Blockchain can help the retail slump by implementing clever technology in order to improve the shopping experience. Customers may not see it but it will be there. Blockchain is simply a ledger stored digital that cannot be corrupted. How we understand about blockchain differs and you might be one of those individuals who should seek expert advice about it. The good thing is that you’re here. So why should blockchain matter in retail business when some of its benefits are complex?
The reason is that; the average consumer is changing faster. Commercial transactions can then be recorded in this digital ledger to record anything of value at least theoretically not just money deals. What happens is the collection of all records of transactions that have occurred in the chain. The need for a regulating body to ensure the information in the system is accurate or true is then eliminated.
Blockchain technology is the backbone of all cryptocurrencies. Any cryptocurrency you have heard about relies on blockchain technology. The above definition already hints a chain of ideas. These ideas can help resurrect the slumping retail market. The possibilities of Blockchain technology being of help to the retail market are endless. Listed below, are some of the benefits cryptocurrency would have on retail;
Protection from fraud
As payments cannot be reversed with cryptocurrencies, retailers are assured that they do not have to take the cost of chargeback fraud and they can give assurance to their shoppers that the mode of transaction is secure. The risk of fake currency is also eliminated.
No transaction costs
It cost nothing to store or transact money in all forms of cryptocurrencies. Paying via credit card or any other mainstream mode of the transaction can be really expensive.
The possibility of International Expansion is limitless. It is important for global retailers, who form at least 20% of the global retail market, according to globalretailer.com to have an avenue for quick international transactions.
There is no need for a retailer to Comply with PCI. PCI compliance is done when one accepts credit and debt. No such requirements exist for cryptocurrencies. This saves both the customers and the retailer’s time.
In conclusion, blockchain technology can solve the retail slump crisis. Forbes magazine, in a 2010 article, says that five billion people do not operate in the financial system. This includes one in twelve Americans. There are infinite possibilities for blockchain remedy if not help the retail slump.