The blockchain technology offers the retail industry an opportunity to accept cryptocurrencies for payments, enabling cross-border payments and micro-payments. Several retail companies such as Walmart Inc., Amazon.com Inc., Alibaba Group Holding Limited, and Shopify are leading the way by adopting Bitcoin transactions.
Blockchain has immense potential to streamline transport and logistics processes to track every stage of a product’s journey with real-time information resulting in the reduction of stolen, lost, or damaged goods. Walmart Inc., an American multinational retail corporation, has already adopted the blockchain technology to keep track of each piece of pork sourced from China with detailed information regarding origin, processing and storage of the product.
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With the help of blockchain technology retailers are implementing transparency in the supply chain management. Wave, an Isreali company, provides blockchain technology to retailers to assist them in tracking their supply chains with the secured and paperless process. Blockchain allows retailers to capture data at every stage of customer interaction to assess customer buying patterns and trends. Retailers are proactively exploring blockchain’s capabilities along with artificial intelligence and big data analysis for customer loyalty schemes to store loyalty points within a single wallet making it easier to track and redeem the reward points.
The global Blockchain In Retail Market is estimated to grow at a significant rate during the forecast period from 2018 to 2024. The geographic analysis of the blockchain in retail market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
North America region dominates the market due to the presence of key market players of blockchain technology solutions that drives the market growth in this region. Many retail companies in the US, Canada, and Mexico have adopted blockchain technology to streamline critical business processes such as payments, supply chain, transportation, logistics, auditing and consumer loyalty schemes.
The market is witnessing a substantial growth in European countries, namely Germany, France, the UK, Spain, and Russia. European retailers are adopting cyptocurrencies to promote cross-border trade. For instance, a French retail giant, Carrefour SA has adopted blockchain ledger technology solution— IBM Food Trust—developed by IBM Corporation, to track and trace chicken, eggs, and tomatoes shipped from farms to stores.
The market in Asia-Pacific region is expected to grow at a higher rate owing to the wide-scale adoption of blockchain solutions by retail enterprises in China, Japan, India, Australia, and Singapore. Adoption of blockchain by e-commerce enterprises and fashion brands is also expected to drive the market growth in this region.
The Middle East and Africa region presents immense opportunities for key market players as the retail and e-commerce enterprises in this region highly adopt blockchain technology.
The prominent players in the market of Global Blockchain in Retail are IBM Corporation, Microsoft Corporation, SAP SE, Amazon Web Services,Oracle Corporation, Bitfury USA Inc., Cisco Systems Inc., Cegeka, Auxesis Group, Blockpoint Systems, BlockApps, R3, Tata Consultancy Services Limited, Coin Sciences Ltd., and Cognizant.
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