Blockchain technology has the potential to transform businesses and ultimately our economy. To continue meeting the changing consumer demands, and stay ahead of the competition, it is time to start planning and prioritising. Our report provides a detailed analysis of over 50 potential blockchain use-cases in the retail and consumer packaged goods industries, classifying them by potential value and complexity.
Blockchain technology leads to tipping point
The next five years are likely to see a tipping point as companies begin to appreciate blockchain’s ability to track and trace products, record contracts and transactions, and guarantee the movement of information. The result will be widespread, mainstream adoption of blockchain in the retail and consumer packaged goods (CPG) industries but long-term, sustainable success will only be possible through careful planning. The more advanced businesses will focus on scaling-up the opportunities they have identified, where those who do not consider the possibilities are at risk of falling behind.
Improved operations a bonus for companies and consumers
Well-managed retail and CPG supply chains can have a fundamental influence on an organisation’s competitive positioning in areas such as product cost, working capital requirements, speed to market and service perception. But blockchain does not only benefit companies from an operational point of view, it also has direct consumer applications. It has the potential to change the way we shop and pay for products, to provide alternative payment platforms and to power superior loyalty programmes. We believe the largest impact blockchain will have in the short term will be in traceability in the supply chain. A full audit trail can, for example, protect consumers from counterfeit goods.
O2 Technologies can help you to seize the opportunities
Our discussions with retail and CPG executives reveal that many businesses are keen to understand and introduce blockchain but are unsure where to start. We have analysed where blockchain could have the greatest impact in the retail and CPG industries and developed multiple use cases. We know the different possible approaches and key questions leadership should be asking before embarking on their blockchain journey – a useful starting point for any company looking to prioritise the investment of time, money and resources into a blockchain work programme. This knowledge, and our experience, can help companies in the retail and CPG sectors gain a better understanding of blockchain and how this can be incorporated into business strategy.