The eCommerce industry is taking note of blockchain technology's growing significance in the global economy.
Major companies like Overstock, Expedia, as well as Microsoft are among the almost 22,000 locations worldwide that accept cryptocurrency payments. Even more, people will begin using blockchain technology for online purchases in the coming years.
Blockchain technology isn't just interesting because of cryptocurrency; it also has applications beyond that. Increased data security, as well as a better user experience, are just two of the many ways in which blockchain can benefit online retailers.
In-depth exploration of complex subjects, such as blockchain technology and blockchain-based online markets, can quickly lead to mental paralysis. We've broken down the basics of blockchain and the reasons why stores should pay attention to this new technology.
Blockchain's ability to speed up and reduce the risk of transactions has enormous implications for eCommerce which every eCommerce development company in India should adapt to.
How can Blockchain benefit the eCommerce industry?
Because it improves the safety of online financial transactions, blockchain is beneficial for both retailers and customers. However, it also has many additional advantages, such as lowering expenses, enhancing internal operations, speeding up transactions, and enhancing the client experience.
- Superior safety:
- Cost savings:
- Quicker and less cumbersome financial dealings:
- Better organisational procedures:
Online merchants are understandably worried about security breaches and phoney purchases. Nearly half (47%) of businesses have fallen victim to fraud in the last 24 months, costing the global economy $42 billion, according to the PriceWaterhouseCooper’s Fraud and Global Economic Crime Survey 2020.
Customer data and CRM systems may be kept safe and secure thanks to blockchain technology, which enables trusted identities to be confirmed by numerous trusted parties.
Using blockchain technology, stores can streamline processes like product descriptions, inventory management, payment processing, etc., resulting in significant cost savings over the use of several, incompatible systems.
Also, there is no need to go through banks when sending cryptocurrencies like Bitcoin due to the rapid peer-to-peer nature of the transactions. This reduces the need for using a bank or credit card company, both of which can incur costs when issuing or collecting monies.
There are no lags in processing the payments as well as the transactions that are pending with blockchain due to the immediacy of the transactions and the fact that they bypass traditional banking systems. Customers will appreciate the quick turnaround on their orders now that they can make rapid purchases. Among the top-ranking eCommerce development companies in India, Nivida Web Solutions offers the best-in-class eCommerce solutions.
There is more than simply financial information that blockchains can record. Smart contracts are stored on blockchains and can automate processes like automatic payments and inventory management based on rules and if-then expressions.
You can use a blockchain-based cryptocurrency to make a down payment on a Rolex, for instance. You will receive a receipt in the form of a digital contract. If your watch doesn't arrive by the promised date of shipment, your deposit will be returned to you automatically via the blockchain. The blockchain will only disburse the entire purchase price to the store once you have confirmed receipt of the watch.
Digital data, such as warranty information as well as customer receipts, can be stored on a blockchain, streamlining the processes of proving ownership and validating warranties while also reducing the need for physical records.