Being the core economic activity for El Corte Ingles, we have identified retail as being the sector which could generate the greatest revenue growth through the integration of Blockchain technology. Our decision was additionally supported by the interview with Cesar Colado, Solutions and Technology Architecture Director at El Corte Inglés.
As previously mentioned, in the personal interview, he revealed that the company is already investing in Blockchain technology to create a more efficient supply chain for its retail business. Although he claims Blockchain today finds its most significant impact in cutting intermediaries, and information management involved in internal processes such as the elimination of EDI (Electronic Data Interchanging)2, he also acknowledges that once customers start understanding more about the technology they will require companies to provide them with access and capture some benefits.
The hypothetical scenario we have developed, envisions El Corte Inglés developing a decentralized network based on Blockchain technology…show more content… Our third assumption is founded on extensive secondary research. More specifically, a study by Label Insight, a SaaS company providing insight about food transparency to governments and retailers, has studied the preferences of 2000 consumers over information transparency. The research has revealed that 73% of customers would be willing to pay more for a product with transparent information. 94% said they would be loyal to a brand that guarantees full transparency on its products and 54% of consumers claimed transparency would increase their trust towards the retailer. Therefore, we are confident in assuming that consumers are affected and do recognize value in product transparency and that it represents a great revenue opportunity for El Corte