Cryptocurrency is one of the topics that is most discussed among retailers in 2022. However, if we as a society do not take part in the discussion and help the industry with the regulation, there is a risk that the law will be written by the investors, and you will not be able to make the most out of it.
People often use Cryptocurrency as a buzzword and don’t try to invest time to solve the mystery behind it. While all the industries are looking at Cryptocurrency as a currency as an investment, there is the retail industry that is more interested in the technology - Blockchain - working behind it.
Today, we will know how Cryptocurrency and Blockchain affect the retail industry and what role they will play in driving the industry.
What Should Retailers Need To Know About Cryptocurrencies
As of October 2021, there were more than 7000 Cryptocurrency in circulation. They are used in different ways all around the world. Some use it as currency, while others are more interested in its store value properties.
No matter the case, Cryptocurrencies have been able to attract the attention of audiences of all age groups. If you want to take part at this moment and want to hold the first mover advantage, take your first step by investing in Cryptocurrency via the crypto genius platform.
The reason why Cryptocurrency came into existence was simple. It was designed to operate outside any central authority. Unfortunately, that means that while people will have full control of cryptocurrencies, there will be no protection from their regulation.
Although Cryptocurrency is a dungeon for treasure, it negatively impacts the environment. It consumes a lot of electrical power to keep the Crypto Mining Rig working.
Despite Cryptocurrency being launched as a digital currency working outside the norm of central authority, today, it is mostly known for its investment opportunities.
Role Of Cryptocurrency In The Retail Sector
If you see the market as a whole, you will find that the retail industry has been affected the most by Cryptocurrencies and Blockchain. In fact, in the last five years, the progress has been tremendous.
As things stand now, we can see what role Cryptocurrency can play in the Retail industry.
1. Faster Payment Acceptance
Retailers that want to grow in 2022 need to start seeing Cryptocurrencies not only as assets but as a currency. The efforts don't end there. Once they know Cryptocurrency is an actual currency that can be used to receive payment, they need to come up with the technology. With the right technology, the retail industry can enjoy faster payment acceptance.
2. Provenance Tracking
The timeline of the product right from its inception can easily be traced using Blockchain technology. Blockchain can help the retail industry trace the products at every stage using embedded sensors and RFID tags. This real-time tracing helps the industry keep track of the anomalies that are happening in the network.
3. Increased Supply Chain Transparency
As we all know, supply chain management is related to the transfer of goods. The whole process involves the cycle that starts from outsourcing the raw materials to the delivered finished product. In the supply chain, Blockchain can help leverage to solve issues like packaging tracking and recordkeeping.
4. Increasing Logistic Efficiencies
Block follows the public ledger principle. Hence, once any information is updated, it cannot be changed. This technology can help track every phase of your shipment. Every stage of your product delivery lifecycle can be tracked in real-time. With real-time tracking, logistic efficiencies can be improved exponentially. Blockchain has the much-needed potential that can streamline transport and shipping.
Should Retailers Accept Cryptocurrencies?
Although Cryptocurrency holds the potential to become the next GOLD or replace the traditional fiat currency, retailers need to be aware of their regulation. Because of the lack of consumer pull, retailers might find it hard to go full scale with Cryptocurrencies.
So should a retailer accept Cryptocurrencies? The answer will depend on the consumers' willingness and desire to accept Cryptocurrencies. In addition, retailers also need to prepare themselves for the tax implications that come with it.
