The 4.28 trillion dollar eCommerce industry has seen unprecedented growth lately, and the trend of online shopping is here to stay forever. Be it B2B full-fledged eCommerce or quick B2C sector; companies need to make their businesses more scalable and future-oriented.
With the growing eCommerce trend, companies need to focus on omnichannel security, data transparency, and improved customer experience. As blockchain technology is transforming a multitude of industries, eCommerce is no different.
E-Commerce businesses can leverage this decentralized technology to hone all the above three features needed for future growth. As both eCommerce and blockchain involve frequent transactions, security and data privacy becomes a priority. This distributed ledger technology makes data and monetary transactions faster and safer, and e-commerce businesses rely on them.
Blockchain technology lets users send, receive, and securely store digital assets. Blockchain can easily handle bulk user activities, including product purchase, return requests, payment processing, and more. Seven Bits can help digital retail businesses take a competitive edge and offer an intuitive customer experience. Our Blockchain Center of Excellence (CoE) team brings end-to-end and scalable blockchain eCommerce development services to accelerate your business.
Optimizing the operational cost and retaining profitability is a challenge in the eCommerce business. With growing competition and changing customers' demands, it's important that companies leverage their resources smartly. Using blockchain, Seven Bits can help businesses integrate multiple operations into a single manageable entity and save expenditure.
We integrate cryptocurrency wallets with a website's already existing payment wallet to mitigate third-party dependencies. Along with this, blockchain also optimizes the overhead of a large security and data protection team as it's a highly secure platform to perform global transactions and shipping. In addition to this, companies can automate customer onboarding and management using blockchain's smart contracts. Compared to traditional eCommerce frameworks, blockchain is more cost-efficient technology in the long run.
Cyber threat protection
With growing digitization, cyber threats are also increasing with every passing day. For keeping your business and customers safe and protected from such attacks, the need for a decentralized database can't be overlooked. Instead of creating a centralized database that is prone to hacking, Seven Bits helps businesses create a custom decentralized and transparent database that's impossible to hack or forge data.
Along with companies, customers can also explore what data the companies are using to serve them with a better experience. With the advantage of all-time access to information on the blockchain database, customers trust eCommerce companies. Our team helps your company migrate the legacy system into a full-fledged blockchain-based ecosystem to ensure omnichannel security.
Ease global transactions
Traditional financial systems feel inefficient due to substantial paperwork and slower speeds to scale the business across different parts of the world. But companies can use blockchain technology to reduce the gap between international demand and local supply among customers and companies. Moreover, unlike traditional systems, performing transactions over a blockchain network are both faster and more cost-efficient.
Using cryptocurrency wallets, both companies and customers can efficiently perform transactions in a fraction of time compared to the conventional methods. The best part about this advancement is that companies also don't need to undergo comprehensive paperwork to establish new payment methods to serve overseas customers. So whether you deal with industrial component shipping in the automotive industry or offer B2C services, a seamless global payment system makes your business faster.
Smart contracts implementation
Smart contracts act like automated validators and data checkers to manage bulk data or users for your business. They can follow instructions defined as rules and help you automate various manual work. Since blockchain is very instrumental in storing them, smart contracts can also fully automate e-commerce-related processes. They can help owners grow their e-commerce enterprise by slashing costs needed to recruit and train staff to execute tasks that computer programs can automate.
Smart contracts can also facilitate inventory management seamlessly and help companies avoid human errors across all supply chain touchpoints.
Maintaining and monitoring the supply chain is a complex and time-consuming task for companies regardless of business size. As customers grow, the supply chain also becomes more difficult and time-consuming to manage. To make things easier and streamlined, companies can integrate blockchain and various automated tasks. When your company and vendors leverage blockchain to control the supply chain, all can prevent any malpractice from happening and retain higher transparency.
Get started with Seven Bits
Seven Bits offers scalable blockchain development services and dedicated cryptocurrency exchange development to help businesses grow faster. Get ahead of the curve and drive a seamless experience for your customers with us. With the support of multiple public and private blockchain frameworks and years of experience, we have you covered. Whether you need to migrate your legacy eCommerce ecosystem or a new platform using blockchain, our experts meet all your business needs. Get in touch with us at email@example.com to know more.