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

Report ID: SQMIG45A2258 | Region: Global | Published Date: April, 2024
Pages: 198 | Tables: 90 | Figures: 72

Blockchain in Retail Market News

In June 2023, VeChain, a blockchain startup with a focus on supply chains, is using its partnership with Walmart. Expanding its relationship with Walmart China, the blockchain platform aims to revolutionize supply chain management and increase customer trust in the blockchain by covering more items and categories. The China branch of Walmart is able to keep an eye on temperature-controlled goods while they are in transit thanks to the VeChain IoT and blockchain technology. This skill enhances food safety by lowering the possibility of infection and spoiling.

In February 2023, A strategic agreement was formed by blockchain platform Polygon and e-commerce behemoth Flipkart to establish a Blockchain-eCommerce Centre of Excellence (CoE). To hasten the adoption of Web3, the CoE will focus on Web3 research and development as well as metaverse commerce use cases in India.

In January 2023, Using RFID chips and blockchain technology, Lowe's Innovation Labs division has devised a novel way to tackle retail theft that is invisible to customers. Activating power equipment at the point of sale, the new Project Unlock technology uses inexpensive RFID chips along with Internet of Things sensors to create a secure, anonymous, and publicly accessible blockchain record of valid purchases.

Blockchain in Retail Market Report Snapshots

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Blockchain in Retail Market size was valued at USD 5.9 billion in 2022, USD 8.4 billion in 2023 and is projected to grow USD 70 billion by 2031, growing at a CAGR of 42.40% in the forecast period (2024-2031).

Prominent industry participants are making significant investments in R&D to broaden their product offerings, contributing to the overall growth of the Blockchain in Retail market. In addition, market participants are engaging in a range of strategic endeavours aimed at broadening their market reach. Notable events in this regard include the introduction of new products, contractual agreements, mergers and acquisitions, increased investment levels, and cooperation with other entities. In order to grow and thrive in an increasingly cutthroat and dynamic market, the retail blockchain needs to provide affordable products. Over the course of more than a decade, Guardtime (US) has investigated and created blockchain applications and protocols. 'Bitfury (Netherlands) ', 'BTL (Canada) ', 'SAP (Germany) ', 'BigchainDB (Germany) ', 'Oracle (US) ', 'BitPay (US)', 'Guardtime (Estonia) ', 'Cegeka (the Netherlands) ', 'Microsoft (US) ', 'Sofocle (India) ', 'IBM (US) ', 'Auxesis Group (India) ', 'Records Keeper (Spain)', 'Lowe's (US)', 'Flipkart (India)', 'Walmart (US)'

Improved supply chain transparency is one of the main factors propelling the 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.

Blockchain Driving Market Growth: Retailers can benefit from real-time information, traceability, and on-time delivery thanks to blockchain-powered retail solutions. Technology also makes sure that things are reliable, legitimate, safe, and of high quality. It also lets supply chain partners know exactly where their products are located. The market for retail solutions is anticipated to be driven by end users' increasing demand for blockchain in retail, including supply chains and logistics.

The US has made large investments in blockchain technology and retail services to keep its place in the market. As a result, North American blockchain technology will rule the retail sector. The implementation of technology has led to the adoption of cutting-edge technologies like smart contracts and payments. Retail IT adoption and execution were pioneered by IBM Corporation, Oracle Corporation, and Accenture PLC. IDC predicts that in 2021, US technology investment would reach a record high of USD 2.6 million. Europe holds the second-largest market share in the retail blockchain space. More individuals are getting interested in blockchain technology as the area is predicted to grow quickly. The region is expanding due to various causes like government initiatives, the involvement of major companies in the market, and the augmentation of money for research & development.

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Blockchain in Retail Market News

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