Topic: blockchain for retailing - the best idea ever (Read 281 times)

If most business establishments and huge merchants would accept Bitcoin as a mode of payment, they would know how profitable it is and once they notice how bitcoin profit works,
they will surely realize that retailing is also good business.
Businesses are just not well aware of how crypto works so don't see how profitable it is at the moment.

There are actually blockchain businesses but we don't notice them since it isn't that popular. However, more merchants would start purchasing crypto for business once they would have an idea about its profit. I'm sure that it will be a good start for merchants to earn better through retailing crypto.

The least of the worries that conform the basis on a Loyalty Reward Program is whether Blockchain could be part of it. Corporations use custom tailored loyalty programs based on their strategical and tactical needs. Companies tend to be zealous of their customers and data, and when they offer rewards that can be redeemed on third-party stores or businesses other than their own, it is because there is a defined win-win situation between the corporations involved (i.e. co-marketing of products).

Typically, a loyalty program may redirect it’s customers to a different site if the site is complementary and does not compete with them in any way. There are specific agreements placed on the volume of customers that redeem in those referenced stores, managing on the one hand discounts for the customers, and potentially some return for the corporation behind the loyalty program itself.

Blockchain is not the fastest of technologies, and the key feature should be transparency alongside immutability (i.e. read-only data). There is no benefit to creating a Loyalty Program based on the blockchain whatsoever in general terms, although some niche ideas could conform a side benefit if dealt with properly. For example, the Loyaly Program could state that it matches a percentage of the value redeemed by its customers to donate it to certain OGNs. They (the corporation) could use blockchain there in order to be transparent with their donations (although they can also do that currently with a simple webpage and a bit of trust on our behalf).

Some companies have already started using blockchain for retail.

Supply Chain/Inventory Oversight:
Fr8 Network – Working with retailers for more accurate shipping data on the blockchain
Transparency One – Blockchain based supply chain solutions

Customer Identity:
Shopin – Shopper profile built on the blockchain.
IOTA – Blockchain solutions for IoT, Identity, and Ownership.

Preventing Fraud and Counterfeit Goods:
BlockVerify – Reducing counterfeit goods through blockchain provenance.
TrustChain (IBM) - a blockchain that proves the provenance of jewellery by following every step in the supply chain from mine to store.

Product Contracts:
VeChain – Full cycle blockchain solutions for supply chain efficiency.

I am sure there are now many projects working along this idea focusing on the growing and very lucrative retail market. In 2017, I supported a good and still alive (fortunately) project called as Nucleus Vision and it is primarily working with retailers. Here is their published description: "Nucleus Vision is an #IoT & #Blockchain based, contactless identification system, using $nCash cryptocurrency to enable transactions across #retail ecosystem."

Mmm, I am sure that there will happen in the future when the company realize their opportunity to use blockchain in their business.
When something smells profit, I am sure that people will attract into it and they will invest or use it for their own benefits.
But we don't know when they will apply that into their business because they still prefer the traditional system to be used in their business

There is a very good idea where loyalty rewards programs can be implemented in the blockchain system, but come back to every platform or store. If they use the blockchain system then all other systems will automatically use the blockchain, but unfortunately there are still no platforms or stores that use the full blockchain system.

In my country there are many shops and platforms that use loyalty rewards programs, but they are easier to run through the systems they create and here the understanding of blockchain is still small. But hopefully in other countries it will become a new innovation to develop blockchain in all countries including my country.

Why should someone use blockchain for that? Similar centralized services already exist and no one cares about the platform of this service. It seems better than trying to re-invent the bicycle but with blockchain, which is also extremely expensive right now.

why can't we do the same with centralized systems? For example mobile phone sellers offer counterfeit check via their centralized system and no one even cares about faking information there.

I can not imagine a single network of sellers who will work with each other and not try to grab a larger piece for themselves

Blockchain for retailing can work if we talk about tackling counterfeit goods, supply chain tracking and transforming payments..What do you think regarding it?

Trading personal information is one of the most profitable offers on the market. What users are not happy about. I have already met many times with cases when my data fell into the companies with which I did not even communicate. This is very unpleasant. Perhaps blockchain technology will help to remake the data protection system so that the user has control over them.

I met one ICO project that just offered loyalty discounts tokens in various outlets. A single network for different retailers, as you say. It is a pity that only the distribution was in the Asian market.

The possibilities that the blockchain offers may be underestimated, since few users know how to use cryptocurrency. In terms of this plan, the taklimakan platform does a useful job and helps the user to understand the principles of cryptocurrency, gives the basics of investing and working with the blockchain. I hope that soon the number of blockchain projects will become more and we will be able to enjoy the benefits offered by merchants.

I agree that many trading companies offer excellent products, but they have a poorly designed loyalty program. However, there is a more important factor. Blockchain technology would allow merchants to not only quickly process user requests, but also to guarantee data confidentiality.

Rewards/loyalty programs are just a cheap marketing trick.
There are better purposes for the blockchain technology.
Do you really think that all the merchants,who are competing against each other will decide to unite in order to implement a blockchain loyalty program?

Exactly. Since they have to handle their own data, the current centralized approach looks OK to me. I don't think that blockchain will be helpful at all in this.
Please don't try to force blockchain into projects that can do better without, it could cause others' aversion against blockchain...

These kind of loyalty reward program is already available in the market, even though they are not using blockchain for this, but it's available. In my country, the most successful loyalty reward platform name is "Payback". They are linked with your bank accounts, retail stores, online merchants and many more platforms. Whenever you swipe or use your debit/credit card to any of their partner merchants, you get a reward point which you can redeem in any of their partner merchants or from an online portal of Payback.

This kind of business idea already exists, but not on blockchain! As far as the data integrity is concerned, it's being maintained. So what extra feature you are thinking that can be offered if they move to blockchain from their current operating model?

Why noone uses blockchain for retailing? The blockchain for the trading sector may offer a lot to increase the base of regular customers. It would be really profitable for merchants to create a single base based on the blockchain in order to offer users a general loyalty scheme. After all, merging, trading companies can make a big profit if buyers know that their loyalty tokens can be spent in several different stores.
I'd like to know your opinion. Please, share ur thoughts