In 2017, global e-commerce sales reached 2.3 trillion US dollars. The market is growing with every passing day and it doesn’t seem to slow down anytime soon. Statista predicts it to go over 4.88 trillion US dollars by 2021.
A lot has been happening in ecommerce space over the last few years. Ecommerce first saw a major transformation in mobile which multiplied its potential manifold. The next major release was in AI and now blockchain.
While AI has its impact on customer interface and experience, blockchain will focus on enhancing consumer privacy, supply chain and payments. With this, ecommerce is set for a complete overhaul.
The fact that millions of products are sold each minute, ecommerce players are burdened with added accountability of keeping customer data safe. Payment gateways and wallet companies are adding to customers’ woes by asking them to share information again.
Blockchain is expected to relieve the situation to a great extent. Transaction made in digital ledger would make it a part of the chain, hence make these more transparent. Blockchain’s decentralized nature would ensure the information is not fiddled with.
This means they can still do the advertising stuff and chase their customers without having to worry about information leak.
The P2P technology will help businesses to better monitor their product cycle. Details of product origin, storage, delivery would all be readily available. Since people involved at every process point are linked in the chain, the chances to falsify product information goes out of picture.
These benefits collectively mean that cumulative costs in business operations will go down. Although blockchain is still in the experimental phase but that is only to customize it as per an industry requirement.
See this wonderful infographic on why ecommerce businesses should confide in blockchain.