The e-commerce business is rising rapidly as internet adoption and smartphone usage increases globally. Its market size surpassed $13 trillion in 2021 and is anticipated to surpass $55.6 trillion by 2027.
COVID-19 had a big influence on this rise by driving individuals to purchase online from their homes. Aspects such as the convenience of online buying have also become essential. For instance, brands now provide a vast selection of products at far lower prices online than in physical locations. In addition, social commerce is on the rise, with global sales via social media platforms surpassing USD 732 billion in 2021.
However, traditional e-commerce platforms have restrictions, particularly regarding the security and privacy of the end user. This increases the desire for alternatives that are more secure and user-centric.
Web3 rises to the occasion and enables the next online retail paradigm. It is known as crypto commerce (c-commerce), when products are purchased with digital assets such as cryptocurrencies and NFTs. This has significant benefits and can totally revolutionize the landscape of online purchasing.
What’s in Store for eCommerce on Web3?
Web3 is the technology of the future, yet it is already impacting e-commerce. Leading systems such as Shopify use NFTs to improve the user experience. Through the “token gated” commerce model, it now rewards fans and VIPs. This program grants NFT holders access to unique items and benefits.
Likewise, Flipkart has entered Web3. Flipkart Labs, which was recently incorporated, is presently researching ways to provide metaverse-oriented usefulness via real-world applications.
What benefits may eCommerce platforms derive from Web3?
In numerous ways, in fact. Firstly, blockchain-based shopping platforms are significantly more secure than their conventional counterparts. They can protect the data and privacy of users by utilizing advanced encryption and dispersed storage. Users have complete control over their personal information and data. Additionally, decentralization reduces manipulation and censorship.
Second, Web3 shopping website development solutions improve the usability and accessibility of online commerce platforms. Users have access to convenient and secure login options. In addition, they do not need to undergo laborious registrations to purchase products online. They can instead supply cryptographic signatures via their Web3 wallets.
Thirdly, Web3 e-commerce platforms can incorporate cryptographic payment techniques. This eliminates friction tremendously and streamlines the purchasing experience. Unlike fiat-based payments, users do not have to deal with problems such as bank server failures and amount constraints. They can also purchase goods with new digital assets, such as cryptocurrencies and non-fungible tokens.
Web3 promotes community-based commerce ecosystems in which users have a meaningful voice in the platform’s operations and future. They can also engage in the brand and service provider decision-making processes. This is a monumental advancement compared to the top-down paradigms that dominated traditional eCommerce.
Overcoming Restrictions Influencing the Future
Web3 has enormous potential to alter the status quo in digital commerce. However, there are obstacles on this journey to the future.
For instance, the volatility of crypto-assets is a serious problem. In addition, they present regulatory hurdles that the industry must surmount to achieve sustainable growth and excellent reliability. Because else, they severely impede mass adoption.
Providing solutions that are straightforward and intuitive is a further obstacle. Today, the majority of cutting-edge technology is only applicable to tech-savvy people. For instance, they are inaccessible on mobile devices, and their web-based counterparts lack user-friendly interfaces for novices and non-technical users.
On the plus side, though, effective solutions are currently appearing.
Exeno-like platforms provide user-friendly e-commerce marketplaces with a vast selection of products. These platforms replicate the robust user experience of traditional platforms and enhance it with blockchain technology. Web3 wallets such as MetaMask and Binance Pay can be used to purchase goods.
For example, Exeno has its own currency, the exeno coin (EXN). In addition to safe and private transactions, this permits access to extra services such as Stake Back, the Web3 alternative to cashback. In the future, users will also be able to profit from referrals, offering another incentive.
The Response is Yes!
This essay starts with the question, “Is Web3 ready for eCommerce?” Unsurprisingly, the answer is a loud yes.
There are obstacles, but advances in progress will prevail sooner rather than later. Already, the signal is strong in this regard. Specifically, it is gradually rising above the din.
