Blockchain In Retail Global Market Report 2024

Blockchain is an immutable shared ledger that records online transactions, tracks assets, and builds trust in a business network.

The main components of blockchain in retail includes platform/solutions and services. The blockchain platform or software solutions in retail designed for inventory management, person to merchant transactions, preventing cyber-attacks, product provenance, preventing counterfeit goods and fraud, and others. The providers of blockchain in retail includes application providers, middleware providers, and infrastructure providers. These solutions are used in large enterprises and small and medium enterprises for compliance management, identity management, loyalty & rewards management, payments, smart contracts, supply chain management, and others.

The blockchain in the retail market research report is one of a series of new reports that provides blockchain in the retail market statistics, including blockchain in the retail industry global market size, regional shares, competitors with a blockchain in the retail market share, detailed blockchain in the retail market segments, market trends and opportunities, and any further data you may need to thrive in the blockchain in the retail industry. This blockchain in the retail market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The blockchain in retail market size has grown exponentially in recent years. It will grow from $1.58 billion in 2023 to $2.96 billion in 2024 at a compound annual growth rate (CAGR) of 87.4%. The growth in the historic period can be attributed to supply chain transparency, streamlined payments and transactions, smart contracts adoption, efficient inventory management, cross-border transactions.

The blockchain in retail market size is expected to see exponential growth in the next few years. It will grow to $34.44 billion in 2028 at a compound annual growth rate (CAGR) of 84.7%. The growth in the forecast period can be attributed to enhanced product traceability, cross-industry collaboration, decentralized identity verification, tokenization of assets, regulatory compliance. Major trends in the forecast period include blockchain-based digital marketplaces, integration with artificial intelligence, enhanced data security measures, blockchain-based voting systems, cross-industry collaborations.

The increase in demand for transparency in the retail supply chain is driving the blockchain in the retail market. Transparency in the retail supply chain demands complete disclosure of information at every link, which includes sourcing of raw material, water usage in textile dying, customer care instructions, the environmental impact of goods distribution and others. The companies operating in the retail sector are investing in blockchain technologies to increase transparency to enhance customer experience, employee satisfaction, revenue boost, and others. For instance, according to the survey conducted by Serai in collaboration with KMPG in 2021, more than two-thirds of respondents from the apparel industry reported supply chain transparency is an extremely important issue in the current scenario. Thus, an increase in transparency in the retail supply chain is expected to boost blockchain in the retail market during the forecast period.

The growing retail businesses is expected to drive the growth of blockchain in the retail market. A retail business, often referred to simply as retail, is a type of business that sells products or services directly to consumers for their personal use or consumption. The retail businesses use blockchain for efficient supply chain management, product authentication, inventory management, and enhanced payment transactions. For instance, in March 2023, according to National Retail Federation, a US-baded retail trade association, forecasts that retail sales during 2023 will grow between 4% and 6% over 2022 to between $5.13 trillion and $5.23 trillion. Thus, growing retail businesses is expected to drive the growth of blockchain in the retail market.

Technological developments are a key trend gaining popularity in blockchain in the retail market. The companies operating in blockchain in the retail market are focusing on developing innovative technological solutions to meet the technical requirements and demands of end-users across the globe. For instance, in November 2022, Clarins, a France-based plant-based beauty products manufacturer, launched a blockchain-based platform for product traceability, The platform makes use of blockchain technology to guarantee total transparency, enabling the business to store and send data in a secure manner and also create a database that documents safe transactions between various suppliers and producers, using a system that verifies users' identities without allowing for any editing.

Major companies operating in the blockchain in the retail industry are adopting strategic partnerships approach to provide essential blockchain in the retail services to individuals, businesses, and governments. Strategic partnerships refers to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, October 2022 United Natural Foods, Inc. (UNFI), a US-based food company partnered with CoupDog, a Canada-based blockchain technology provider. This is to offer UNFI retailers access to an easy-to-use and reliable digital coupon that can be integrated into mobile wallets such as Google Wallet and Apple Pay or even printed on paper. The partnership will help UNFI's more than 30,000 customer locations drive increased participation in manufacturer-funded coupon redemption, improve cash flow, increase shopper loyalty, and drive retailer profits.

In April 2022, Flipkart, a Bengaluru-based e-commerce company, acquired ANS Commerce for an undisclosed amount. The acquisition would strengthen the online retail ecosystem of flipkart. ANS Commerce is an India-based e-commerce services provider.

Major companies operating in the in the blockchain in retail market report are International Business Machines Corporation, SAP SE, Oracle Corporation, Bitfury Group Limited, Auxesis Services & Technologies (P) Ltd., Walmart Inc., Target Corporation, Alibaba Group Holding Limited, Overstock. com Inc., Blockverify Limited, Amazon Web Services Inc., Chronicled Inc., Coinfirm Limited, The De Beers Group, Everledger Limited, Filament, Inc., Fluent Inc., Loyyal Corporation, modum. io AG, Provenance Limited, Ripe Technology Inc., Skuchain Inc., Sweetbridge Inc., Taeltech Pte. Ltd., TE-FOOD International GmbH, VeChain Foundation San Marino S. r. l., Ambrosus Technologies GmbH, ARCNET Corp., Block Array LLC, Chainvine Limited, OriginTrail d. o. o.

North America was the largest region in the blockchain in retail market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the blockchain in retail market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the blockchain in retail market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The blockchain in the retail market includes revenues earned by entities by managing inventory, tracking supply chain, marketing, and analyzing data. Blockchain technology helps the retail industry by making the supply chain and inventory more secure and processes more transparent. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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