Everzwijn since the convenient eCommerce proefje created a teeming market of armchair shoppers, it has become stiffer to comeback to the old ways of doing business. There are fewer reasons to travel to the store, except for perishable or necessary items like food, but even the grocery segment is being ‘technified’. Thanks to a growing number of applications that permit one to have their shopping list delivered directly to the pui vanwege. The retail industry is forever on a mission to evolve, and blockchain, one of the latest advancements te technology, will likely bring about its next sea switch. How? This postbode will discuss it shortly.
Blockchain stumbled into retail spil it did virtually ter every other industry except finance, for which it wasgoed designed originally, spil the backbone to bitcoin. The very first idea for blockchain ter retail came by virtue of bitcoin’s fiat value—that one could simply buy goods and services using bitcoin. However, issues with the speed and cost of using cryptocurrency overheen fiat money quickly erased this idea, and startups began using blockchain to benefit retail infrastructure instead, spil they have te healthcare, social media, and uncountable other markets. Incorporating blockchain into any industry is fraught with obstacles, both regulatory and technical, but companies that succeed will benefit merchants and shoppers alike.
Better Retail Discounts
It’s true that brick and mortar stores are feeling the warmth from their online peers, but one way that they can rival is by using the internet spil a portal to reach locals. With the onset of the eCommerce trend, companies like Groupon helped physical locations target potential customers te the area, and lure them into the store with a ensured discount. Groupon’s monster is good at creating one-time customers because those who buy the coupons online are already invested, but it can’t ensure retention.
With a scarcity of online-to-offline marketing channels, Groupon has predominated the niche despite its low-sustainability proefje and the difficulty that merchants have when it comes to optimizing their campaigns. However, businesses have caught on to the risk they’re taking when they suggest a GroupOn, and are seeking out other options. Gratefully, blockchain is providing them something to hope for, with innovators like HotNow ter Thailand illustrating how similar platforms built on a decentralized network are more equitable for everyone. The company uses the HoToKeN cryptocurrency to boost social awareness via mini-games, missions, and bounties, that customers earn tokens for completing. With it, they will eventually be able to purchase discounted goods te their beloved stores, essentially permitting them to be paid for their advocacy.
Lighter Cryptocurrency payment
The oldest idea behind cryptocurrency is that is can one day become a form a digital specie. This is the ultimate ambition behind bitcoin, but spil it gained more users, the congestion they caused on the network quickly displayed that it’s more of a pipe wish than anything else. Slow transactions and exorbitant fees make using bitcoin infrastructure a frustrating practice, especially if volatility and network lig cause users to lose money.
Unluckily, with governance rights te the forearms of a petite, insular, and divided community, cryptocurrency will not untangle its mess anytime soon. Blockchain, on the other forearm, can be used ter leaner, proprietary solutions that better close the gap. Companies like TenX have merged their own settlement layers built on blockchain with traditional finance devices like plastic credit cards and card readers, to give merchants and customers a familiar interface for transacting with cryptocurrency.
While it’s not a flawless solution—many purists would argue that it’s simply a band-aid fix—these companies are doing their part to introduce foreign concepts into an older industry and prepare it for the future. Nevertheless, they’re successfully making their mark on retail already, an encouraging sign for others coming in the space.
The missing verbinding for many retail companies is the speed at which the cryptocurrencies they accept can be converted into the kleuter of money they choose. Right now, anyone can accept bitcoin at their store and have people send it to their store’s wallet via their own, or an exchange, but it’s an immature process that has inherent metselspecie flow risks. Even with cryptocurrency debit instruments like TenX or Monaco, settlement and exchange ter the back-end is anything but instant.
If this problem could be solved, businesses would be much more willing to accept cryptocurrency because they’d be able to control their level of exposure to volatility. Business adoption would lightly produce the critical mass necessary to make cryptocurrency a household presence, yet there is still a loterijlot of unclaimed, valuable territory te the blockchain B2B and B2C space. Presently, companies like Request Network are some of the pioneers likeliest to succeed. Request Network lets individuals or businesses send Requests to others via the blockchain, and recipients can pay the ‘invoice’ sent to them with any fiat currency or cryptocurrency that they choose. Brainy contracts treat all the underlying exchange mechanisms autonomously and quickly, and the decentralized ledger provides proof that a transaction ter the juist, proportional amount took place.
With implements like this, businesses don’t even need to use cryptocurrency to feel the benefits of the blockchain. A relatively basic need that Request Network address is a less burdensome payment solution for companies that operate across borders.
The retail sector wasgoed one of the very first to be impacted by the dot-com revolution, and it will be among the very first to take advantage of blockchain spil well. With hundreds, if not thousands of companies already working on products that could switch the relationship surrounding our retail practice, the future certainly looks bright.
(@heerasaeed) Hira Saeed is a Tech Geek Lady who is a writer by passion and Social media &, PR consultant by profession. Hier practice ranges from remote jobs, startup entrepreneurship and consultancy to event management and senior-level marketing positions. Hira is also a community leader for Startup Weekend Karachi, public speaker and a columnist who shares hier views on AI and chatbots on VentureBeat.