scanning barcodes. These tokens can then be traded on an exchange for fiat currency.
Connectius Increases Transparency in Ecommerce Transactions
Connectius is a blockchain-based SaaS solution specifically for the ecommerce industry. It is designed to increase transparency in the ecommerce industry and make the process smoother for both sellers and customers through the implementation of smart contracts.
For one, the platform will decrease lost profits that companies often experience as a result of dishonest customers who commit fraudulent activities through chargebacks or cardless transactions.
The platform will also decrease costs and increase security for customers who place orders within the system.
Provenance Provides You With Greater Transparency About What You’re Buying
Provenance is a blockchain platform that documents the supply chain of materials, ingredients, and products in order to provide customers with much greater transparency about the actual authenticity and origin of the products they’re interested in.
This will be especially beneficial for producers who want to tell a unique story about the origin of their products.
The end user will now have the ability to see every single step of the product’s journey – from where it has been, who has owned it, and how long they had it for. It is hoped that this update will increase product authenticity.
BlockVerify Is An Anti-Counterfeiting Solution
BlockVerify is an anti-counterfeiting blockchain platform designed especially for pharmaceuticals, luxury items, diamonds, and electronics. It is designed to ensure that customers receive authentic products. It does this by working closely with manufacturers to verify and certify products.
This recording mechanism also enables the platform to locate stolen items, while reducing the chance of fraudulent or counterfeit items reaching the marketplace.
The Future of the Retail and Ecommerce Industries
We’ve reached the point now where blockchain is making its way into almost every industry imaginable and transforming the way we function as a society.
It’s still early days for many industries, but one thing has quickly become clear: blockchain technology is here to stay.
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