Blockchain Development Services for Retail Sector

Loyalty schemes are highly inefficient and do not achieve their full potential. Improper planning and tracking lead to diminished customer satisfaction and loyalty and do not always reap financial rewards for retailers. Poor communication, convoluted process design, and poor scheme design are the cause of the failure of loyalty schemes.

Damaged food in the supply chain is a significant concern that results in severe health issues. There is no track of the product’s originality and authenticity. Food waste is another problem that is the cause of landfill expansion and ultimately methane emissions.

Detection of counterfeit products is a challenge in the traditional retail sector. There is no proof of the origin of the products and inadequate visibility in the supply chain leads to the brand’s reputational damage, product recalls, lawsuits, and monetary loss.

High sales tax is another big issue in the retail industry. Every retail business is required to pay a huge sales tax every year. Failure to comply leads to hefty fines and criminal lawsuits. Moreover, product taxability is a complex process to manage in multiple taxing jurisdictions that may lead to errors and audit exposures.

Traditional retail sector involves a lot of divisions and poor communication between them affect the business functions and lead to decreased customer satisfaction. Similarly, poor inter-management communication can lead to misconceptions between individual and corporate stores.