With more and more people having access to the internet and using smartphones, e-commerce is booming. In 2021, its market was worth USD 13 trillion, and by 2027, it is projected to be worth USD 55.6 trillion.
COVID-19 was a major factor in this expansion, as it caused many people to stay indoors and do their shopping online. Online conveniences like shopping have also played a significant role. Brands, for instance, now sell a plethora of things online at far lower rates than in traditional retail locations. In addition, there has been a growth in social commerce, with online purchases on social networking sites expected to top $732 billion worldwide by 2021.
However, there are still drawbacks to using antiquated e-commerce platforms, particularly when it comes to protecting users’ personal information. As a result, there is a need for options that are both more secure and user-friendly.
Web3 steps up to the plate and facilitates the next evolution of online purchasing. C-commerce refers to online shopping when payment is made entirely in digital assets like NFTs and cryptocurrencies. The implications for the future of internet retailing are significant.
What Can We Expect From Web3 Commercial Activity?
Even though Web3 consulting company is still in its infancy, it has already begun to shake up the online shopping industry. NFTs are being used by industry leaders like Shopify to enhance the user experience. Today, it has a “token gated” commerce model that gives back to its most devoted customers. Members of the NFT programme have priority access to all of the program’s perks and premiums.
And just like Amazon, Flipkart is now a Web3 player. Flipkart Labs, the company’s newly formed R&D division, is looking into practical applications of metaverse concepts.
Which benefits does Web3 bring to e-commerce platforms?
In numerous ways, to be honest. To begin, unlike its older equivalents, blockchain-based marketplaces offer far higher levels of security for their users. Technology like encryption and decentralised data storage can keep consumers’ information and privacy safe. Each user retains full ownership over their respective data and identity. Decentralization also reduces the potential for censorship and manipulation.
It’s easy and secure for users to log in. In addition, they can shop without going through any registration hoops. Instead, customers need just use their Web3 wallets to supply cryptographic signatures.
Finally, third-generation Web e-commerce sites may accept cryptocurrency payments. This eliminates a lot of unnecessary hassle and speeds up the whole buying procedure. Users are protected from problems associated with traditional currency transactions, such as server downtime at financial institutions and transaction limits. In addition, they can pay for things with novel digital assets like cryptocurrencies and NFTs.
Forth, Web3 promotes shopper communities where consumers have a real voice in the platform’s direction and management. Moreover, they have the option to have a say in how their favourite companies and service providers make decisions that affect them. Compared to the top-down approaches that have traditionally dominated traditional eCommerce, this is a major breakthrough.
Limits Beaten. Reforming the Future.
Some obstacles stand in the way of this forward movement.
As an example, there is significant worry about the volatility of crypto-assets. In addition, they present some regulatory hurdles that businesses in the sector will need to clear if they want to maintain steady expansion and the highest levels of reliability. Because without them, widespread adoption is considerably hampered.
Yet another difficulty is coming up with easy-to-understand answers. These days, only the technically aware can make use of the latest innovations. Not only can you not use them on your mobile device, but the web-based apps also lack user-friendly interfaces.
There is some good news, though: workable solutions are starting to emerge.
Exeno is only one example of a platform that facilitates a streamlined e-commerce market with a vast selection of goods and an easy-to-use interface. The user experience on these new platforms is similar to that of the more established ones, but it is improved through the usage of blockchain technology. Web3 wallets, including MetaMask and Binance Pay, allow customers to make purchases.
Even Exeno has its own currency; the exeno coin (EXN). This gives customers access to services like Stake Back, the Web3 equivalent to cash back, in addition to the security and privacy afforded by traditional payment methods. Another future perk will be the ability to profit from user referrals.
Indeed, that is the correct response.
The article posed the following question at the outset: “Is eCommerce prepared for Web3?” It goes without saying that the answer is yes.
There are obstacles, but the advances that have been made so far will win out in the end. As it stands, the signal is quite robust. Finally, it’s starting to be heard above the rest of the clutter.
“Web3 is primed to play a big role in eCommerce,” says Naren Ravula, vice president of Flipkart Lab. FlipKart and other businesses can undergo a digital revolution thanks to the use cases that blockchain technology can deliver.
Older, more seasoned systems are beginning to migrate to the Web3 shopping website development environment. Meanwhile, cutting-edge platforms like exeno are developing and refining cutting-edge answers. More advanced technologies that improve the user experience are also becoming more common. NFTs and other assets are holding their own. Together, they will pave the way for innovative standards in the world of e-commerce and open up exciting new possibilities for consumers.