Loyalty and rewards to evolve with Blockchain
This has become easier and cost effective with the help of the blockchain technology.Traditional solutions create complications while managing the information related to purchase dates, warranties, and loyalty and reward points status.
This can help them reduce redemption rates, customer service and marketing costs and eventually create more value for the consumers, and the investors.
Hence, the adoption of blockchain technology to manage loyalty and rewards in the retail sector is increasing.
APAC is expected to record the highest growth rate during the forecast period
APAC is expected to grow at the highest rate during the forecast period, due to the growing number of blockchain startups and increasing venture funding activities in the blockchain technology solutions for the retail industry aimed at transforming the various business processes and transactions.
North America, being the early adopter of innovative technologies, is projected to hold the largest market size in the global blockchain in retail market.
Major blockchain technology vendors in the world include, IBM (US), SAP (Germany), Microsoft (US), Oracle (US), AWS (US), Bitfury (the Netherlands), Auxesis Group (India), Cegeka (the Netherlands), BTL (Canada), and Blockchain Foundary (Singapore).