Blockchain technology is about to bring to an end the key challenges that have been facing the retail industry for years. These include inefficiency, lack of transparency and insecurity.
Through blockchain, goods can now be verified for originality and the whole buying process tracked on a public ledger. Also, the smart contracts technology makes it possible for consumers to buy goods directly across borders without requiring intermediaries such as banks.
We have been analyzing the key innovations in this industry and have come up with the top nine best. These technologies have either issued an ICO or are planning to do so in 2018.
ModulTrade utilizes the blockchain and smart contracts technology to enable small and medium enterprises across the globe to trade with each other directly. Normally, cross-border trade involves a lot of intermediaries, a reality that makes the process not only slow but also expensive.
Through the smart contract technology, ModulTrade ensures full transparency in all stages of cross-border trading including shipping. This means that businesses do not have to rely on banks and brokers to buy products overseas. The project will also introduce its own Ethereum-based token (ERC-20) to be used as a complementary currency for global trade. The public token sale for this project closed on January 27th.
Bazista's goal is to democratize the global e-commerce industry by providing a platform where businesses and consumers can easily transact using digital currencies. The project aims to achieve this through the interconnection of various blockchain solutions.
Through the Bazista platform, users will be able to buy, sell, and promote goods and services using over five digital asset, getting rewarded in the process. The project's ICO ended on March 2nd.
SureRemit is a blockchain-powered platform with the goal of democratizing the global remittance industry. Sending money overseas through traditional means is not only expensive and inconvenient but, once the sender has pressed the send button, they have no control over how the money is used. SureRemit offers a solution to these challenges by providing a global non-cash remittance platform.
Through the platform, immigrants can access digital shopping vouchers that can be used for goods and services directly from local merchants in their home country. This means that they will be able to save money and time and have control over how their money is spent. The SureRemit ICO started on January 10, 2018, and ended on February 10th, 2018.
ViMarket combines virtual reality and cryptocurrencies to improve the online shopping experience. The project aims to turn the traditional 2D retail browsing experience into three dimensions, in doing so giving the shoppers a better view of the product to help them make an informed buying decision.
The ViMarket token sale closed on January 23rd.
Devery is a decentralized, open source, product verification protocol. The platform helps companies selling products through e-commerce to secure their supply chains. This protects their products from being counterfeited and also ensures that supply agreements are honored.
Online retailers can use the Devery protocol and application to verify the legitimacy of a product before purchase. The public token sale for this project ended on January 28th.
Retainly supports a blockchain-powered loyalty platform known as Collie which provides businesses with a plug and use loyalty system. The platform is customizable, meaning that merchants can create custom events and set up a reward based on their own parameters.
Collie automatically tracks these custom events with respect to each customer, allocating reward points accordingly. The reward points are attached to RETN token coins which can then be exchanged for cash. The RETN ICO is ongoing and will be ending on the 30th of March, 2018.
Galaxy eSolutions provides decentralized solutions to the refurbished consumer electronics sector. The Ethereum-based platform aims to eliminate barriers in cross-border transactions and makes the process safer and more secure.
All transactions in the platform are conducted using the GES tokens which can then be converted into fiat money or other cryptocurrencies. The Galaxy eSolutions ICO started on January 15th, 2018 and ended on February 28th, 2018.
LoyalCoin is another decentralized customer loyalty platform with a goal of replacing the fragmented points reward system with a loyalty reward program that can be used across different brands.
The platform will allow customers to be rewarded with Loyal Coin tokens instead of points which will apply in all stores. Unlike loyalty points, Loyal Coins can be used anywhere and for unrelated brands. The LoyalCoin ICO ended on January 10th.
HoToKen is a platform that helps consumers access the best shopping deals and promotions in their neighborhood and enables businesses to target consumers with irresistible shopping deals. The project is currently operational in Thailand, connecting over 68 million people to over 3 million retail stores.
The HoToKen ICO ended on January 20th.