DUBLIN, Nov. 29, 2019 /PRNewswire/ — The “Blockchain in Retail Market – Growth, Trends, and Forecast (2019 – 2024)” report has been added to ResearchAndMarkets.com’s offering.
The Blockchain in Retail Market is poised to grow at a CAGR of 60.4% during the forecast period 2019-2024. Transparency in retail supply chain, as well as demand for improved customer service, is driving the market growth.
- Consumer demand for fast, frictionless transactions is leading to sharp increases in mobile and online e-commerce fraud – and their associated costs. According to the 2018 LexisNexis True Cost of Fraud report, the cost of fraud for midsized to large merchants is $3.20 for every $1 of fraud.
- Scalability and interoperability are the factors necessary for blockchain adoption. This is only possible when industry standards are set, which is at a lagging phase right now. Telecom sector is struggling with mass adoption of blockchain technology.
Key Market Trends
Smart Contracts to Dominate the Market
- Smart contracts allow computer code to execute on its own when specific conditions are met. In the telecom industry, it is expected to witness significant adoption as it provides scope for automation in their internal operations, like billing, supply chain management, and inventory management.
- Smart Contracts can help in automating payment process for online as well as offline transactions. It can help to save time and cost for companies by removing the merchant (middleman), who charges extra for authenticating the transaction.
- Furthermore, in doing so, companies also save money by spending less on auditing and accounting as the process is automated.
Asia-Pacific to Witness the Highest Growth
- Asia is a major player in the changing retail landscape, owing to the rise in e-commerce startups. China leads the e-commerce market, with Alibaba recently opening a pop-up store in Australia and reflecting the phygital’ trend toward digitally-enhanced offline experiences….