The retail industry is continuously using technological advancements for its best. If you want to stay in the game, you need to implement innovations in your business strategy. Just look at the way it has all evolved.
In the era of digital transformation, eCommerce has taken over, allowing shoppers to make and receive their purchases without leaving their homes. Then, as the world became mobile, m-Commerce, or mobile commerce, became ubiquitous, and most of us have at least one favorite shopping app on our smartphone.
Considering the lightning speed of the evolution of commerce, you might now wonder what’s next. We’re here to give you the answer. The next innovative technology the retail industry and m-Commerce are going to make use of is blockchain.
Blockchain has become a part of the financial industry and stayed for quite some time. A recent Statista report suggests that global blockchain technology revenue will experience massive growth in the next couple of years. The market is expected to reach $23,3 billion by 2023. The financial sector will not be the only one to invest in this emerging technology.
Blockchain is a growing list of records which are called blocks. They are linked by cryptography, and each contains a hash of the previous one, transaction data, and a timestamp. Transactions that take place have public viewership, to protect your assets against vulnerabilities and digital attacks. If any change is made on this digital ledger, it’s instantly shared with people. Depending on the type of ledger, this could happen automatically or manually.
Other industries have started implementing blockchain, too. Of course, one of the most lucrative sectors at the moment – eCommerce, can’t avoid trying out its benefits. It’s expected that blockchain is going to disrupt eCommerce in general, as it’s implementation will be the shift we need to get closer to establishing a decentralized economy.
To give you a clear view of the ways blockchain can revolutionize the m-Commerce industry, we’ve listed five specific examples that might surprise you.
Advanced Supply Chain Management
One of the main concerns of every eCommerce business nowadays is supply chain management. All of the steps, from tracking the product to centralizing the database, are crucial. Yet it still seems impossible to monitor and balance them all the time.
For that reason, it’s widely believed that blockchain is the key to solving most of these problems. Moreover, this technology makes it rather unnecessary to invest in any other monitoring resources for the inventory. It gives you a view of the flow of the products and accurate visualization of the process.
The main concern when it comes to the supply chain is hacking. That’s why many people now find blockchain as a solution. There’d be no need for a middleman in the supply chain, which significantly lowers the risks while providing better business connections. The most significant advantage is that payments will be processed within the blockchain, so a layperson will no longer be in charge, which reduces overall costs.
Moreover, blockchain can solve issues such as recordkeeping and product tracking in a less corruptible way, compared to the centralized database.
You should always be aware of what’s happening within and around the marketplace, to feel safe being a part of it. It makes transparency extremely important. However, before blockchain, a transparent market was not entirely possible.
If blockchain is implemented within the marketplace, people will be able to see all changes that occur. It allows thorough monitoring, which means no friction between members and a clear view of everything that happens.
Walmart, for instance, was among the first to make use of these benefits. Its retail chain efficiency has increased as a result of that, as blockchain provides full transparency. It has made other key players in the industry embrace the technology as well. Soon blockchain development will be sought from everyone in the m-Commerce niche.
Blockchain’s first implementation was in cryptocurrencies. Virtual currencies such as bitcoin are now an alternative to traditional ones. We noticed a definite shift towards bitcoin and blockchain-based technologies in recent years. That’s because they are decentralized and easy to implement.
Cryptocurrencies provide lots of benefits to the eCommerce industry. This decentralized technology means that only people involved in the transaction can have control over operations, which makes blockchain independent of any other factors, including economic and political ones. No matter what, your currency and transaction are valid.
Blockchain comes with no limitations and restrictions in terms of amounts or country borders. It is convenient and easy to use. Moreover, it has a high speed of transactions. There are no extra fees for blockchain transactions and no regulatory authorities. It also helps you avoid fraud as it’s based on a peer-to-peer premise.
It’s expected that pretty soon paying with Bitcoin instead of PayPal, would become routine for the eCommerce industry.
Genuine Reviews and Offers
Many people now make their decision when buying a product online based on the reviews. However, many times, these are fake reviews and are there only to make you finish your purchase. Nevertheless, with the help of blockchain, this will no longer be possible.
Blockchain analyses and identifies each review separately, which verifies it and makes it impossible for fake ones to come through. It creates a digital map of all reviews so that nothing can be modified or erased without others knowing.
Blockchain is also beneficial for loyalty programs. Customers can earn points for spending some amount. It also provides clients with personal offers while enabling proper data tracking.
Personalization is essential to eCommerce. 44% of customers are likely to retain if they’re being offered a personalized experience. Half of them can purchase a product unintentionaly after receiving a personalized e-mail.
Online security is crucial to any eCommerce business. That’s where blockchain is most useful. It provides secure eCommerce platforms and advanced wallet and data security as well.
E-commerce mobile apps and websites contain personal data of customers, such as phone number, address, and credit card number. Keeping this sensitive information safe is the chief concern of the industry.
Blockchain, one of the most secure platforms out there, seems to be the best solution to this. The security for database platforms it offers makes it the best choice for eCommerce. Security breaches in blockchain-powered networks are less likely to happen.
The decentralized technology makes it harder for hackers to intrude on the data. If they want to hack certain parts of it, they’d have to cut into all nodes on a server, and that’s almost impossible.
Virtual wallets are now a preferred payment method. To keep them safe, the adoption of blockchain would be needed. It can ensure that money is sent only via secure means into the wallet of the recipient.
Blockchain To Disrupt The Industry
As eCommerce evolved into mCommerce, it’s now taking another step forward with the implementation of blockchain. It might take some time before the industry starts to make use of all of these emerging technological advantages. Still, there’s no doubt that change is on its way.
Blockchain is the retailers’ new best choice. It’s cheaper and faster and operates without the need for third-party interference.
To conclude, if you want to have an efficient mCommerce business, you must embrace Blockchain technology. It will fundamentally change the way you work and eliminate some of your biggest concerns. Blockchain will make the mCommerce industry more cost-efficient and finally give control over the supply chain.