The market is becoming all the more competitive, especially with so many products available. As such, businesses, need to consider how to show customers that their product is worth it. One such way, according to a post by IBM, is to
“help consumers make purchases that align with their values and beliefs.”
Blockchain technology may be able to achieve such a result because consumers can expect to review the entire history of products that they purchase, which may help them make informed decisions.
With a transparent supply chain, consumers can also verify that they are purchasing products that align with their beliefs and ethics. Further, retailers may be able to show that the products are sourced and made with methods that comport with their expectations. According to the post, which references a report by Cone Communications,
“87 percent will buy a product because a company advocated for an issue they cared about, while 76 percent will refuse to purchase a company’s products or services if it supported an issue contrary to their belief. This is powerful information with a direct impact on customer’s wallet.”
As brands display openness, they may be able to attract more customers. Merchants will be able to provide legitimacy for their products and to stand behind what they are offering. Consumers, can also feel confident that they are choosing products that they believe in and that their money is being spent wisely. Based on the post, it seems that IBM has a point – the supply chain operations and emerging technologies are positive for both merchants and consumers.