With the dawn of online market, grocery retail stores have almost lost their existence. They have seen a tremendous downfall in the last 5 years. In America alone, more than 2000 stores have been closed down due to the rise of online market.
Major portion of our population is covered by Millennial. This is the generation who finds it hard to walk down to a grocery store for a monthly shopping. They want everything fresh and instant. This generation is the major user of online shopping and doesn’t believe in stocking up the grocery. This has given rise to the ‘retail apocalypse’.
We have witnessed a tectonic shift in the consumer buying habits and expectations and grocery stores are working hard to fulfil them. They have moved towards the use of blockchain technology to grow with the technological world.
Application of Blockchain in Grocery Retail
TransactionRetail grocers’ wants to stay in the competition for which they are leaving no stone unturned. They are adopting everything from keeping high-end stock to implementing every payment method from cards to digital wallet.
However, the current situation with intermediaries charging fees for transaction processing, whether it is a bank or card companies, the complete process is complex. Blockchain comes up as a boon to streamline this.
Blockchain based payment systems eliminate the intermediaries (banks and card companies), reduces the paperwork, guarantee payment information integrity and thus develops the trust among the users and the merchants.
Supply ChainThe supply chain in the present scenario is not proper. The local producers struggle to get on to the shelves and the bigger players dominate the whole market. In fact, logistic supply chain management has also become the next most promising area.
Blockchain technology comes with transparency. Integrity in supply chain management is a must. A block chain based supply management offers control over how, when, and where the product has been produced, transported, delivered, stored and presented to the customer. Thus, provides complete integrity and transparency to the whole chain.
Shopping ExperienceMillennial today, are curious to know the story behind each and everything. Blockchain will let you know the complete chain of any product and its parts from where it grown to how they have received it. This will enhance their shopping experience and will be better than any other sort of advertisement.
Further it will increase the loyalty program as once the product has been purchased by the customer, his ownership will be recorded in the blockchain. It will leverage both the user experience and the brand equity. Also, consumer will get the option to transfer their loyalty points across different brands. Isn’t it just wow!!