Why Retail Businesses need to Upgrade?

By CIOReview | Tuesday, June 4, 2019

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.