“Retail is dying,” or so they say. But that certainly isn’t the case; rather, retail is changing. The way that we shop today is drastically different than it was ten years ago, and the same will probably be said in another ten years. That is just the world we live in, thanks to technological innovation.
Today’s consumers are all about instant gratification — we want what we want, when we want it, and we want it now. Thankfully, emerging technologies have made this insatiable desire more attainable. E-commerce gives us the best of all worlds — it’s quick, convenient, and on-the-go. With online shopping, you have access to a company’s entire retail collection, including all of the colors and sizes that you might not find in the store. Not to mention the fact that you can often find better deals online.
This all makes one thing clear, in order to adapt to the times, retailers need to go above and beyond to optimize their online presence.
So what is most important to today’s customers?
Nowadays, with seemingly everything dubbed as “fake news,” it’s as important as ever to know the difference between what is real and what is merely false advertising. Thankfully, blockchain in retail serves as the missing piece of the puzzle and adds back that layer of visibility that we so desperately crave. This transparency behind where your goods come from is important for several reasons, including but not limited to:
If buying from brands that are practicing what they preach matters to you, you’re not alone. We all want to see that our money is going to organizations that share our views and beliefs, and with blockchain in retail, you, the customer, will have access to that information within seconds. For better or for worse, blockchain lays it all out there.
2. It will prove that you are buying authentic goods and not counterfeits.
Counterfeiting is, unfortunately, a huge business. Seemingly every industry is affected, and retail is no exception. According to Retail Dive, “footwear, clothing and leather goods topped the list of industries hit most by counterfeit products.” Additionally, a large percentage of retail goods are imported from China, which also happens to be where a significant majority of counterfeits originate.
When consumers are shopping for goods through third-party sellers on sites like Amazon (which, let’s face it, all of us do), it becomes even trickier to discern between an authentic good and a counterfeited replica. With blockchain in retail, there will be a verified record of good’s history, proving exactly where a product was manufactured and what kind of journey it went through before it landed in a customer’s hands. There will be no way to doctor the chain of events, further serving as evidence for a good’s authenticity.
3. It will allow businesses to scale back on catchy ad campaigns and refocus their time and resources on improving their physical products.
Ultimately, while marketing is crucial to any company’s success, there is no substitute for good quality. As per Eran Eyal on Medium, with blockchain in retail, companies will be able to devote themselves to what is most important, the product.
When it comes to retail, the time for blockchain is now
The sooner that blockchain becomes commonplace in retail, the more prepared retailers will be for the ever-changing landscape. Those that choose to invest in blockchain will undoubtedly put themselves ahead of the curve. If you’re interested in exploring how blockchain can benefit your business, get in touch with us for a personalized demo of our Track and Trace platform.