Guest Column | By Deborah Weinswig, Fung Global Retail & Technology
While challenges are significant and may take time to resolve, retail stands to be greatly improved by the application of blockchain technology. Particular security concerns such as the risks associated with operating centralized databases, the risk of third parties counterfeiting branded goods, and supply-chain opacity all have an answer in blockchain technology. Looking further into supply chain, it can also help to resolve incompatible databases across different supply-chain nodes.
Supply chains have been getting more complicated over the past few years. Because of these complexities, we cannot just think that knowing where the shipment is equates to good visibility. We must understand all aspects of the life cycle, from product design to delivery to the end consumer.
Delivering exceptional customer care in a world where most consumers expect to be able to pick up where they left off when they contact customer service isn't easy. Consumers want a seamless experience when they need support, and they are quick to both reward and punish retailers based on their performance.
Today, a growing number of customers, shareholders, and employees want to buy from, invest in, and work for companies that instill social and environmental responsibility into every aspect of their products and services, as well as generate a measurable positive impact. In this light, business decisions that are singularly focused on financial gains leave substantial social and environmental value on the table. They also introduce the multi-faceted risks of inaction.