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Carrefour, the French retail giant, has attributed the recent increase in sales to the adoption of a blockchain-powered system to track food, as reported by Reuters.
Carrefour is just one of the numerous big companies which have been working on blockchain powered-solutions for their supply-chain operations. The increase in sales reported by Carrefour is ascribed to its blockchain implementation, and it is only going to encourage more companies to adopt this robust and powerful technology.
Carrefour’s blockchain tracking system to track the supply chain of 20 items, including meat, milk, and fruit from farms to stores. This allows customers to avoid genetically modified products. This customer trust earned by Carrefour’s food division resulted in a direct increase in sales, which is why the company is planning to add 100 more food and non-food products to the tracking system.
“Positive Impact on the Chicken versus the Non-Blockchain Chicken”
In his interview to Reuters, Carrefour’s blockchain project manager Emmanuel Delerm attributed the increase in sales of a number of products to the positive impact brought by blockchain tracking. Customers were able to see the origins of their product as well as what these products have been through and that puts trust in the eyes of the customer. This trust results in a more encouraged buying behavior as apparent by Carrefour’s increased sales. “The pomelo sold faster than the year before due to blockchain,” Delerm said. “We had a positive impact on the chicken versus the non-blockchain chicken.”
According to the report, the initiative has been most successful in China, followed by Italy and France. “Millennials are buying less but buying better products for their health, for the planet,” Delerm said. He was also of the view that people are interested in the origins of their food as well as how the animals are cared for. The tech creates a halo effect, meaning that if customers feel they can trust one Carrefour item, they will naturally trust other items by Carrefour and that can result in an increase in sales.
However, Delerm noted that there are still challeneges that need to be tackled when it comes to tracking food with blockchain. Especially food that is sold loose in the market and is acquired through a number of farms and other sources. He also said that Carrefour saw resistance from farmers who expressed fear about sharing too much information about their products and how they run their businesses.