Global Blockchain in Retail Market – Analysis & Forecast to 2023

News Desk 8 July 2018

1 minute read

Blockchain and Crypto News MENA DUBAI UAE

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.

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.

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 website showcases some intersting solutions that incorporate the retail journey across the entire lufecycle of brand and retail programs. This includes the designing building and operation of stores, marketplaces, and more.

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.

Companies Mentioned