September 21, 2023
By Anjali Kochhar
In a groundbreaking revelation, the global Blockchain in Retail market has witnessed an extraordinary surge, as detailed in the recently released report for 2023. Covering a comprehensive 101 pages, the report offers a profound insight into the current state, size, volume, and market share of the blockchain in retail industry. Understanding the dynamics of this market has become indispensable for businesses and marketers in today’s world.
The report delves into extensive research and analysis, going beyond mere data and statistics to serve as a strategic navigation tool. It explores key trends, market segmentations (including Public, Private, and Hybrid), and applications such as Compliance Management, Identity Management, Loyalty and Rewards Management, Payments, Smart Contracts, and Supply Chain Management.
The global market size for Blockchain in Retail soared to a staggering USD 993.67 million in 2022, with a projected Compound Annual Growth Rate (CAGR) of 83.72% anticipated to propel it to USD 38.22 billion by 2028. This exponential growth underscores the transformative potential of blockchain technology within the retail sector.
Leading experts in the field have weighed in on this revolutionary development. Edul Patel, CEO & Co-Founder of Mudrex, a global cryptocurrency investing platform, emphasised how adopting blockchain technology signals a paradigm shift in supply chain management, customer interactions, and operational efficiency for retailers. By integrating blockchain solutions, retailers are poised to address longstanding challenges and flourish in an increasingly competitive digital marketplace.
Furthermore, Mr. Kumar Gaurav, Founder & CEO of Cashaa, highlighted the potential for blockchain to democratise banking and finance, particularly for underserved populations worldwide. Public blockchains offer decentralisation and trust, while private blockchains hold the promise of streamlining supply chain operations and reducing distribution costs.
As the retail and blockchain industries converge, the future of global commerce is being reshaped in an unprecedented manner. The impact of blockchain on retail operations, customer experiences, and the overall market landscape is expected to grow even more substantially in the years to come, creating an exciting trajectory for both sectors.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.