Introducing Crypto Commerce – How Blockchain Is Changing Commerce
July 25 2022 - 7:43AM
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E-commerce has become an essential part of our daily lives,
redefining commercial activities worldwide. Internet penetration
has done wonders for the industry and contributed to its growth
significantly. The global e-commerce industry was valued at $13
trillion in 2021 and is expected to reach $55.6 trillion by 2027.
The Asia-Pacific nations account for more than 70% of all
e-commerce activities. For example, China alone contributes $740
billion in e-commerce sales, while the United States accounts for
more than $560 billion. This multi-trillion-dollar sector is now
evolving to its next level, thanks to innovations in Web3. To this
end, traditional e-commerce organizations are beginning to
recognize the potential of technologies like blockchain and crypto.
While blockchain provides secure and reliable
infrastructure, cryptocurrencies introduce novel
financial aspects and opportunities. And with these factors
combined, we are now witnessing the rise of a new commercial
paradigm, namely crypto commerce. Crypto Commerce: The New Word in
Town Crypto commerce refers to buying and selling goods or services
online using cryptocurrencies. C-commerce platforms are
blockchain-based and thus support cryptocurrency transactions.
However, unlike traditional e-commerce platforms that accept crypto
payments, c-commerce provides additional crypto-based utility. It
also incentivizes or rewards users for purchasing and referrals.
The most distinctive feature of c-commerce is that it
simultaneously benefits consumers and platforms. This is mainly due
to the speed, cost-efficiency, and global accessibility of
blockchain transactions. Moreover, users can easily create secure
and cryptographically verifiable digital identities. And most
interestingly, customers can earn by shopping in c-commerce.
C-commerce also helps businesses scale better and faster. Its
borderless nature lets merchants expand their outreach and scope
for innovation. Additionally, crypto payments minimize chargeback
frauds since transactions on the blockchain are tamper-proof and
irreversible. Platforms like Shopify are thus accepting crypto
payments nowadays, while blockchain-native cCommerce platforms show
much potential. The Rise of Utility-Driven C-commerce Startups The
e-commerce industry has been around for more than a decade, whereas
the crypto revolution has only just begun. However, emerging
startups are taking crypto seriously and developing utility-driven
c-commerce stores. Exeno, for example, is one blockchain-based
startup building a spectrum of a crypto-commerce ecosystem. The
platform is a shopping marketplace powered by its native exeno coin
($EXN). It features a wide range of products that customers can
purchase using their favorite cryptocurrencies and payment
gateways, besides offering an immersive user experience. Moreover,
it is one of the first to provide complementary features such as ID
management, messaging, and bridges. The Future of E-commerce is on
the Blockchain The transition from traditional e-commerce firms to
blockchain-enabled ones has already begun. Blockchain technology
significantly enhances e-commerce enterprises’ security,
productivity, and transparency. This will enhance the user
experience, allowing e-commerce platforms to attract new consumers
while retaining existing ones. Furthermore, this may aid platforms
in increasing revenue and consumer satisfaction. The nature of
blockchain and the utility of cryptocurrencies have the potential
to create a multi-trillion-dollar opportunity for e-commerce
platforms. With the crypto market gradually becoming more
prominent, e-commerce may transition to c-commerce. It’s merely
time before people witness the new Web3 Amazon.
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