Ecommerce Set to Gain from Blockchain - 5 Reasons to Consider

Ecommerce Set to Gain from Blockchain - 5 Reasons to Consider
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As the ecommerce industry continues to grow rapidly, emerging economies, which are set to become the next mega market, will be essential for growth in the future. Retailers who build a strong brand presence also get to become leaders as ecommerce and mobile sales grow in such regions, exponentially.

To this end, it is advisable for business persons in the ecommerce and retail space to develop infrastructure that offers value to consumers, while delivering opportunities for generating revenue, growth, and market differentiation by using blockchain technology.

Blockchain offers a fully decentralized system of governance that is transparent such that any retailer can play on a leveled field across the value chain. This means that retail and ecommerce providers can transact or reach consumers in any market. Now is the time for them to jump onboard especially with the projected increase in expansion of mobile networks and mobile phone usage in emerging markets.

Here are five reasons why ecommerce companies should embrace blockchain:

1. Consumer privacy

Blockchain’s decentralized nature improves the privacy and transparency of your store, meaning your transactions will be transparent too.

2. Supply chain communication

Blockchain also lets you track payments, manage inventory, and product origins via the P2P technology, thus it works as a supply chain ledger.

3. Reducing costs

Blockchain helps ecommerce businesses reduce costs thus saving money because of its transparency, communication, and security.

4. Payments

Blockchain eliminates payment system fees such as those that come with credit cards as it bypasses transaction companies, and places the payments directly on the blockchain. No more middlemen.

5. Receipts and warranties

Consumers and ecommerce vendors can track receipts and warranties thanks to blockchain’s real time transaction ledger.

When consumers need the information, it is available. This also protects businesses in the case of returning or fixing out-of- warranty items.