The retail Industry is one of the Largest Industries in the world. The Indian retail market is estimated to be US$ 600 Billion and it is one of the top five retail markets in the world by economic value. India is one of the fastest growing retail markets in the world, with 1.35 Billion people population. As consumers we all have common needs and wants; we want to shop conveniently, find out what we want fast and then get back to our lives without wasting much time or money on transportation. With the latest technologies such as AI, ML and Blockchain, the retail industry will be transformed for ever. Let us take a look at how 4th Industrial revolution can change the shopping experience and Why they are important to the future of this Industry.
Retail Industry is going through a Paradigm shift
With the increasing competition from multiple online sellers, Brick-and-Mortars stores need to Leverage technology to deliver an immersive experience that keeps shoppers engaged even after they have left their premises. To survive in such an environment and grow newer heights, Brick and Mortar retailers have begun experimenting with a gamut of technologies ranging from Artificial Intelligence (AI) to Internet of of Things (IoT). However, Blockchain technology is just another piece in a larger puzzle but rather looking like a game changer that can turn things around for physical store operators. AI is already being used to to predict customer behaviour by analysing past buying patterns and using algorithms determine what might appeal to each individual consumer. It is also being used by some major brands today to improve how they interact with consumers on websites and mobile devices and analyse information gathered from social media channels. There are plenty of applications for artificial intelligence in retail-here are just few examples:
The Blockchain Technology
Let us first understand what Blockchain Technology is. By definition Blockchain is a decentralised network of computers(known as nodes) that communicate with each other through secure distributed ledger platform. Information shared on Blockchain network cannot be altered or compromised. Each node keeps an updated copy of every transaction ever made on particular blockchain, which helps prevent fraud and identify theft by keeping every record immutable. The only way to tamper with information on a blockchain is if you have more than 50% of its computing power. This makes hacking into blockchains virtually impossible because one needs to hack 50% of it’s computing power. This makes hacking into blockchains almost impossible.