Retail and Telcos, an unlikely partnership forged on the blockchain
‘’For Nucleus Vision, partnerships with telecom merchants were quintessential. With revolutionary ideas and a great team to support, I set out to forge this very unlikely partnership that created new avenues of opportunities for both parties’’ — Abhishek Pitti -CEO- Nucleus Vision.
Telcos for long, have focused their attention to cater to the ever-increasing needs of its users with increasing use of smartphones, tablets, and smart TVs by offering Data, Direct To Home, and other value-added services. While the consumer market shows a steady annual growth of 0.6%, a B2B business model promises up to 2.6% increase in revenue annually. It is now time for Telcos to shift to a B2B model to partner with SaaP (Service as a Product) based companies to increase customer acquisition and venture into new markets for generating a diverse inflow of revenue.
The foray of telecom into enterprise applications opens them to a plethora of revenue streams. It is estimated that by 2025 more than 15% of the total consumer revenue for telecom merchants will be from retail.
The challenge, however, for telcos, was in finding the right partner to maximise disruption.
Blockchain as a trustless layer:
With Blockchain being a trustless, secure platform, Telcos will now be able to efficiently execute smart contracts to deliver faster results on intercarrier operations, conduct transactions with 3P vendors, and reduce expenditure on roaming without human intervention. Introducing blockchain as an alternative to existing systems could reduce annual expenditure for global Telecom providers by over $650 million.
Customer Identification, fraud prevention, and mobile payments could be potential new revenue generation streams for Telcos by incorporating blockchain at its core.
Telcos and Retail
The offline retail market in its brick and mortar stores still deploy conventional methods of customer identification through over the counter interactions, while online retail leverage embedded advanced systems like Machine Learning, Deep Learning, and Artificial Intelligence in place to offer its users a personalized experience through recommendations, price cuts, notifications, alerts, programmatic buying, and subscriptions among other tactics.
With over 90% in the total retail revenue, offline retail stores lacked the technology that would allow their users to experience a personalized experience, for, identifying users with conventional sources was not effective.
Helping offline retail offer a personalized experience was the mission and Nucleus Vision, an IoT-based contactless identification system, partnered with multiple Telecom partners to realize this.
Nucleus Vision with its partnerships with Telecom merchants offers offline Brick and Mortar stores seamless customer identification for a personalized retail experience. In this model, the proprietary ION sensor deployed at a retail store reads and transmits the unique mobile signature (provided by the telecom partners) of the consumer and their existing consumer data over a secure blockchain network to the retailer to offer a custom experience.
At the core, the telecom partner acts as a customer consent gateway to acquire customer authorization. Upon consumer’s consent, the proprietary technology rolls out custom user data to the retailer.
In scenarios where users have pre-authorized a certain retailer, the ION Sensor in accordance with the telecom provider functions seamlessly to offer real-time consumer identification and to deliver a tailor-made experience.
Nucleus Vision so far with its integrations has enabled Brick and Mortar stores in the Nucleus Vision Ecosystem to increase conversion rate in their overall footfall by identifying and seamlessly offering a tailor-made experience that is based on the shopping trends, basket size, buying behaviour, heat map in the store, preferred items, and future needs of the user.
With this partnership, telcos have forayed into the offline retail space while monetizing on every transaction facilitated by them.
With Nucleus Vision’s aim to disrupt retail, physical security, and advent into smart cities, the penetration gained by its telecom partners in acquiring sustainable B2B revenue streams increases exponentially, thereby forging an unlikely partnership on the blockchain.
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