Blockchain is the hottest technology trend! It is being rapidly applied in all industries for creating better customer experiences. This digital ledger used for transactions related to virtual currencies has gained a lot more popularity than the IoT and Big Data. It has changed the way businesses conduct transactions and offers complete relevant data’s security to their customers. But the application of Blockchain has revolutionized the online retail sector completely. Therefore, a lot more online business owners want to hire Blockchain experts.
How has Blockchain changed the landscape of the entire e-commerce sector? This is an important question to answer.
Online retail stores actually thrive on the basis of the following:
- The Cost of Their Digital Assets:
Online retail stores are home to millions of HD product images, videos, review, and a lot more information. They have to use this information to ensure leads. They spend in millions to get this information. All this cost is borne by the online store owners.
- Consumer Experiences:
This is another medium used by e-commerce stores for revenue generation. They record consumer’s behavioral patterns while they browse through the websites. This kind of information is also recorded by e-commerce store owners while the customer is making purchase on them. This information could include their browsing pattern or checkout related experience. Their whole purpose of collecting all this information is to create better and secure browsing and shopping experiences for customers on their websites.
In addition to navigation, one step check, hassle-free payment processing, and security of all transaction related details create positive experience for customers. This is exactly what customers are always worried about. That’s another reason why online retail store owners are now opting for Blockchain and trying their best to hire Blockchain experts. Due to this reason, Blockchain excels in this domain.
- Customers’ Ability to Spend:
This is another aspect that all online retails stores have to depend on. How do online store owners come to know their customers’ spending ability? The answer to this question is simple. They track your product browsing history on their store. They also track your shopping history.
But it is important for them to secure all this information. Application of Blockchain technology can help them on this front. This is the reason why some of the largest online retail store owners in the world have already embraced Blockchain technology. Even medium or small scale online retails stores are hiring Blockchain developers to help on this front.
How Can Blockchain Revolutionize Online Retail Industry?
Since we know what matters the most for online retail store owners and their customer, it becomes important to know what the application Blockchain can do for them. Let’s see it below:
- Increase in Revenue With Content Monetization of Content:
That’s right! This is another important pillar of success for online retail stores. A lot of online retail outlets want to save their money they spend on digital advertising. It is because digital advertising eats away the lion’s share of their profit. Therefore, they are happy advertising their business through content creators and curators available on Blockchain based discussion platforms.
That’s right! As for reason, these content curators and creators want to earn money for their efforts. Moreover, online store owners have to pay them very less amount of money as compared to what they pay to digital advertisers.
In this way, two things happen:
- Content creators and curators earn money for their efforts to advertise some online retail outlet.
- Online retail outlets get benefited. It increases your revenue like your blood pressure because you don’t have to spend heavily on advertising your business. More importantly, the leads you get on your store are genuine because they come to your site from discussion platforms like Steem.IO.
It is a discussion platform that pays people for creating and curating content. So you can think about hiring Blockchain developers for your online store.
- Creation of Your Own Blockchain Software:
That’s right! This is another facility that Blockchain offers you. It is an open source technology. Therefore, you can create your own Blockchain as per the requirements of your online retail outlet. In case you don’t have the time or resources for this purpose, Blockchain software development companies can help you on this front. You can choose the type of Blockchain that fulfills your business requirements.
All in All:
The future of online retail stores now largely depends on the kind of experiences their customers get. This experience is determined by secure payment processing, hassle-free checkout, and security of information related customers’ online shopping and financial transition relevant to it. Traditional technologies used for this purpose are now increasingly failing on this front. But the application of Blockchain technology on this front is proving its metal on daily basis. This is why some of the largest online retail stores have embraced it now.
It is the spine your online store needs for survival in future.
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Do you want to use Blockchain technology for the growth of your online business?
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