The ECommerce industry has been booming for the past decade. It has changed the way of shopping. Additionally, due to the Covie-19 pandemic, most businesses closed their brick-and-mortar shops and turned towards the eCommerce industry.
Since the rise of the eCommerce industry, developers are implementing all the latest technology into their ventures. And Blockchain is one of them. Blockchain has unmatched potential with new opportunities in eCommerce. Blockchain offers the elimination of the middlemen to streamline the operations and reduce complexity to help eCommerce businesses to resolve their long-term challenges. According to Statista, the global revenue of the Blockchain market is expected to reach up to $39 billion by 2025.
Let’s understand what Blockchain is and how it helps to enhance the eCommerce business.
Blockchain is built around a P2P system to ensure guaranteed security of data transmission and money transfer. It combines transactions in the form of a block and connects every block in the form of a chain to properly store and manage the customer, inventory, and transaction data. Furthermore, every block is saved on a different computer to ensure its security, scalability, and reliability.
Even with the popularity of eCommerce, things are not easy with the sellers. They face numerous challenges to run their online store seamlessly. Blockchain removes that hurdle by securing its technological backbone and resolve any challenges it may face.
Implementing Blockchain system in eCommerce store has numerous benefits, such as,
Enriched Operational Productivity
Blockchain has a decentralized model and integrates with the various management systems that can streamline operations and increase efficiency. It provides the users with complete information of the origin, components, and process of their purchases. In addition, Blockchain simplifies the database to give the eCommerce store complete ownership of their digital data, including the digital storefronts, product photos, videos, and reviews.
Transparent Payment Gateways
One of the best advantages of Blockchain eCommerce is the transparent payment gateways. Every transaction that occurred within the Blockchain system is recorded and cannot be modified by anyone, thus, ensuring the buyers’ trust.
Blockchain offers high security, radical visibility, and faster processing speed through the decentralized system. Additionally, with Blockchain, the cost of transactions for international eCommerce stores will decrease.
Blockchain offers bitcoin that sellers can rely on to avail of cost-effective digital payment solutions. Crypto transactions don’t require any processing fees, therefore, the currency can be accepted by sellers with zero processing fees, making it the most cost-effective payment method.
Additionally, with the decentralized marketplace, the inherent costs decrease. This offers the best rates for sellers, resulting in lower prices for customers. Overall, Blockchain technology is cost-effective for both sellers and buyers.
One of the biggest concerns for eCommerce businesses is data security. With the increased popularity, the risk of data theft has been increased rapidly. Even well-encrypted stores can fall prey to data theft. However, with Blockchain’s decentralized system, hackers can’t gain a single point of entry.
It enables sellers to prevent data theft and the risk of losing sensitive customer information and database and ensures that the business fulfils the data security regulations.
Blockchain in Ecommerce has numerous benefits for both sellers and customers, making it the best duo for 2021. Integrating a Blockchain system in eCommerce will not only make your work easier but also help your business grow exponentially.
Want your business to be blockchain-enabled? USA Commerce has eCommerce as well as blockchain experts to enable your online store to reap the numerous benefits of this new-age technology. Contact us with your requirement and consult our experts to kickstart your project.