Hoarding is the practice of supply chain actors purchasing large quantities of a product and holding them to profit from future price hikes. Apparels, jewellery, and medicines, technology items have all suffered significant losses due to hoarding.
What Is the Effect of Hoarding on a Supply Chain?
‘Hoarding’ goods are frequently criticized for producing commodity and service shortages in a global market. Hoarding has undesirable repercussions such as price controls, fixed exchange rates, and a lack of products. Many people have died as a result of the product and service shortages, as panicked consumers began stockpiling medicines and essentials like sanitizer, toilet paper, and even life-saving medical supplies like an oxygen tank.
A corporation can employ blockchain technology to curb hoarding and establish legislation. When a supply chain is interrupted, prices rise, and consumers face shortages across the board, not just in high-end luxury goods. It affects essential commodities like medications, raw materials, and so on.
Blokchi developed a blockchain-based, NFT-enabled technology that helps regulate supply chain roles’ efficiency. Anti-hoarding by Blokchi aims to address concerns about counterfeiting, hoarding, and product recalls among brands and corporations. It also contributes to promoting a brand’s reputation, client retention, and supply chain visibility, among other things.
Let us look at how Blokchi can help a supply chain.
Blokchi’s anti-hoarding technology ensures that inventory shortages are rare, and the supply chain is transparent and flexible, ensuring that the product’s journey is smooth.
Other Packaging Options from Blokchi
In addition to anti-hoarding, Blokchi’s clever design includes eight other packaging solutions. The following are some of them:
Anti-counterfeiting Packaging Solution:
Blokchi’s Anti-Counterfeit technology makes a supply chain transparent, preventing phony products from entering it. As a result, complete knowledge of a product’s position and information on which individuals are committing illicit acts is available.
Maintaining Brand Integrity:
A brand’s reputation is upheld by a variety of aspects, including
- the product matching the customers’ expectations?
- A customer’s request is fulfilled?
- There an abundance of counterfeit goods on the market?
- Is a member of the supply chain participating in unethical behavior?
- It possible to follow the progress of a product?
A product recall is when a company or a company’s product is recalled. Blokchi assures that if a supply chain member discovers a defective or expired product, the goods’ traceability is rapid and painless.
Consumer Behavior Research:
Blokchi aims to deliver information to businesses about their customers’ shopping patterns. A corporation can anticipate and meet a customer’s demands using this strategy.
This enhances customer retention, strengthens customer relationships, and raises customer satisfaction.
Customer Loyalty Program:
A well-known marketing approach employed by both small and large businesses preserves a customer’s loyalty to one brand for a particular product. Customer engagement can be increased beyond a point of frequent purchase by incentivizing a product with prizes. Refer-a-friend programs, for example, provide customers with discounts on their next purchase if their friends sign up, reward points, free perks (delivery services), VIP tickets, and more. This increases customer lifetime value and encourages repeat business. While doing so, you’ll be able to set yourself apart from your competition.
The process of assigning a unique identifier to each product is known as serialization. An NFT-enabled smart tagging system, such as QR codes or RFID tags, can be employed to attach the identity. After a product has been serialized, the code may be readily scanned to track it down. Brand loyalty and marketing can benefit from giving goods a distinct personality, and reviewing a product allows customers to participate in loyalty programs.
Blokchi uses an end-to-end track and traces packaging solution to identify product location, prevent hoarding, and participate in the illegal distribution of commodities from the beginning of the supply chain to the end.
This enhances customer retention, strengthens customer relationships, and raises customer satisfaction.
The most significant benefit of using a Blokchi inventory management solution for a company is that it simplifies inventory management and saves time and money. Blokchi’s proactive management ensures that a company’s inventory is current, resulting in increased sales. Information on when an item is received, packed, made, and so on is now more transparent. An inventory management solution will deliver a report to the user if a business is overstocked or understocked.
