The Benefits of Blockchain-Enabled E-Commerce
Various businesses are finally beginning to recognize the potential of blockchain. Come read our article to learn more about how both buyers and retailers can benefit from blockchain-enabled e-Commerce.
For years, blockchain has been linked to Bitcoin transactions. However, various industries are now starting to acknowledge its actual potential. Many have finally realized that blockchain-enabled e-Commerce can benefit both buyers and retailers.
This technology offers excellent solutions to different challenges and helps e-Commerce businesses cut down payment processing and inventory management costs. Retailers can thus leverage these advanced systems to offer their customers a better experience and rise above their competitors. According to reports, blockchain’s impact on business value will hit $360 billion by 2026.
Here are the different ways e-Commerce businesses can benefit from blockchain:
Cost Reduction
e-Commerce enterprises can leverage blockchain technology to merge images, product descriptions, payment processing, and inventory management with other business operations. In exchange, these businesses end up incurring less cost on system maintenance. They also do not have to hire IT support professionals to maintain their systems. Cryptocurrencies like Bitcoin eliminate fees that banks and other financial institutions charge to facilitate transactions.
Trade in Developing Nations
Developing nations can now leverage blockchain technologies to trade in the digital space. Consumers in third-world countries can process payments without a broker through the peer-to-peer Bitcoin system. Through blockchain technologies, digital retailers can navigate the consumer markets in third-world countries.
Cyber Threats
Many retailers online struggle to cater to the advancing customer expectations and stay ahead of their competitors. Apart from these challenges, the retailers also risk losing significant amounts of money and customers’ information due to cyberattacks. Blockchain technology can offer robust solutions for these challenges like advanced distributed ledgers to enhance security for e-Commerce management database systems.
Rapid Transactions
Thanks to robust blockchain technologies, e-Commerce website customers can not only transact quickly, but they can also pay promptly online. Today, buyers don’t have to wait long to complete payments. Blockchain technology provides the convenience required to facilitate online shopping. An e-Commerce platform ships products immediately once the payment is complete.
Boosts Security
e-Commerce retailers often worry about fake transactions and data violations. A recent annual survey released by PriceWaterhouse Coopers suggests that more than 45% of firms faced fraud within 24 months. This fraud triggered a more than $40 billion loss. Blockchain technology facilitates the verification of trusted parties by different individuals while using the most advanced security systems to protect CRM systems and customer databases.
Enhanced Business Procedures
Apart from transactional information, blockchain technologies can maintain smart contracts, automating tasks depending on if-then statements like inventory management or automatic payments and the preset rules. For example, you can purchase a product online and disburse your deposit through a blockchain-oriented cryptocurrency.
Your receipt will remain in a virtual contract. The retailer will then alert you to check your parcel within a specific period, within which you can ask for a refund if your product is yet to arrive. Blockchain also keeps digital records such as warranty information and customer receipts, easing ownership verification and reducing paper-based records. The benefits of blockchain-enabled e-Commerce are endless.
Let Export Portal Help You
At Export Portal, we have created a blog page to keep you updated on all the latest news. For more articles like this one, make sure to check out our site!
Comments 2