Despite extensive testing and implementation of blockchain technology by digital-first organizations, many brick-and-mortar retailers are yet to recognize its potential. A Deloitte study reveals that more than half of every dollar spent in retail locations is influenced by internet interactions, which generate expectations of price transparency, convenience, and relevance. The technology facilitates real-time tracking of supplies across all supply chain stages and maintains a decentralized ledger to enhance traceability by recording all data. Some benefits of blockchain tech for new age retailers.
1. Ensuring the quality of products and enhancing traceability
If a product is found to be defective, its blockchain history enables a company to trace it back through the supply chain, pinpointing the suppliers, manufacturers, and batches that could have been compromised. The use of blockchain technology empowers retailers to recall products and tackle supply chain problems. An excellent illustration of this is the use of smart tags, which enable near real-time tracking of a product’s location and establish an efficient tracking system based on blockchain.
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