Why Retail Businesses need to Upgrade?

CIOreview
FREMONT, CA: With the recent success of the retail industry experiencing a growth of 3.2 percent to 3.8 percent in 2018, it appears the peddling industry is in no need for an external force to drive their profit margin further. On the other hand, a consequential amount of challenges are being faced by retail employees. The challenges provide a defining medium for differentiating robust companies from the short-term beneficiaries. Retail companies are compelled to invest in new technologies in order to endure upcoming competitive environments.
Integration of blockchain in retail platforms is gaining attention for all the right reasons, the accessibility of necessary products are improving with the inclusion of high-end security platforms. The technological craving from the retail sector to boost sales and develop efficient services has heightened the requirements of blockchain technology. Blockchain induced in the retail sector plays a crucial role in transforming operations and improving the performance of the entire sales sector.
The central obstacles confronted by the retail managers are monitoring day-to-day activities of employees, markets, sales, and inventories. Minute negligence causes significant damage to the functionality of an entire system and collapses the performance of a company. Apart from the "making maximum profit" motto, the retail sector invests a ton in inventory refill, fresh goods, and daily expenses to keep the operation active and running. Having faulty management leads to overspending, shortage of crucial funds, and draining the generated profits. The blockchain, in addition to other upcoming technologies, can avoid the damages and create a secure, customizable, and effective platform for the consumers. A cryptic approach by the retail sector diminishes and eliminates fraudulent activities of middle-man.
The decentralization of data and improved security are the perks of inducing blockchain technology, which can transform the entire retail industry. The ledger storage characteristics of blockchain enhance the supply chain management aspect of a retailer's outlet. The real-time documentation of products by retailers and wholesaler has created a transparent fluid market system. The integration of blockchain in the supply chain enables retail authorities to detect bottlenecks in the system and diminishes the liability of insolvency and bankruptcy.
Read Also
"Chatbots: Transforming Retail Sector"
AOPEN launches cTILE 22 Touch Solution to Serve Commercial Environments
The Rise of M-Commerce in the Modern Era
Featured Vendors
Infotech Global Services IT Staffing and Consulting Solutions to Advance Retail Performance and Prod
Tango Analytics: The first fully integrated Cloud based Customer & Location Predictive Analytics and
Sky IT Group: Extensive Data Gathering with Robust Reporting Functionality Yields Measurable Busines
Quantum Retail Technology: Leveraging Consumer Demand to help Retailers get the Maximum value from t
Kyrus Solutions: Celebrating 40 Years Of Service From Initial Consultation To Development, Implement
Direct Source: Hardware, Software, Integration And Installation Services That Fit Unique Retail Need
ConStrata Technology Consulting: Complements Strategic and Tactical Decisions with Information Techn
EDITOR'S PICK
The IT World: An Ever Changing Place With Constant...
By Pete V. Sattler, VP-IT & CIO, International Flavors &...
Deploying In-Memory Capabilities To Meet Tomorrow's...
By Benjamin Beberness, CIO, Snohomish County PUD
Tech Provider, Delivery Partner or Both?
By Gary Watkins, CIO of IT Shared Services, KAR Auction...
Technology Helps Supply Chain Embrace Uncertainty
By Tonya Jackson, VP Global Supply Chain, Lexmark
From Bean Counter to Propeller Head: Lessons Learned by a...
By Chad Lindbloom, CIO, C.H. Robinson
Efficient Ways to Manage Data and Make Effective Decisions
By Ryan Fay, CIO, ACI Specialty Benefits
Democratizing IT Technologies to Improve Sales...
By Kris Holla, VP& CSO, Nortek, Inc.
The Cloud (still)Doesn't Support VoIP
By Shawn Wiora, CIO & CISO, Creative Solutions In Healthcare
AI and the Future of Field Service: Moving from...
By Michael Alcock, Director-CIO Executive Programs &...
Revolutionizing Industrial Mining through Smart Tools
By Jeff Bauserman, VP-Information Systems & Technology,...
Virtualize, Cloud, Mobile First
By Wes Wright, CTO, Sutter Health
Performing as a Turnaround CIO Artist, It's Not Magic...
By Peter Ambs, CIO, City of Albuquerque
By Mark Ziemianski, VP of Business Analytics, Children's...
The Highway's Jammed With Broken Heroes on A Last Chance...
By Jonathan Alboum, CIO, The United States Department of...
AI Can Improve Patient Outcomes, but will Pharma Get...
By Ryan Billings, MS, MBA, Executive Director, Digital...
Creating a New Productive Work Environment
By Christina Clark, Managing Principal, Cresa
Blockchain and The Law: How a Simple Project can get...
By Evan Abrams, Associate, Steptoe & Johnson LLP
Scope of IT Services in Today's Business Landscape
By Holly Baumgart, Vice President-Information Technology,...
Digital Transformation in an Ever Changing World
By Melissa Douros, Director of Digital Product Management,...
The Digital Transformation of the Insurance Industry
By Andrew Palmer, SVP & Chief Information Officer, U.S....