Blockchain could save the food industry billions, according to new research
Blockchain could save the food industry $31 billion by the year 2024 according to new data from Juniper Research. The report, which was released earlier this week, suggests that a combination of blockchain and Internet of Things (IoT) trackers and sensors could reduce costs for retailers by streamlining supply chains and making the food recall process more efficient. The company said in a statement that blockchain and IoT could add “significant value” to those involved in the supply chain.
While many consumers in the food industry know where their food is produced, trust still remains an issue, especially after the European horse meat scandal in 2014. “Transparency and efficiency in the food supply chain are limited by opaque data” according to the research author, Morgane Kimmich, who continued to suggest that “blockchain and the IoT provide an immutable, shared platform” which allows the supply chain to track and trace resources and reduce fraud.
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Ikea invests €200 million to become more sustainable
As part of a bid to become carbon neutral by 2030 , the Inter Ikea Group , Ikea’s parent company, , is investing an additional €200 million.
The money will be invested in green energy and forest planting and is set to be released in two stages. While the first phase will see €100 million invested into renewable energy projects including heating, cooling and electricity generation, the second phase will be used for reforestation and sustainable forest management to remove and store carbon.
This isn’t the first round of funding that has been announced by Ikea to become more sustainable. Since 2009, the company has invested close to €2.5 billion into renewable energy including wind turbines and solar panels. Alongside this, they have recently announced plans to invest at least a further €3 billion into sustainability projects.
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FedEx to deliver over 33 million packages on Cyber Monday
As Deloitte’s holiday retail predictions suggest that e-commerce sales are expected to grow between 14% and 18% this year compared to 2018, FedEx predicts that it will deliver over 33 million packages this Cyber Monday (December 2nd), according to a company press release. The company also expects to double its daily average package delivery volumes for the next two consecutive Mondays (December 9th and 16th respectively). However, much like their close competitor UPS, FedEx believes that there will also be an increase in returns.
FedEx estimates that “62% of shoppers are more likely to shop online if they can return their purchase in-store”. For this reason, the company has been increasing its network to include 8,000 Dollar General stores as well as adding 7,300 Walgreens stores to its FedEx Returns service. Alongside this, in order to be prepared for peak season demand, FedEx has hired an additional 55,000 workers as well as extending its delivery service to seven days a week.
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Have a lovely weekend!