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How Is Blockchain Technology Transforming the E-commerce Industry?


How Is Blockchain Technology Transforming the E-commerce Industry?
How Is Blockchain Technology Transforming the E-commerce Industry?

In the past few years, the e-commerce industry has grown significantly and accounted for around 12% of global retail sales in 2018, which is expected to increase by 18-19% by the end of 2022. In this ecommerce-driven era, blockchain technology is making a huge contribution, and hence more businesses are opting for e-commerce blockchain development services. Not only in the e-commerce sector but blockchain technology has been widely used in multiple industries to revolutionize their systems. 

Overall, blockchain technology is completely transforming the e-commerce industry while benefitting businesses. As a result, businesses are incorporating blockchain into their system and looking for the best blockchain development company to incorporate this amazing technology. So, if you are also planning to include Blockchain and wondering about the impact it would create on your business, read this article once.  

Blockchain Application in E-commerce Industry

Planning to take your e-commerce business to the heights? You should read this! Every business owner should know the top applications of blockchain in the e-commerce sector, as mentioned below. So, don’t miss them. 

1. Supply Chain Monitoring

There is no denying that the online shopping experience has completely changed the scenario and made things easier. Still, there comes a time when the online shopping experience becomes a little disappointing. For instance, when you buy a product from Amazon, there is no surety that you’ll get the product right. This is where incorporating blockchain in an e-commerce app proves to be useful. 

2. Contracts Automation

Blockchain technology has a smart contract feature that automates operations based on pre-defined features. Here, incorporating smart contracts help you automate activities relevant to e-commerce. It also makes the inventory more manageable and accessible so that the online sellers can easily track the inventory in a go. So, without thinking much, you can avail blockchain development services along with your e-commerce business app. 

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3. Loyalty Offers & Programs

When the sellers use blockchain technology for business, they provide loyalty points that customers can redeem once they reach the T&C. E-commerce business owners can further utilize such rewards or loyalty points to get repeat clients and grow engagement metrics. What could be an amazing benefit than this? It is one of the reasons why ecommerce business owners today are searching for the best e-commerce development company to integrate the latest technologies. 

These are three amazing applications of blockchain in the e-commerce industry. Now, let’s move to the major impact of blockchain on the ecommerce sector. 

Impact of Blockchain Technology on the E-commerce Sector

Eager to know blockchain technology’s impact on your e-commerce sector?  Have a look at the following section. 

1. Low Transaction Cost

Blockchain integration by e-commerce businesses eliminates the need to pay IT staff to manage transaction processing, stock control, marketing content, and other operations. Additionally, there won’t be any admin fees anymore when clients pay with Bitcoin or another alternative currency. All this will reduce the transaction cost to a great extent and help businesses save a huge amount. 

So, when you think of ecommerce website development or app development, do not forget about incorporating blockchain. 

2. Data Security & Customer Protection

As we all know, blockchain technology is developed using the DLT (Distributed Ledger Technology), which ensures high-level security for online database platforms. As per reports, Cybercrime has caused huge damage to industries, which is around USD 6T and incorporating blockchain is improving it greatly. So, think of blockchain development for your organization. 

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3. Reduced Fraudulent Activities

Peer-to-peer technology makes blockchain-based transactions more secure and safe. Anyone is welcome to join this peer-to-peer network and receive a complete copy of the blockchain. A copy of each newly produced block must be distributed to everyone for verification. 

The node goes to each unique blockchain if everyone verifies. If someone wishes to tamper with a block, they must alter it, repeat the work, and seize control of nearly 50% of the network before the peer-to-peer network accepts it. This is how fraudulent activities reduce and makes the e-commerce system more secure than ever. 

4. Transparent E-commerce Marketplace

Transparency is one of the crucial aspects of a business. One of the most important components of any business is transparency. Unfortunately, huge merchants struggle with a lack of openness and must take decisive action to eliminate fraudulent activities.

However, implementing blockchain technology may benefit you and keep your ecommerce marketplace process more transparent than ever before. Such benefits have completely changed the mind of business owners, and as a result, they search for the cost to hire blockchain developers to avail services within their budget. 

5. Vast Customer Base

In today’s time, more than 100 million people use Crypto worldwide, which clearly reflects that the system already has a vast customer base. Now, customers from any corner of the world can do online shopping anytime and anywhere they want. All they need is proper internet access. The best part is sellers and buyers need not require any intermediary to tackle payments because of a strong peer-to-peer mechanism offered by the cryptocurrencies. 

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Blockchain technology makes it easier for small sellers to enter the consumer base in developed markets. Overall, if you are planning for blockchain development for your e-commerce industry, you will get access to a large pool of customer databases. 

Summing Up!!!

Blockchain is becoming an inspiring technology to develop and incorporate with multiple industries, including e-commerce sectors and platforms. Due to this major reason, more ecommerce professionals are incorporating blockchain into their business processes. As already highlighted above, the wide variety of blockchain technology protocols benefits merchants and consumers. 

We hope that after referring to the blockchain applications and benefits in the e-commerce sector, you might have understood the impact it will bring to your business. Now that you know the positive impact, it is high time to invest in blockchain development services and bring your e-commerce business to the heights. Do not delay; get in touch with a leading blockchain development company and start the process immediately. 

Author : 

Tarun Nagar

Tarun Nagar is the Founder & CEO of Dev Technosys, a global ranking mobile application development company. With 10+ years of experience of enabling then Startups which are now global leaders with creative solutions, he is differentiated by out-of-the-box IT solutions throughout the domain.

He is known for his visionary qualities and adaptability for technology and trends, passionate as he is in every aspect dedicated to making IT simple, accessible and approachable for business enterprises.

https://www.facebook.com/devtechnosys/

https://www.linkedin.com/company/dev-technosys-pvt-ltd/


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