Blockchain development for Retail and E‑commerce

By redefining how we trust, retail businesses and eCommerce platforms will experience new thresholds of customer loyalty.

Understanding blockchain technology

Decentralized architecture, verified transactions, and an immutable application- These are some attributes that come with blockchain integration with your business.

Every now and then, any business, no matter what industry it belongs to, grows. This growth is usually promoted by changing and forever-growing business environments and industry innovations. A significant part of this growth today is technology. And the biggest revolution that technology is bringing in recent times is blockchain.

It has become obligatory for businesses and organizations to be open to radical changes in order to have a sustainable strategy of doing business and stay relevant indefinitely. Blockchain is one such revolution that will bridge businesses and the future. Let’s see how the retail markets will benefit from this novel technology.

How are traditional retail and eCommerce systems compromised?

There is no doubt that today’s retail and eCommerce marketplace has evolved to function quite efficiently. But does it reach its full potential? Not without considering the blockchain applications for the retail industry. Since the internet came by, the global and not-so-gradual expansion of most retailers on the internet, retail has taken under its wings the eCommerce industry, with many businesses running without a brick and mortar store, only out of warehouses, cloud kitchens and even teenage bedrooms. Between the advent of the internet and today, Jeff Bezos became the richest human on the planet by banking on this shift and providing the retailers looking to expand, a platform on the web.

Without the consideration of blockchain integration, the retail industry has not had any breakthrough before and after the spike of eCommerce. The whole process was pretty standard for anyone to follow and reach a general amount of success. The retail market does not give enough room for the business to innovate and benefit from competitive ideas.

With the majority of retail processes having at least one dependency on a human element, the process becomes vulnerable to human error and puts a cap on capacity of functioning. Blockchain eliminates all these limitations and your imagination is only your limit.

How does blockchain add value to the eCommerce industry and the retail market?

In one jargon, blockchain development for retail markets will enable, simpler, omnichannel retailing without compromising on any functionality of the traditional system. In fact, there are multiple ways that it will be actually enhanced.

Industry illustration, Ikea and Nordic Store, Home Depot, Walmart and IBM, Target and ConsenSource, etc. are just a few of the many global retailers who have already begun experimenting with blockchain retail solutions. Smart contracts, Ethereum based transactions, tracking supply chain, Hyperledger for record-keeping, managing inventory, better supplier relationships, and even better traceability of drugs like medical marijuana- all these are traditional retail industry hurdles that retailers have found answers for, from testing blockchain adoption in their processes.

Authentic Heroes came to us looking for a solution for the authenticity of their products. Authentic Heroes are in the business of dealing in handcrafted jerseys, which use a part of fibers taken from jerseys that once donned actual heroes in historic moments and otherwise. They deal in commissioned, fine art portraits of heroes that appear on each item, and the handcrafting process results in a product of exceptional quality. Their clothing is created in numbered series, have a signature cut, and are sometimes hand-signed.

We built a blockchain-based solution to add the element of trust, by actually authenticating the products coming off the bodies of heroes and onto the end consumer. We were enabling the rebirth of the collectible clothing of sports heroes via blockchain. The user can buy the replicas and verify their purchase and authenticate where the fiber came from. Blockchain is used for authenticity. The portal also supports the buying, selling, and trading of replica merchandise.

Read Authentic Heroes case study

Future of Retail and eCommerce with blockchain integration

A 2020 Deloitte report crunched numbers as big as $4.5 trillion in revenue generated by the top 250 retail companies with an average of $18.1 billion for each of these organizations. Retail has been an industry that peeped into the world of crypto and blockchain since its inception, only to realize its potential and a huge variety of blockchain applications for the retail industry. And it’s is going to get bigger and bigger every time a new solution is attained by blockchain integration in both the retail and eCommerce industry.

This integration is bigger than just accepting Bitcoin form the customer, blockchain is way more beneficial for the retailing process than the end sale of the product.

Today, blockchain adoption, even fro small retailers is not just joining the bandwagon of the industry giants who could afford to experiment. Their success is proof enough to discover a custom solution for your business that can be a problem of yesterday and now gains immutability through the integration of blockchain technology. Omnichannel retailing, AI integration, etc is just in the near future, given the backing of this revolutionary technology.

Blockchain is the answer to most business challenges.

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