Blockchain technology is becoming a sheer driving force for every industry and organization. Regardless of size and domain, this technology can revolutionize the business core for better scalability. One sector that is growing exponentially, overcoming COVID-19 challenges, is the eCommerce domain.
As compared to other industries, eCommerce is far ahead in terms of pandemic recovery, active user base, and real-time transactions. In the upcoming time, more businesses will come online to gain more customers. With overgrowing competition, it has become critical for eCommerce owners to transform their business to serve customers better.
When it comes to futuristic expansion, blockchain technology plays a vital role in creating a foundation and building complex applications on top of it. Both blockchain and eCommerce industries include multiple types of transactions, and this distributed technology adds an extra security layer to it. In this article, we will explore advanced blockchain applications that can help to boost business and make more sales.
Futuristic Blockchain Applications
The combination of eCommerce platforms and blockchain technology is creating a whole economic ecosystem for all. Online retailers can scale their business quickly using these applications, and customers can shop with peace due to its robust security. By adopting these advancements, online retailers can create a win-win situation by offering a better customer experience with enhanced security. Below are some of the vital blockchain applications for eCommerce business growth.
Seamless business automation
Smart contracts act as a powerful mechanism for an eCommerce business to automate several tasks without any error. These are robust peer-to-peer blockchain programs that establish automation based on pre-set rules. With smart contract integration with a webshop, owners can quickly scale their business without increasing the resources.
These contracts can robustly handle inventory management, procurement verification, document verification, and much more. Be it B2C or B2B digital commerce transactions; these contracts allow webshop owners to accomplish multiple tasks in one go with faster automation.
The most significant advantage of facilitating smart contracts with existing commerce operations is higher transparency. All associated parties in the business chain are aware of entire major and minor transactions in real-time. This advancement helps in the faster scaling of business across multiple geographies.
Digital receipts and warranties
One of the biggest challenges for retailers and buyers is maintaining physical and digital receipts and other important documents. Even the digital copy is available over email to the customer, but this solution is not fully reliable. There are several risks involved in these conventional receipts and warranties distribution systems. Data forgery, information redundancy, loss of database are some of the common risk attributes present with the traditional method.
For overcoming these digital commerce challenges, blockchain is an ideal technology platform that offers reliable solutions. With blockchain, webshops can transform their legacy systems into a fully-decentralized database for better security.
For maintaining all the business and customers' information safe and intact, smart contracts can eliminate the threat of data forgery or redundancy. With this implementation, customers can easily claim warranties coverages without keeping the original receipt with them. This small yet impactful upgrade can boost the customer experience, and it will help business owners to retain customers in a better way.
Advanced loyalty programs
Blockchain technology can transform the conventional loyalty programs and help in gaining more customer base without excessive marketing. With the automation benefit of this distributed-ledger technology, the eCommerce system can distribute rewards and services to customers without any manual effort.
When a customer reaches a certain spending threshold on your webshop, blockchain-based applications can automatically credit the reward without any delay. It will not only save the shop owners from doing manual work but also boost customers' trust in the brand. By integrating blockchain-based crypto wallets with existing payment systems, webshop owners can save substantial capital in terms of transaction charges and maintenance fees.
Supply chain monitoring
Monitoring and improvising supply chains are more straightforward with blockchain as compared to other technologies. It is because every associated party in the supply chain is informed about current business executions. This advancement eliminates chances for redundancy, mismanagement, or wrong inventory procurement.
No matter how broad or complex the supply chain looks like, blockchain technology can streamline it. Even if you hire new staff for inventory management, they can easily manage operations without special training. Along with this, blockchain can ensure the vendor supplies original products as smart contracts, and other applications can easily detect the forged items.
eCommerce Blockchain Development With Seven Bits
The possibilities with blockchain for eCommerce businesses are endless and performance-driven. SevenBits is an innovative and experienced blockchain development company that offers bespoke solutions for your business. Our Blockchain Center of Excellence (CoE) team supports more than seven blockchain development frameworks to cater to all your requirements.
Scale your eCommerce business by leveraging blockchain technology with SevenBits. Be it webshop development or migrating legacy systems and integrating digital wallets, we have got you covered. Know more about SevenBits blockchain development services by contacting us at firstname.lastname@example.org.