Blockchain in Retail Market Size, Share, Growth Analysis, By Providers(Application Providers, Middleware Providers and Infrastructure Providers), By Application(Compliance Management, Identify Management, Loyalty & Rewards Management, Payments), By Organization Size(SMEs and Large Enterprize), By Region - Industry Forecast 2024-2031

Drivers

Supply Chain Transparency

• Improved supply chain transparency is one of the main factors propelling the global blockchain in retail market. A decentralised and unchangeable ledger system made possible by blockchain technology enables retailers to follow things from point of origin to point of sale. This openness lowers the possibility of fake goods getting into the supply chain, ensures ethical sourcing methods, and verifies the authenticity of products.

Simplified Payment Processing

• The use of blockchain technology for more efficient payments is a key factor propelling the global blockchain in retail industry. Intermediaries are frequently used in traditional payment systems, which causes delays, expensive transaction fees, and security flaws. Retailers can now perform safe, peer-to-peer transactions with their customers directly, cutting out middlemen and transaction expenses, thanks to blockchain-based payment solutions.

Restraints

Uncertainty in Regulations

• Uncertainty surrounding regulations is a major barrier to the global blockchain in retail market. Global regulatory organisations are finding it difficult to keep up with the ramifications of blockchain technology as it develops and challenges conventional retail practices. Retailers may find it difficult to integrate blockchain solutions due to legal and compliance issues if there aren't clear and uniform regulations governing blockchain use in the industry.

Interoperability Difficulties

• Interoperability issues are another barrier affecting the global blockchain in retail market. Although decentralised and transparent systems are promised by blockchain technology, interoperability problems may arise due to the proliferation of blockchain platforms and protocols. In the retail supply chain, a lack of interoperability can lead to data silos, inefficiencies, and increased complexity, which can impede the smooth transmission of information and transactions.