Blockchain in Retail Market Growth Driven by Increased Focus on Supply Chain Optimization and Counterfeit Prevention

Transparency, trust, supply chain optimization, security, and automation are driving the growth of the Blockchain in Retail market.

PORTLAND, OREGON, UNITED STATES, June 29, 2023/EINPresswire.com/ — Blockchain in Retail Market Share is expected to witness significant growth as retailers increasingly adopt blockchain technology to enhance transparency, streamline supply chain operations, and improve customer trust. With a CAGR of 84.6% from 2019 to 2026, the worldwide blockchain in retail industry is expected to grow from its 2018 valuation of $83 million to $11.18 billion by 2026.

Blockchain has advanced significantly in recent years as a digital technology. Additionally, the financial industry has been undergoing a significant transition across all end consumers. However, across the retail sector, retailers are also looking at the potential uses and advantages of blockchain technology. Blockchain is anticipated to enable all these improvements by enabling faster transaction speeds and real-time processing. In the recent past, online payments, card-based payment methods, and loyalty rewards and administration have been dominant and gained enormous acceptance.

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Blockchain technology provides a transparent and immutable ledger of transactions, enhancing trust between retailers and consumers. With blockchain, retailers can track and verify the authenticity of products, ensuring transparency in the supply chain. This increased transparency fosters trust among consumers, leading to improved brand reputation and customer loyalty.

The retail industry is increasingly focused on optimizing supply chain operations to improve efficiency and reduce costs. Blockchain technology offers a decentralized and secure platform for tracking and tracing products throughout the supply chain. By leveraging blockchain, retailers can enhance supply chain visibility, streamline logistics, and reduce fraud or counterfeiting, resulting in improved supply chain efficiency.

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The retail sector deals with vast amounts of customer data, including personal and financial information. Blockchain provides enhanced security and data privacy by encrypting and distributing data across multiple nodes in the network. This decentralized approach reduces the risk of data breaches and unauthorized access, instilling confidence in consumers that their information is protected.

Blockchain enables the use of smart contracts, which are self-executing contracts with predefined conditions. Retailers can automate various processes, such as inventory management, payments, and loyalty programs, through smart contracts. This automation reduces manual intervention, streamlines operations, and improves efficiency, resulting in cost savings and enhanced customer experiences.

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Some of the key blockchain in retail industry players profiled in the report include Amazon Web Services, Inc. (AWS), Auxesis Services & Technologies (P) Ltd., Bitfury Group Limited, Cognizant, Infosys Limited,International Business Machines Corporation (IBM), Microsoft Corporation, Oracle Corporation, SAP SE, and Tata Consultancy Services Limited.

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David Correa
Allied Analytics LLP
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