This is Why Blockchain Makes Online Retail Better
The cryptocurrency trend is red-hot.
In fact, many are hailing cryptocurrencies as the future of money.
But as I’ve pointed out before, the underlying technology behind the cryptocurrency trend is the enabler… and that’s going to change everything.
Today, I want to talk about a new way the blockchain and crypto trend is impacting an industry you’ve probably never considered — online retail.
In a way, this new trend is looking similar to when retailers in the 1990s jumped on the online marketplace trend. This changed the retail landscape dramatically and I foresee the same impact with blockchain.
In fact, we’re already starting to see the shift.
Say Goodbye to Counterfeit Goods
Have you ever won an intense online bidding war only to receive your coveted order and find out upon receipt that the item you purchased is a fake?
If you haven’t, you’re lucky. Almost half a trillion dollars in counterfeit goods are delivered to homes and businesses each year.
Counterfeit goods also plague retailers. They erode sales, brand trust and customer loyalty.
But using blockchain technology, retailers can now provide customers with indisputable proof of authenticity at every step in the supply chain.
The high-end sneaker company Greats, for example, uses blockchain and 3-D-printed smart tags, scannable by a smartphone, to prove product authenticity.
No More Stolen or Lost Packages
Counterfeit goods aren’t the only problem blockchain tech is tackling in online retail.
We’ve all had a package lost or stolen at some point. It’s a frustrating inevitability of buying online.
It’s even worse for businesses. When orders are lost or stolen, a business could fail, costing people jobs and their livelihoods.
With blockchain tech, retailers can use a decentralized network that connects all parties in a supply chain, including you.
By using blockchain, a retailer can register their product on an encrypted digital ledger, meaning stolen merchandise can be identified and tracked anywhere at any time.
This blockchain-based solution has already been used by retailers in several markets, including pharmaceuticals, luxury items, diamonds and electronics.
But blockchain goes one step further, too. By offering peer-to-peer networks instead of the linear, checkpoint-based tracking today’s couriers use, problems with shipments get identified much faster and resolved automatically.
For example, if Amazon implemented blockchain into their supply chain, they could instantly communicate digital documents like purchase orders, receipts and shipping manifests directly to their customers.
If something went awry, Amazon would be alerted immediately, with resolutions following swiftly. This would streamline the delivery process, eliminating the need for customers to jump through hoops when a package doesn’t arrive on time or at all.
Digital Wallets For All Your Warranties
Consumer protection is another application that will use blockchain platforms to better the customer experience.
If you’ve ever had an expensive purchase go belly-up well before its time, you know the importance of having your warranty handy.
But honestly, who keeps track of all that paper?
A family of four would need a full file cabinet just to keep track!
That’s where blockchain comes into play by moving product warranties onto the cloud via blockchain.
This eliminates the need for the clutter paper warranties create, allowing customers to maintain a virtual warranty wallet. This gives you access to all your product warranties anywhere, anytime.
On the flip side, this also allows retailers to update warranty info, saving them a ton in administrative costs.
The marriage between online retail and blockchain is a match made in heaven with endless possible applications.
Right now, we’re just scratching the surface of how blockchain could fundamentally change online retail for the better.
It’s becoming clear that blockchain can revolutionize e-commerce in amazing ways.
Potentially solving the woes you face when shopping online.
For Tomorrow’s Trends Today,