With market growth for the retail industry projected to sustain between 3.2% and 3.8% for the 2018 calendar year, retail as a whole would seemingly be far from needing life support. But there are significant challenges facing the retail sector that could determine which players become long-term beneficiaries of evolution and which fall off the map completely.
Online retailers were responsible for a significant portion of retail sale increases, which contributed 11% of the total increase in a one-month segment. With more than $447 million in mobile payments expected to be completed worldwide per annum, it’s critical that retailers adapt their systems to cater to the mobile and internet-based iterations of retail, which have proven immensely popular and will only continue to prove the preferred method of purchasing for most. Regardless of these adaptations, problems that have plagued retail for decades will persist, and new issues will arise due to the relatively new ways in which consumers purchase and acquire many of their products.
Blockchain technology is uniquely equipped to deal with the challenges facing retailers, from providing greater oversight for supply chain management to offering the provenance and proof-of-ethicality that so many consumers now demand, and more.