Online B2B marketplace MarketOrders has announced its upcoming blockchain technology, which it says will replace outdated versions, combat industry fraud and increase delivery times for independent jewellers, thereby increasing their profits.
The blockchain technology enables independent jewellery retailers to source products quickly and cost-effectively directly from global manufacturers, said MarketOrders in a statement. This will cut the time it takes to get products delivered from weeks and months to days, the company claimed.
Furthermore, it will digitise all aspects of the supply chain, from the mine to manufacturing and shipping, right to the end consumer. This will mean a digital footprint easily recorded, visible and trackable in real-time.
The news comes after MarketOrders raised over £430,000 on Crowdcube.com with plans to modernise what it called “the antiquated jewellery buying process”, and to elevate it to become more transparent and profitable.
MarketOrders has also today published a research paper exploring the use of blockchain technology, in order to illustrate how its innovation will benefit the industry.
Sukhi Jutla, co-founder and COO of MarketOrders, said: “As recent months have shown, it’s important more than ever to have an online presence and we found that 90% of retailers in the industry currently don’t have that in place.
“Of all industries in the world, the jewellery business is one of the most traditional and the most reliant on direct interaction between master craftsmen and merchants. These outdated processes lack transparency in an age where consumers demand products to be sustainably and ethically sourced. Embracing the power of blockchain will put the control back into the hands of the retailers by proving provenance of the products and making the end-to-end sales and supply processes more transparent, efficient and profitable.
“We’re thrilled to introduce the technology to the industry to help time-poor retailers overcome challenges such as trust and cost implications in the supply chain. We are passionate about supporting independent retail jewellers and believe blockchain technology will revolutionise the sector and further empower smaller retailers.”