Is Blockchain the future of Retail?

Blockchain is turning out to be the biggest technology revolution of the decade. This article digs deeper into the concept of Blockchain and explains why it is a game-changer for the retail industry.

Blockchain and Bitcoin have been the biggest buzzwords in the market lately. There have been massive investments in Bitcoins at a breathtaking pace worldwide. It is today one of the most popular and widely explored financial instruments, with a global market value worth $8,409 as of April, 2018. However, despite the huge worldwide spending on Blockchains and Bitcoins, many of us still have our doubts and questions.

This article tries to simplify the whole concept of Blockchain and brings out its use cases beyond money transfer, especially in the retail industry.

What is this Blockchain? Blockchain is the technology behind Bitcoin. In simple words, Blockchain is a ledger or record of digital transactions; each record known as a “Block”. It is a distributed database that maintains a continuously growing list of data records, known as a “Chain”.

So, who can use Blockchain? Blockchain is an open source network of computers connected to carry out digital transactions using virtual currency like Bitcoins; so practically anybody with an internet connection can use Blockchain.

And how does it work? Let’s assume A wants to send some money to B digitally. He communicates the intention through to a peer-to-peer network using a Public Key. He adds money to a digital wallet (say Bitcoin) and allows the money to be sent using an encrypted (protected) digital signature. Once this information is received by the computers in the connected network, they verify and validate the transaction. Once approved, the money is moved to B.

But why all the hype? Blockchain is a revolutionary technology that is reshaping the world of finance. One of the prime reasons for its popularity is the fact that it is an open source technology that brings transparency to financial transactions. It reduces the possibility of fraud to a great extent. Also, it is a convenient and faster mode of carrying out transactions, compared to regular banking, which has its own limitations.

Is there more to it than money transfer? Absolutely! The Blockchain technology runs the world of cryptocurrency. But, it has several other uses beyond digital currency transfer. Some of the key industries, including banking, insurance, supply chain management, healthcare and retail are using Blockchain extensively for varied purposes.

How is Blockchain impacting Retail?
Blockchain is significantly changing the face of Retail. The retail industry is getting digitized every day with technology seeping into all its critical aspects. Here are 4 ways in which Blockchain is hugely influencing the retail industry.

Since consumers today do not settle for less, Blockchain helps retailers establish authenticity of their products in the market. The Chain system allows retailers to track down the product right from the point it was manufactured. It gives a clear picture of what materials were used, what steps went into producing a product and what measures were taken in the packaging too. Especially in an e-commerce set up, where consumers make a purchase only after a thorough research of a product, Blockchain ensures retailers offer only quality products to their customers.

Whether it is a bulk order or single product, Blockchain is widely being used to track product shipment. Every logistical stage of a product’s journey including the information on who handled it, where and when in real time it is being transported can be visualized. It also results in reduced loss and damage of goods. Consumers too can track the movement of products they ordered online through mobile applications.

As mentioned before in this article, Blockchain enables easy, secure and fast payments. Retailers are using Blockchain to accept Bitcoin or Cryptocurrency payments, allowing them to carry out international transactions effectively. They are also widely using Blockchain to procure goods from overseas and make hassle-free, easy payments to global vendors.

Proof of Ownership
One of the biggest advantages of using Blockchain in retail is the fact that it establishes a proof of ownership, reducing the possibility of theft and misplacing of retail products. By tracking product information from the source of manufacture, till the point it reaches the end user, Blockchain allows retailers to ensure that the product reaches the rightful consumer through a proper channel of delivery, leading to improved customer satisfaction and branding.

The Blockchain market is growing at an alarming rate, and is expected to soar to $20 billion by 2025. It is one of the most disruptive technologies of the decade, and is here to stay for many more decades to come. How long until you embrace Blockchain to drive your business and achieve significant tangible benefits?

Why modernize your subscription business?

Managing subscriptions the old-school way in the modern world? Discover the multiple benefits of a modern subscription management platform.

The subscription economy is a constantly evolving space. Compared to the subscription models in the past, which were restricted to magazines, newspapers, utilities and telecommunication services, the number of subscription offerings has grown exponentially today.

The worldwide subscription market is growing at 200% annually. Technology has brought about a sea change in the way subscriptions are managed and recurring billings are monetized. More and more businesses are digitizing their subscription activities.

Have you been planning to modernize your subscription business as well? Here are 6 ways a modern subscription management platform will help you scale up your business performance.

Ecommerce Engagement
Now subscription businesses are entering the world of e-commerce through web-based subscription sites and mobile applications. Online stores allow businesses to generate more leads, offer products and services, engage customers, and introduce new product lines effectively. This trend of incorporating e-commerce features in subscription models results in a win-win situation for both business owners and customers.

Personalized Offerings
Technology has made subscription businesses highly flexible. Now you can offer weekly, monthly, or annual subscriptions for your products and services based on customer preferences. Also, it is much easier today to cancel, renew or upgrade subscriptions anytime. By automating subscription management, you don’t have to worry about keeping a track of your customer’s preferences or changes in plans. It results in higher customer satisfaction as well as simplicity in operations.

Faster Quote-to-Cash
Traditional subscription models involve lengthy and time-consuming processes to convert order to cash. Modern subscription management solutions automate your Quote-to-Cash process and eliminate the manual steps involved therein. It helps you manage orders and leverage workflows effectively, joining the dots from order to cash faster, eventually enabling faster revenue recognition.

Seamless Subscription Billing
New-age subscription models are designed to manage recurring billings effectively within a single platform. Automated subscription management helps you generate invoices, notify customers, deduct payments and customize subscriptions as required. Also, they allow you to manage a range of product categories and billing cycles effortlessly with end-to-end subscription management features.

Improved Payment Mechanisms
Gone are the days when you lost revenues because of failed payment mechanisms. Modern subscription platforms help you monetize your recurring billings and manage revenues effectively. Today, you can introduce multiple payment options and adopt more efficient payment gateways. You can also notify your customers immediately when a payment has failed and reprocess failed transactions in time.

Enhanced Analytics
Traditional subscription models lack a mechanism of tracking day-to-day operations and analyzing business performance. With the best practices in subscription management, you can generate custom reports, measure performance of individual product lines and improve decision making. With advanced analytics, you can channelize your marketing strategies and improve performance to achieve business goals efficiently.

Digitization is everywhere and the subscription economy is no exception. Your old-school subscription management platforms might not be competent enough to perform well under changing business scenarios. The key to survival in this era of digital transformation is to keep upgrading with time by adopting latest technologies and best practices in subscription management.

7 great ways to sell subscription to millennials

We live in a world where millennials form a major chunk of the consumer centric market. They’re technologically savvy and financially smart.  They prefer access to ownership and crave for convenience. And that’s why they’re totally attracted to subscription models. Today, 92% millennials have active subscriptions.

As much as they love subscribing for stuff, they’re not easy to please. With tons of similar products all around, attracting millennials to subscribe for you is a tough nut to crack. Moreover, with so many overwhelming alternatives, especially with ecommerce sites, it is difficult to ensure loyalty from a millennial for a long time. And, they come with extremely high expectations. They will not settle for anything ordinary. You have to be on your toes to keep them happy with your service.

However, bring value to the table, and they’ll be your most loyal and long term customers. In this article, we’ll discuss the 7 best ways to sell subscription to millennials.

1.     Offer value, not just a product or service

The consumer today is not impressed by what you’re selling, but by how your product or service is going to benefit him. Bring out the value for money in your offerings. Design a customer avatar, your ideal target market and define how he can benefit with your subscription. The more benefits or solutions you can offer, the more irresistible it is to subscribe for you.

2. Build relationships instead of pitching for sale

Building relationships is the best strategy in closing successful, long term sales. It becomes more crucial in a subscription business, because you want your customers to stick around. Millennials are too smart to avoid sales pitches. So if you want them to subscribe and stay loyal to you, do not rush to close the sale. Instead, take time to build a connection and then make your move.

3.     Flexible pricing options

Millennials seek convenience everywhere. They want flexible pricing options, custom payment methods, multiple billing frequencies, and everything that suits their convenience. To satisfy the needs of the millennial generation, offer different price plans and convenient billing cycles. Companies like Netflix and Zipcar follow flexible pricing strategy to keep their customers satisfied.

4.     Smart advertising on social media

The youth today wakes up to social media and feeds on it. Social media platforms like Facebook, Twitter, Instagram are huge influencers. To boost your subscription business, you must have some social media presence. Smart and unique advertising on social media attracts a massive customer base, most of which are millennials.

5.     Easy renewals and updates

Today’s generation is time poor. It’s all about giving them an effortless experience while they sit back and enjoy your service. Make it easier for your customers to renew, update and upgrade to their subscriptions. You can go for a good subscription management software that will take care of all renewals, upgrades and cancellations effectively.

6.     Give away freebies

Give your millennial customers the privilege to use your products and services free of charge for a limited period. Let them try it before they buy it. If they love your product or service, there are thin chances that they would stop using it. Many businesses like Mailchimp and Amazon have significantly profited by adopting a freemium strategy.

7.     Focus on customer service

In a world where customers are flooded with alternatives for almost all services, the last thing you want to do is turn them off with poor customer support. Make sure your customer support team is capable of resolving customer complaints effectively, offer valuable suggestions and engage them in meaningful conversations. At the end of the day, the customer needs to be happy with you.

Millennial customers are intelligent, curious and cautious shoppers. They will only spend their time and money where they get the value they expect. Studies reveal that by 2020, the expected turnover from millennials is going to be over $2.4 trillion. Your subscription business can certainly soar high if you succeed in attracting millennial customers and continue to deliver excellent service in the long run.