The ecommerce industry has seen tremendous growth in the last decade and it doesn’t look to slow down anytime soon.
2017 alone favored global retail e-commerce sales to the tune of 2.3 trillion dollars which is a trillion dollars extra to what it was in 2014. This figure is likely to grow by over 246% by 2021.
Blockchain, which is one of the most reformative technological inventions of the fourth industrial revolution has already disrupted several major sectors including the finance, health and gaming industries. It is further looking to have a major impact in ecommerce industry.
Ecommerce has already transformed the way we shop and has instilled convenience to a reasonable extent but with great power transactions come even greater responsibilities & complications.
A handful of issues pop up as ecommerce sales continue to grow. Some of the common ones arise from payment complications, data security, customer satisfaction, and even supply chain management.
Inventory management is another important process that needs simplification. Blockchain looks promising enough to solve most of these.
The ecommerce model requires huge amount of data storage to enable day to day consumer transactions. This data is repeatedly used to chase customers for upselling and other marketing initiatives throughout the customer cycle.
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Businesses store this data on a centralized server that is susceptible to theft by cybercriminals. Blockchain on the other hand, has a decentralized nature which is impenetrable and requires approval from all in the chain.
The blockchain protocol works on P2P network that holds an identical record of the transaction ledger. This enables P2P value transactions without having someone to mediate.
Supply chain process would be simplified. Businesses would be able to track their products right from their origin point.
Ecommerce is set for a complete overhaul in the coming years, courtesy AI and cutting edge solutions in Blockchain and Big data. See this wonderful infographic on 5 reasons for ecommerce to invest in blockchain to know more –