eCommerce and retail industry
Whether it is a festive occasion or a usual day, buying products and using services from retailers have always been a daily need. With retail shops, building a customer rapport has become easier as there is a face to face interaction. Due to ecommerce platform, online businesses are able to engage the customers to buy products and receive them at their doorstep. This might be due to network problem or time zone difference or legal issues, etc. This problem can be eliminated provided retailers adopt enterprise blockchain development.
Customers also find is easier to buy products or render services in retails much faster as it is readily available. The similar goes for eCommerce in such a way that, it has a wide range of products. Customers have the opportunity to choose from a variety of products. Also, availing products from eCommerce means the customer is able to buy products from different countries too. Retail companies like Walmart and Alibaba using blockchain realize that the features offered by blockchain are of great help in making a customer satisfied and also at a low cost. This article discusses about potential blockchain applications as to how it will benefit ecommerce and retail.
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Blockchain in retail market and eCommerce
Quicker in transaction
Blockchain reduces the time taken to complete a process, thus making it much faster and easier. When placing an order under blockchain-based platform, the ability to make payments are quicker and there is not any delay either. The supplier or distributor or vendor receives the payments immediately as soon as the transaction is made. This allows them to verify and confirm the order placed with transparency. The order is sent out for delivery and it also reaches the customer at the right time and place.
Logistics app development also become much more efficient with the use of blockchain as the decentralized network encourages effective peer-to-peer connection. The supplier can make a connection with local logistics easily when the demands are higher. If there is any replacement to be made or refunds, with the help of blockchain, the time period of waiting to get these refunds is also faster.
No central authority
In retail and eCommerce, there is too much involvement of third party entities in every operation that takes place. Any process starting right from the order placement till delivering to the customers’ end is comprised of many central authorities like banks, legal systems, etc. The important operation where third party involvement influences the customer the most is during the payment gateway.
This is because when payments are made through a third party bank organisation, a particular charge is levied on the customer for using the banking services. This discomfort is solved when payments are made through blockchain because there is a direct connection between peers. Hence, there is no additional price levied on the customer as there is no interference by any other party other than the parties involved in the transaction.
Blockchain operates on a decentralised network allowing all data stored to be visible and available to everyone involved in the operation. This creates an environment where there is no malpractice or miscommunication. No information is lost in the communication channel as blockchain provides a direct peer to peer connection.
The systematic arrangement of data with the help of blockchain provides the users or peers to keep track of every transaction and operation. This create trust among the users and scrutinize any data or information. Because of the decentralized network, no changes can be made in the network easily. This offers transparency to the user or customer providing them with an evidence of where the product or service is sourced from. This creates the environment of trust where the user has knowledge of what is happening between supplier and their products of service.
Blockchain Technology provides a hassle free supply chain management to all retail and eCommerce business entities. This is because of the ability of blockchain to record every data and transaction digitally. This allows the information to be accessible anywhere and anytime which further allows the owners to track their products or service.
Since blockchain operates in a decentralized network, if a change has to be made, the complete network system has to be changed. Thus, this proves to be a means of building up a strong network between the owner and the supplier. With blockchain, inventory management is also efficient as the data stored are real time and it also helps to make smarter decisions.
Laserfiche is an organization that provides records management edition (RME) to handle digital records for various businesses including ecommerce and retail sector. With such services, there is an open transparency in digital records stored in inventory for retail sectors. This will help retailers to manage their shelves based on reliable real-time data. Also, Provenance – another blockchain-based organization that aims to create an open transparent digital record of every inventory item for the retailers. This will help retailers manage their shelves based on reliable real-time data.
With blockchain all users and customers have the ability to track where their product is, who is the source, who is providing logistics, how long it will take for delivery, etc. This proves to serve as an evidence of proof for users and customers to believe in the genuineness of the products or service. The vulnerability of theft is also very as the operating network is firm enough to handle the load of transaction and all stored data are encrypted in a secured manner.
Automated customer service
With blockchain, ecommerce and retail sectors are able to track orders, manage and control operations in real-time. This is possible with the help of smart-contracts, it is a digital from on contract. It helps to track and maintain operations according to the plan.
One of the example organization is Warranteer. They use blockchain technology to innovate and provide a system to store, track and trade digital eWaranties in a secured manner. They enhance the rights of a customer by providing easy access to products, information and support anytime, anywhere with the help of cloud services.
Blockchain is genuine
With the changing technology, the world is moving towards an automated digitized world with every step technology takes in the field of invention. Blockchain is one the biggest step the technology has taken and today its possibilities are far greater in ensuring unlimited, unrestricted access to data and transactions. It provides transparency, cultivates trust and also allows the retail and eCommerce sector to reach customers without borders.