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IMARC Group’s report titled “Blockchain in Retail Market Report by Component (Platform/Solutions, Services), Type (Public Blockchain, Private Blockchain, Consortium Blockchain), Organization Size (Large Enterprises, Small and Medium-sized Enterprises (SMEs), Application (Supply Chain Management, Food Safety Management, Customer Data Management, Identity Management, Compliance Management, and Others), and Region 2023-2028”. The blockchain in retail market size reached US$ 370.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 5,681.72 Million by 2028, exhibiting a growth rate (CAGR) of 54.00% during 2023-2028.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/blockchain-in-retail-market/requestsample
Factors Affecting the Growth of the Blockchain in Retail Industry:
Increasing Transparency:
Blockchain technology creates an immutable ledger for all transactions. Once a transaction is recorded, it cannot be altered or deleted. This transparency ensures that every transaction, from the manufacturer to the consumer, is permanently documented. Retailers can also trace the journey of products from their origin to the point of sale (POS). This traceability is especially important for industries like food and beverage (F&B), where authenticity and origin are critical. With all transactions visible on the blockchain, fraudulent activities are becoming more difficult. Retailers can easily detect counterfeit products and unauthorized transactions.
Supply Chain Efficiency:
Blockchain enables real-time tracking of products as they move through the supply chain. Retailers can monitor the status and location of goods at any point in the journey, reducing delays and ensuring timely deliveries. With accurate and up-to-date information on product availability, retailers can optimize their inventory management. This prevents overstocking or understocking, leading to cost savings and better consumer service. Supply chain transparency provided by blockchain helps in verifying the authenticity of products. Retailers can quickly identify counterfeit goods and take appropriate action, safeguarding their reputation and consumer trust.
Data Security:
Traditional data storage systems are vulnerable to centralized attacks. In contrast, blockchain operates on a decentralized network, making it less susceptible to single-point vulnerabilities. Besides this, blockchain uses advanced cryptographic techniques to secure data. Each transaction is encrypted, and only authorized parties with the appropriate private keys can access and verify the data. Blockchain can be used for secure identity verification, reducing the risk of unauthorized access to sensitive retail data. This is crucial for protecting consumer information and preventing identity theft.
Leading Companies Operating in the Global Blockchain in Retail Industry:
Amazon Web Services Inc. (Amazon.com Inc.)
Auxesis Services & Technologies (P) Ltd
Cognizant
Infosys Limited
International Business Machines Corporation
Oracle Corporation
Reply
SAP SE
Sofocle Technologies Pvt. Ltd.
Tata Consultancy Services Limited (Tata Group)
Blockchain in Retail Market Report Segmentation:
By Component:
Platform/Solutions
Services
Platform/solutions represent the largest segment as they provide the foundational technology and tools required for retailers to implement blockchain solutions effectively, including supply chain tracking, smart contracts, and data security.
By Type:
Public Blockchain
Private Blockchain
Consortium Blockchain
Private blockchain accounts for the majority of the market share owing to its control, privacy, and permissioned access, making it suitable for confidential supply chain information and business-to-business (B2B) transactions.
By Organization Size:
Large Enterprises
Small and Medium-sized Enterprises (SMEs)
Large enterprises exhibit a clear dominance in the market due to their resources and capabilities to invest in and deploy blockchain solutions at scale, addressing complex retail operations and supply chain needs.
Regional Insights:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
North America enjoys the leading position in the blockchain in retail market, driven by its early adoption of technology, robust regulatory framework, and the presence of many retail giants.
Global Blockchain in Retail Market Trends:
Retailers are leveraging smart contracts to automate various aspects of their operations, such as inventory management, payments, and vendor relationships, leading to increased efficiency and reduced costs.
Blockchain is used to revamp consumer loyalty programs, offering consumers more transparent and transferable rewards across different retailers, creating a more engaging shopping experience.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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