Skip to main content

Blockchain is set to disrupt retail marketing


"blockchain’s ability to protect data blocks and move them anonymously would help with personalization while giving the user control over how much is shared." 

Blockchain, the underlying ledger technology behind bitcoin, landed on numerous prediction lists as one of retail’s transformative technologies for 2018. While many focused on blockchain’s potential use in the supply chain, a newer focus is on marketing.

A method of recording, safely storing and tracking complex digital transactions, blockchain’s major advantage is that, once a record is made, it cannot be altered.
Microchips utilizing blockchain can help manage product safety, authenticity and ethical standards across an item’s history.



“Blockchain can help retailers garner greater trust and brand loyalty throughout the product lifecycle, as it can tell consumers not just where an item was made, but also who it was made by, the conditions they worked in and how much they were paid,” wrote Kati Chitrakorn for Business of Fashion. It can also detect interruptions or bottlenecks so that retailers can re-route shipments or advise customers of delays.

A new IBM survey of 203 organizations in the consumer industry found only 18 percent currently using blockchain, but almost 70 percent expect to have a blockchain production network within three years. The top areas blockchain is expected to benefit: product safety and authenticity, supply chain optimization, finance/operational processes, regulatory compliance, promotional strategy management, customer engagement and co-creation.

On the marketing side, blockchain has been touted for its potential to improve the selling and buying of ads across exchanges as well as to reduce the complexity of loyalty programs. But the technology also holds promise for transforming collaboration between customers and partner.

“Wherever there is a need for verified data sources, blockchain can take center stage,” wrote Vanessa DiMauro for Customer Think. “From pharmaceutical companies being able to learn from patient experiences in aggregated and protected ways; to doctors sharing select pieces of research data with other researchers; to the ability to pay for user generated content and influencer marketing activities with a single safe click, blockchain has it all.”


In its “2018 Industry Predictions,” Advertising Age wrote that, while 2018 likely won’t see mass adoption of blockchain, “its ability to provide three solutions to problems as old as digital advertising itself — transparency, authentication and auditing — means this year, marketers (those who have yet to) will sit up and take notice.” 

Source: by Tom Ryan  RetailWire

Stewart Irvine , #stewartirvine, #techtalk983, #SmartTechMag, @stewarteirvine , #blockchain

Comments

Popular posts from this blog

Influencer Marketing: Sure, It’s Effective, But At What Price?

“So I got the opportunity to check out the demo of this game ...” said Felix Kjellberg, a.k.a. YouTube star PewDiePie, in a 2014 video.
But it turned out that Kjellberg, who has about 48 million YouTube subscribers, was being a bit disingenuous. Actually, Warner Bros. was paying him and others tens of thousands of dollars to talk up “Shadow of Mordor,” a then-new video game.
Two years later, the Federal Trade Commission cracked down on Warner Bros., and Kjellberg offered his defense. His YouTube page had disclosed that the video was “sponsored by Warner Bros.” Kjellberg pointed out that he wasn’t required to disclose the payment but opted to do it anyway. “Yes, I could have disclosed it better,” he said. “I could have put it above the fold ...”
As scandals go, this was a small affair. Yet as more and more brands opt for influencer marketing and the Federal Trade Commission has begun monitoring the practice, such gaffes have become more common.
That’s, perhaps, a reflection of influencer m…

The New Era of Innovation & Disruption

The pace of digital innovation and technology disruption is set on warp speed. We live in an era where technology is evolving faster than businesses can adapt. A disruptive technology is defined as, one that displaces an established technology and shakes up the 
industry or a ground-breaking product that creates a completely new industry.


"The pace of technology disruption and change right now is the absolute  slowest it will be for the rest of your life" 
We are living in an extraordinary time. During the Digital Era of the past 30 years, every industry has become social, mobile, and global. Every industry is becoming smart and connected, and companies that do not adapt are rapidly falling behind.
We have yet to realize just how rapid and profound the current digital revolution is. The scale and impact of the implications for consumers and businesses is both exhilarating and daunting. Disruptive technologies and new business models are creating change and transforming the econom…

FutureTech - Breakthroughs & Trends In Technology

We have never lived in a time of faster technological innovation and disruption. Whether you’re in your car, at home, in the office or shopping, you will be interacting with smart technology. 
For many of us, we are already living an augmented life thanks to technology developments in artificial intelligence (AI), machine learning and the Internet of Things (IoT).
In 2018 we can expect to see a myriad of new applications and technologies that will continue to revolutionize the human experience changing the way we live, work and interact.
Check out my new magazine FutureTech - Breakthroughs & Trends In Technology, daily reports on the trends and new technologies that transform the way we work, play, and live. https://www.facebook.com/futuretechmag/ 
Follow me https://twitter.com/stewarteirvine 

@futuretechmag #futuretechmag Stewartirvine