Blockchain in Retail Market Size Witnesses Unprecedented Growth Globally

Blockchain in retail driven by supply chain transparency, secure transactions, and data privacy, reshaping industry dynamics.

PORTLAND, OREGON, UNITED STATES, October 9, 2023 /EINPresswire.com/ — The global blockchain in retail market size was valued at $83 million in 2018, and is projected to reach $11.18 billion by 2026, registering a CAGR of 84.6% from 2019 to 2026.

Blockchain as a digital technology has progressed a lot in the recent years. And among all the end users, the financial sector has been experiencing a major transformation. However, retailers are also exploring potential applications and benefits of blockchains across the retail industry. Online payments, card-based payment methods, and loyalty rewards and management have become dominant and gained huge traction in the recent past and, blockchain is expected to support all these changes by enabling increased speed of transaction and real-time processing.

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Blockchain’s distributed ledger technology is bringing unprecedented transparency to retail supply chains. Retailers are leveraging blockchain to track the journey of products from manufacturer to consumer. This not only helps in reducing fraud and counterfeit goods but also ensures that consumers can trace the origin and authenticity of products, promoting trust and ethical sourcing.

Blockchain is simplifying payment processes for both retailers and customers. Through cryptocurrency and smart contracts, retailers can reduce transaction costs, eliminate intermediaries, and speed up payment settlements. Customers benefit from faster and more secure transactions, making online and in-store shopping experiences more efficient.

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Data breaches are a significant concern in the retail industry. Blockchain provides a secure framework for protecting customer data. Retailers can store customer information in a decentralized and encrypted manner, reducing the risk of data breaches and ensuring that consumers have more control over their personal information.

Retailers are using blockchain to create more effective and engaging loyalty programs. Blockchain-based loyalty tokens can be traded among different retailers or converted into discounts and rewards, offering customers greater flexibility and value. This fosters stronger customer loyalty and drives repeat business.

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By region, North America dominated the global market in 2018 and is expected to remain dominant during the forecast period due to presence of major market players and on-going developments in blockchain technology. Also, rise in data security concerns among retailers is also a key factor that is expected to fuel the blockchain in retail market in this region in upcoming years. Furthermore, Asia-Pacific is expected to exhibit highest growth rate during the forecast period.

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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