This IDC TechBrief presents the implications of adopting the blockchain technology in retail. The document provides a snapshot of the current status of blockchain adoption in retail as well as its benefits, critical success factors, risks, and investments. Retailers' top use cases include ensuring provenance and traceability of offered goods, empowering customers' loyalty program membership, guaranteeing the safety of payment transactions, a more transparent and agile supply chain processes and inventory management, and regulatory compliance.
"The value of blockchain technology in retail is growing rapidly, and we expect a five-year CAGR of 80%," said Andrea Sangalli, research director, IDC Retail Insights. "Retailers need to start immediately to create incubators and innovation projects in order to increase expertise around blockchain, redirecting part of their marketing and supply chain budgets."