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The blockchain market is rapidly flourishing owing to the advancements in digital technologies. Blockchain applications are increasingly being tested and used in the retail industry. For instance, Walmart stores are leveraging blockchain to streamline the supply chain, store records, and speed up payments. Blockchain stores its data in the form of sequential blocks, where each block carries the references of the previous block.
Among the major use cases of blockchain in retail include supply chain monitoring, loyalty programs, shipping traceability, and others. Traceability is one of the flagship use cases of blockchain involving a varied supply chain to create transparency across the working process.
Blockchain in retail offers a range of benefits such as the faster movement of goods, advancement in supply chain visibility and predictability, and reduced end-user costs. In the retail industry, consumer trust can be enhanced by verifying the creditability and authenticity of the products. Retailers leveraging blockchain to verify the originality of the products are expected to see a competitive advantage in the market.
Key Market Driver -
• Increasing adoption of blockchain-as-a-service and smart contract services • Increasing demand for simplified business processes.
Key Market Restraint -
• Lack of understanding of blockchain technology in the retail industry.
Apart from this, fraud prevention, management of loyalty points, compliance of consumer data, and others are some of the growing trends of blockchain in the retail market. Also, inventory tracking, enforcing labor rights management, automating staff timings, and back-office administration are some of the emerging market trends.
Retailers recognize blockchain transformative capabilities to streamline operations, collaborating supply chains, and ensuring improved product authenticity. However, some of the retailers are still working on harnessing the potential benefits of blockchain in retail. For instance, Amazon introduced Amazon Managed Blockchain as a service. Amazon Managed Blockchain as a service helps to create and manage scalable blockchain networks by using an open-source network. Though, a lack of knowledge about the benefits and applications of blockchain in the retail sector is likely to restrict the market growth.
Key Players in the global blockchain in retail market include SAP SE, IBM Corporation, Oracle Corporation, Microsoft Corp., Amazon Web Services, Inc., Capgemini SE, Accenture PLC, Cognizant Technology Solutions Corp., and Others.
North America is expected to dominate the global blockchain in retail market. The U.S. is likely to hold a major revenue share in the market as it one of the major e-commerce markets. Also, the significant presence of major e-commerce companies, including Amazon, Walmart, and eBay in the U.S. is expected to increase the adoption of blockchain in retail market. As blockchain has the potential to transform the business process, the organizations are likely to make substantial investments in the market.
Asia pacific would ensure to exhibit the highest CAGR during the forecast period. Blockchain is creating lucrative market opportunities in Asia Pacific through a combination of disruptive technologies. Additionally, the government in the region are facilitating blockchain solutions as a key factor to drive digital innovations. Moreover, the international players are leveraging their research and development strengths to explore the technology market in Asia Pacific. This is likely to drive the market growth across the region.
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The growing number of vendors offering blockchain services is one of the primary drivers leading towards the adoption of the blockchain services in Europe. However, privacy and security concerns restrict the market in the region. The European business decision-makers are also considering blockchain as a strategic imperative technology. Latin America is estimated to have moderate growth for blockchain services in retail industry. Whereas, the Middle East and Africa region is expected to have steady growth during the forecast period.
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