The fast moving consumer goods (FMCG) industry stands in the list of an increasing number of sectors that appear to utilize emerging and latest technologies.
The FMCG industry includes all the sales products or items that are ready to buy at the shopping or from the market. The word ‘Fast moving’ entails the meaning that the items are ready to leave quickly from the shelves and that tend to be high in volume but affordable in its price of items.
Traditionally, the FMCG industry acts as an intensely competitive business. To many consumer packaged goods (CPG) companies, it is not an easy sail to implement the following issues in order to survive in digital innovation world. It adds woes in the growth of current data streams including sales, finance, promotional, supply chain and social media etc. So, to overcome these issues, CPG companies are in necessity to manage, streamline and sort all this information and makes the data more instinctive and insightful in real time.
All these FMCG business challenges can overcome by utilizing blockchain technology and its opportunities.
At its core, blockchain technology is generally exciting for its ability to empower higher trust, transparency and collaboration across various business requirements in almost all the verticals. It would help otherwise with struggle in order to achieve as much as before. Moreover, the utilization of “smart contracts” in blockchain offers an impossible (i.e, never-before-happened) means of automating and examining transactions. In retailing, these benefits can be earned from vendors to employees and then to customers.
With the help of “Smart contracts” saved on the blockchain record dealing parties, transfer of ownership, terms and delivery of goods or services without legal intervention.
By use of a distributed ledger, consumer packaged goods companies within a network acquire transparency into consignment tracking, order deliveries and advancement among other suppliers where no built-in trust exists.
While securing payment to the submitter, decentralized energy transfer and distribution made possible through micro-transactions of data that has sent to blockchain which is validated and re-dispersed for further process.
Using blockchain, it guides to store food supply chain data that provides improved traceability and tracking of product origin, batching, processing, validity, storage values, and shipping.
It secures peer-to-peer marketplaces that can track P2P retail transactions including product information, shipment details and charges of lading input on the blockchain and its payments via crypto currency.
To know it as a fact, the success of an FMCG company strongly relies upon two pivotal aspects. One is speed and other one is accuracy.
It is to run the exact sales promotions or selecting the best marketing campaign or grabbing the most affordable supply chain, the overall success depends on
There are still more such realistic benefits of consumer goods industries in which you can acquire by utilizing the blockchain. Before getting into the blockchain integration for FMCG industry, here is to know the realistic benefits of blockchain roles in consumer goods and its retails.
Blockchain provides a stable and permanent record of each transaction which takes place in retailing process. Additionally, it enables to inter-connect each party in the value chain. It includes either as suppliers, manufacturing sites, distribution places or even the retail partners. All their records are stored and accessed only by those who connects to the network. There is no confusion and disruption happen due to this during the goods sales and transactions. This leads to enhanced inventory management.
In blockchain, it is built with secure blocks. These blocks meant all the copies of the documents that are stored and controlled by everyone in the network and also linked to the previous blocks. This completely exclude the chances of the stored data being hacked. Since even a well-trained hacker found it difficult to change all the hundreds of copies simultaneously that is impossible to perform. So, this increases all the sorted information with high security.
The blockchain that works within the retailing consumers goods sales are able to provide the entire data relating to the status of your goods and its sales in market. That is, in what way the goods are manufactured and how they get managed and many more. All these database with the goods awareness and its expectation in the market are stored in the blockchain based system. In addition, as the data is stable and permanent, it can shared easily within your network and gives them an inclusive tracing and tracking abilities.
Crypto currencies have the ability to find solution to some real problems in the consumer financial world. The transaction costs of that system is very high in which immigrants sending money from anywhere to home. This seems that high transaction costs restrain the market. That is in the sense, basic economics in which a high level of cost for a goods or service exhaust the demand for the good or service.
Blockchain makes it possible for every legal touch in a supply chain from a supplier to a manufacturer in order to include a verifiable record to a goods pedigree. Using blockchain, it make possible to record every details of information during the lifespan of a product after it moves through the supply chain. This also generate you with assured confidence and adapted to resale markets.
As we have well-experienced professionals in building blockchain applications throughout all the industry verticals, our service extends in providing a blockchain app that fulfills all your FMCG industry requirements. With our guidance and solutions, your fast moving consumer goods and its process of sales towards your consumers can be easily tracked and can acquire feedback from your targeted consumers. We make all your business requirements real with highly confidential by providing the relevant business solution in an exact timely approach.
Our specialization compared to other offerings includes:
Blockchain Technologies and Platform which we utilize includes:
Beating your competitors is not an easy task in business persons point of view at this competitive world while consider building the mobile apps. Especially in FMCG industry, overcoming the maintenance issues in business goods or products database and its status in delivery to the consumers are made easily through our dedicated blockchain app developers support. Grab our unique strategies in developing your desired business solution by knowing in detail about the blockchain application from our talented blockchain consultants.
Hire us and solve all your consumer goods industry issues with perfect database sorting about the product leftover and its status of tracking with our innovative blockchain application in a very much satisfied way.