10 advantages of blockchain technology over traditional ecommerce shopping websites
We are back with a new use case for blockchain – ecommerce shopping Websites, as at Alwintechnologies blockchain development company, continuously strive to find new and off-beat applications for blockchain. We all love to shop.
And what’s better than ecommerce shopping in our comfort. Despite, we feel that the currently available ecommerce shopping websites are complete, but it’s not. Blockchain can make it even better.
Want to know how ?
Surely, are going to discuss the top-10 benefits of integrating blockchain with ecommerce shopping websites.
Here, they are :
1. Battle the Fake
In the E-Commerce industry, fake products give a big dent on profits. Additionally, the website face trust issues and customers feel reluctant to repurchase from the same website. In this case, blockchain can prove to be a saviour. There can be solutions that could be implemented based on the blockchain as per the requirements.
For instance, we can place a barcode with a hash on the product to be scanned by the user for the verification of the product. As the details are stored on the blockchain, it can’t be manipulated and even a small change won’t be able to bypass the verification.
Further, this can even be stretched to the whole supply chain process, making the complete chain free of counterfeit products.
2. New Payment Options
With blockchain coming in comes the array of payment options. It’s impressive to see how a single technology can aid the amount of payment variation. Obviously, we can take along the fiat currency option that we are currently using at large. In addition to that, we will have options to get paid in BTC, ETH, XLM and what not. Even that’s a smaller scenario.
A website can have its own Altcoins to support some specific payments or can create a payment economy based on tokens. An option to accept and pay via fiat or non-fiat currency, that’s a great amount of flexibility for an E-commerce website. Isn’t it!
3. Befriend Smart Contracts
If there is blockchain then ecommerce shopping websites get a great companion – Smart Contracts. It’s a friend that can replace all the intermediaries that leach profit through their hefty commission. Also, these smart contracts can handle various other aspects as well. It can take care of contract renewal, refunds, discounts and more. In short, it can complete almost all the business processes that are of very specific nature and that too without any human intervention.
With smart contracts in place, we can either totally get rid of middle entities or at least decrease their numbers to a bare minimum. Thus saving a chunk of the cost that is currently being paid out as a commission.
4. Personalized Experience with Security
That’s sort of an additional reward. Nowadays each shopper wants custom experience every time. For that, websites have started using AI through various means. Some use it through chat-bot while others through the application of AI analytical algorithms on big data.
Whatsoever the application may be, but it always demands lots of personal data and sometimes to a level of personally identifiable information. So, to secure that data, blockchain is the perfect solution. Not only it will ease integration of technologies like AI to make the ecommerce shopping experience better but would safeguard the data of shoppers too.
5. Redefine Reward System
Shoppers love to get rewarded. However, only the ecommerce ecommerce shopping website management team knows the real hurdles involved in that. Actually, we know it as well. It again results in involving third parties to manage reward management process.
Moreover, if websites run their own loyalty programs, most of the users are unable to enjoy it to the fullest due to many reasons. Therefore, with blockchain, we can find the third way to reach a rewarding destination. With it, websites can create the private blockchain using Smart Contracts with it.
This would ensure that websites not only have the flexibility to get more redemption partners under its program but can play safe by not allowing partners to track individuals through transactions. With these users would get flexibility and would eventually end up using loyalty programs frequently.
That’s what the end user wants, direct interaction with the seller. This can be made possible using blockchain. With this technology in place, an online ecommerce shopping store would be able to act as an exchange platform rather than being a third –party, thereby allowing the interaction of buyers and sellers in the real sense. Also, it would foster the development of the transparent and fraud-free online marketplace, which would be the king in the future.
7. Integration Made Easy
To run a ecommerce shopping website, a team at its back needs to communicate with different parties. Beyond this, there are various departments that work to make the website deliver a pace. In this scenario, managing business processes becomes difficult. To make the situation worse, each of them manages their own data that needs to be reconciled.
If this has to be done in the presence of blockchain then it would become super-easy. All the data can be securely kept on a blockchain and smart contracts can define the level of aces and modification rules. With such a model, all the involved parties will be able to see the updated data at all times. Moreover, there would be no need for reconciliation.
8. Do It Faster
Integration of blockchain would bring the needed pace. Instantaneous completion of all the transaction would become reality. Faster payments, quicker signup and instant actions, all this can be achieved with a blockchain. Obviously, if payments would be via tokens, altcoins or crypto then via some blockchain like NEO it can get credited to the other party’s wallet within no time.
Similarly, for fiat payment funds can reach the endpoint within 4-5 days instead of 14-15 days’ time-frame that currently prevails. It would be a noteworthy change and will surely help in business expansion by shortening payment cycle.
9. Facilitating Other Technologies
Future of ecommerce shopping websites without technologies like AI, AR & VR seems dark. Use of such technologies is inevitable. Despite it looks promising; the thread of data security attached can’t be neglected. As all these technologies require more customer-centric and very specific information, securing the data and placement of some sort of barrier would become essential.
Using blockchain technology would be that barrier. It would help in securing user’s sensitive data and assisting other technologies to work appropriately.
10. Power-up the Users
Though, this point is coming at the end in our list but for any ecommerce shopping website its top priority. And blockchain, by all means, is the solution that would suffice this need. It would make products less costly, allow users to own their data and even get rewarded for it. There is much which can be achieved through the application of blockchain. In all means, the shopper and the ecommerce shopping website would gain.
Let’s do this for you as a blockchain development company at Alwintechnologies
These were some of the key benefits of blockchain integration into a ecommerce shopping website. Our team at Alwintechnologies is ready to assist you with this functionality. If you own a ecommerce shopping website then we would love to see blockchain working for you.
So, let’s join hands but before that first have a discussion.
and take the first step towards a beneficial future of your ecommerce ecommerce shopping website.