While the shopaholic in you has been ignoring all things blockchain and crypto thinking this revolution just doesn’t concern you as long as you can continue your shopping sprees; spoiler alert! It does. In fact the blockchain tech has the potential to transform your shopping experience, and not in a bad way. Turns out, it can make your experience all the more lit, even in the literal way. Here are 5 areas where blockchain tech can up the retail game.
The chronological product story feature that the blockchain tech provides helps the consumers to see data and information along every point in the supply chain, from the point of the product being made right down to the ingredients of the product, which by the way will be traceable so that the consumers that the ingredients being used are fresh, legal and ethically sourced.
WAVE, is an Israel-based company and it is already offering blockchain tech to help companies track their supply chain, thus making that process completely secure and entirely paperless.
One of the things that plague the popular fashion industry is the market for cheap knock-offs, which ultimately kill of the exclusivity and uniqueness of the items. The whole process of data tracking from the sourcing of materials to customer purchase will provide the authentic guarantee that the 1000 dollars that you are spending isn’t on some really convincing knock-off.
Babyghost, which is a fashion brand, is already taking these steps by partnering with a Chinese blockchain company BitSE, in order to deliver a range of clothes. Near field communication (NFC) tags will be incorporated, which will be verified at every touch point using blockchain technology.
Blockchain tech can make the entire process of tracking shipments a whole easier, by providing information of the products journey throughout. Which will include who handled it, where and when in real time. This is likely to curb the case of lost and damaged goods.
Payments and E-commerce
Other than helping in tracking transactions, they can create and secure and trusted ecosystem. The digital recorded created as a result of the cryptocurrency payments, will help in streamlining the return and the refund processes.
There are platforms are facilitating consumers through blockchain, like the online travel giant Expedia is accepting bitcoins. Furthermore, there is also an E-comerce platform, Shopify that enables the users to accept Bitcoin payments.
Proof of Ownership
The rather evident benefit is the reduction of counterfeiting but other than that retailers will also have the advantage of proof of provenance. Which means that it can actually be proved, who made the product and also who owned it. This will increase the value of designer goods and further will provide the assurance to buyers that they are well aware of what they are purchasing.
So you might want to drop your shopping bags for a bit and take a look at the blockchain tech. The future of shopping depends on it.