Blockchain in Retail mkt to grow to $2.3 billion by 2023: Report

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Blockchain
Blockchain
The blockchain in retail market size is expected to grow from USD 80.0 million in 2018 to USD 2,339.5 million by 2023, at a Compound Annual Growth Rate (CAGR) of 96.4% during the forecast period, according to a report on Reportlinker.com.
The blockchain in retail market is driven by the growing need for increased efficiency and speed in retail and supply chain transactions, and focus on preventing fraudulent activities in the retail industry.
However, uncertain regulatory and compliance environment along with the lack of awareness and technical understanding about the blockchain technology can hinder the growth of the market.

Loyalty and rewards to evolve with Blockchain

 
The loyalty and rewards management segment is expected to grow at the highest CAGR during the forecast period.Loyalty and rewards management is an integral part of the sales services that the retailers are expected to provide to their customers.

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.
The blockchain technology can be successfully implemented by retailers for managing documents, maintaining loyalty records, tracking account inactivity.

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.

The key financial hubs, and massive shipping and trading markets, including Hong Kong and Singapore, provide huge opportunities for the adoption of the blockchain in the retail industry.

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).

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