Retail is the process of selling goods and services through multiple channels to the customers. The sector is currently utilizing Blockchain technology to advancing the process of selling and gaining better customer experience. Blockchain in retail sector refers to the technology that maintains and manages a distributed database consisting of transactions among different parties. According to the recent market report, the global market for Blockchain in Retail is expected to reach USD 2,339.5 million by 2023. In 2018, the market was worth USD80 million and predicted to grow at a CAGR of 96.4 percent throughout the projected timeframe.
The growing demand for increased efficiency and speed in retail and supply chain transactions are largely driving the growth for Blockchain in Retail Market. Though, uncertain regulatory and compliance ecosystem, as well as the lack of awareness and technical understanding about the Blockchain technology can encumber the growth of the market. Apart from this, the loyalty and rewards management segment is anticipated to grow at the highest CAGR during the predicted period. Loyalty and rewards management is an integral part of the sales services where the retailers are expected to offer to their customers. The segment has become easier and cost effective with the support of the Blockchain technology. As traditional solutions generate difficulties while managing the information related to purchasing dates, warranties, and loyalty and reward points status, the technology can be successfully implemented by various retailers for managing documents, maintaining loyalty records, tracking account inactivity.
In the Blockchain in Retail Market key players that are accountable for the market growth, including IBM, Microsoft, Oracle, Amazon Web Service (AWS), SAP Bitfury, Cegeka Auxesis Group, CoinBase BTL, Guardtime, loyal, Sofocle, BigchainDB, RecordsKeeper, BitPay, Reply, Abra, Provenance, Blockverify, OGYDocs, ModulTrade, Warranteer, and Blockchain Foundary.