How Ecommerce Owners Can Use Cryptocurrencies and Blockchain?
Cryptocurrencies have a lot to offer the e-commerce industry and most businesses tuning the crypto airwaves are now figuring out how to leverage on it and the blockchain technology.
Today, the cryptocurrency is at about $8,000 and it has brought about a revolution in the e-commerce industry by bringing in incredible opportunities making the latest technology both exciting and necessary.
Many retailers are not actually aware of the detail benefits of blockchain and how it can help them to drive efficiency and also establish an advantage.
Here in this blog I will share my thoughts on what the retailers should know about the blockchain technology and the way they can use it for their ecommerce store.
The Use of Blockchain in Ecommerce
Blockchain and ecommerce, both involve transactions and it is very important to make these transactions faster and safer. The technology allows the users to share and also securely store the digital assets, both manually and automatically and it has the capability to handle the user activities that include payment processing, searches, product purchases and customer care. The most common blockchain technology that is used in the ecommerce market is Bitcoin and it led to the establishment of the blockchain.
If you are not using it for your ecommerce store, it’s time to consider soon. Know why?
The exciting thing about using cryptocurrency or the blockchain technology in the ecommerce industry is that it is beneficial for both the buyers and the retailers. It has come up with convenient solutions to cyber threats and other financial security issues. Let’s discuss them in details:
It is by using the latest technology that your customers will now be able to transfer any amount directly from his bank account to any other without any middleman like the PayPal, MasterCard, Visa and etc. who earns a share of your profit. Cryptocurrencies will help to change the industry in the following manner:
- Low transaction fees
- Worldwide usage unlike specific platforms for example PayPal
- No need to provide any personal or financial information
- User friendly experience
With blockchain and cryptocurrencies, the transactions and order details in the form of smart contracts can easily be used to save shipping, delivery and other possible events that affect the financial settlements. Each individual or any organization that is involved in the supply chain can easily view the data through a secured means. This lowers the dangers of delays, dispute and disorganization and helps to speed up the transaction process.
Every ecommerce shipment has a code and the customers can track the delivery status using the blockchain technology. The accuracy of the tracking is highly advanced and it helps to gather a lot of information about the product from the code that is marked on it.
Since online customers are usually more concerned about the quality and source of the product, using blockchain helps to find more and accurate details about the product easily. The technology makes the tracking process paperless and this makes it eco-friendly and there is also a complete transparency between the retailers and the customers.
Proof of ownership:
Counterfeiting will not become an issue for the brands as blockchain helps to prove that the designs belong to them and this will increase the brand’s value. There are some companies that help designers and companies register themselves as product creators by using it. Through your dashboard on the organization’s website, you can easily track the sales of the products and this also helps to reduce the copyright claims.
“Today, merchandisers from various parts of the world are turning to ecommerce and blockchain helps to make transactions secure and gain complete control over them.”