Mastering omnichannel retail with blockchain technology

To beat Amazon, the basics are critical – omnichannel retailers must keep one eye on their customers and one eye on their stock.

Is your supply chain inefficiency and lack of transparency resulting in dissatisfied customers and lost profits?

Understanding the complexity of the entire supply chain in an omnichannel world is critical. High customer expectations, product provenance, authenticity, traceability and inventory management are all pain-points in any retail business that can lead to customer disappointment and wildly inefficient processes.

Omnichannel retailers have a complex supply chain, which limits their ability to compete with the efficiency of the likes of Amazon. Elements such as physical stores, lockers, home delivery, click and collect all comprise a complex network of data points, many of which are on different systems and in different entities.

This complex world of data and transactions needs to be merged, with the goal being one view of stock and one view of the customer. Today’s cloud technology allows retailers to bring together disparate data and systems, which enable a retailer to then use the latest transformational technologies such as AI, IoT and blockchain.

Blockchain has a number of business benefits for retailers and supply chain companies. With blockchain technology, transparency, real-time data and shared ledgers will enable you to know where your stock is and where your customers interact at any stage, anywhere in your supply chain or selling channels. This real-time knowledge leads to a faster, more transparent and more compliant supply chain.

Blockchain technology is developing at speed, with many start-ups and large tech companies working on use cases and proofs of concept. Oracle is working with retailers, CPGs and supply chain companies to develop enterprise-level blockchain technology solutions – improving customer satisfaction and business efficiency.