Shopping is becoming an experience. For some people, it can even serve as a declaration to promote a greater social movement. This trend is also on the rise as consumers pay more and more attention to the source of their products and are aware of their ecological footprint.
For example, coffee purchased from stores uses organic, ethical coffee beans, directly linking the company to supporting sustainable coffee farms. At the same time, many new clothing brands are seeking to build loyalty among environmentally conscious customers in an industry with a poor reputation for ethical manufacturing.
According to a Unilever survey, one third of consumers consider sustainability when choosing products, and another 21% of consumers aim to take the same sustainable route. This trend reflects the transformation of consumers, especially millennials, who prefer brands that advocate ethics and sustainability in mission statements and business values.
An organization’s brand is more focused than ever on goals, sustainability and its impact on consumers and the wider community. Although this is a reality, many companies find that the lack of reliable verification may be a factor leading to inventory backlog. Proving that sustainability is at the core of commodity manufacturing and transportation may be an important selling point.
In this regard, blockchain experts are increasingly keen to develop solutions that allow retailers to integrate blockchains into the supply chain to manage consumers’ expectations for transparency and traceability.
Connecting enterprises and customers through blockchain
YONATHAN lapchik, CEO of suku, explained that technology savvy consumers have high expectations of enterprises and require them to provide transparent and clear product origin labels. In this information age, opaque views are not enough to meet the needs of consumers.
Lapchik said, “traditionally, the key to customer loyalty is to maintain a high degree of trust between brands and consumers. Blockchain technology has overturned this paradigm, from a world of” trust “to a world of” proof “. Using blockchain technology, retailers can provide product attribute verification because verification is achieved through a larger network of participants. “
This form of transparency not only satisfies consumers’ habits, but also provides retailers with new ways to grow and maintain customer loyalty.
For example, retailers can review product information step by step, guide consumers to understand brand value and provide sustainable proof; Overall, retailers are starting a dialogue on transparency and sustainability and building a positive image even before the shopping trip begins.
This is evident in cencosud, a leading retailer in Latin America, which has adopted blockchain in the emerging “trust economy”. This household name enables consumers and suppliers to scan and check the source of meat products. This service has been implemented in 20 different stores.
On the one hand, consumers can obtain product information through blockchain; On the other hand, food companies can simplify the supply chain process and reduce the overall cost of tracking goods and logistics.
Responsible editor: CT