E-commerce is doing very well because more and more people have access to the internet and use smartphones. In 2021, the market was worth $13 trillion, and it is expected that by 2027, it will be worth more than $55.6 trillion.
This growth is almost certainly due to the spread of COVID-19, which made people prefer to shop from the comfort of their own homes. The ease of doing things like shopping online has also been a big factor. Brands, for example, sell many of their products online at prices much lower than in stores. By 2022, it is expected that the total value of goods and services sold on social media platforms will be more than $732 billion worldwide.
But there are still problems with using old e-commerce platforms, especially when protecting customers’ personal information. This makes it more important for users to have safer and more focused options.
Web3 rises to the challenge, making it possible for online shopping to go to the next level. When digital assets like cryptocurrencies and non-fungible tokens (NFTs) are used to buy something, this is called “crypto commerce” (c-commerce). There are many good things about this, and it could change the way people shop online in a big way.
What’s Next for Shopping Online on Web3
Web3 may be the next big thing, but it has already changed how people shop online. Industry leaders like Shopify are using NFTs to improve the user experience. A “token gated” loyalty program has been set up to reward both customers and celebrities. Members of the NFT program get all of the program’s perks and bonuses first.
Flipkart is now a Web3 player as well. The new Flipkart Labs looks into how metaverse technology can be used in the real world.
What does Web3 Bring to e-commerce Platforms that Make them Better?
This is true in a lot of different ways. Blockchain-based marketplaces offer users a much higher level of security than their older, more traditional counterparts. Using modern techniques like encryption and decentralized storage, they can ensure that users’ information is safe and keep their privacy. Users have full control over all of the information that belongs to them. Another good thing about decentralization is that it makes it much easier to avoid being manipulated or censored.
Also, Web3 solutions make online stores friendlier and easier to use. Signing in securely is easy for users to do. They can also shop online without having to sign up for anything. They only have to use their Web3 wallets to provide cryptographic signatures.
Last but not least, Web 3 e-commerce sites can accept cryptocurrency payments. The shopping process is made easier, and there is much less friction. Customers don’t have to deal with the problems with traditional currency transactions, like bank servers going down and limiting the number of transactions they can make. They can also pay with new digital assets, such as cryptocurrencies and non-fungible tokens (NFTs).
Lastly, web3 ecommerce website development promotes user-driven retail ecosystems in which customers have a real say in how the service develops. People can have a say in what products and services they use by giving feedback to the companies that make them. Compared to the top-down models that have been the norm in traditional eCommerce, this is a huge step forward.
Changing the Future by Overcoming Problems
Web3 has a lot of potentials to change how people do business online. But this path into the future does not come without problems.
For example, there are a lot of worries about how volatile crypto-assets are. But they also create regulatory hurdles for the industry that must be overcome for long-term success and the highest level of trustworthiness possible. But if they aren’t taken away, they will stop many people from using them.
Another hard part is coming up with answers that are easy to understand. Most of today’s cutting-edge technologies are only useful to people who know how to use them. For example, you can’t get them on your phone, and the web apps aren’t easy for people who aren’t tech experts to pick up and use.
Luckily, workable solutions are starting to show up. On platforms like exeno, you can find online marketplaces that offer a wide range of goods and are easy to use. These new systems are made to look and work like old ones, but they have extra features made possible by blockchain technology. Customers can buy things with wallets like MetaMask and Binance Pay.
Exeno also has a currency called exeno (EXN). This gives the shopper extra features, like Stake Back, which is Web3’s version of cash back, and ensures that the payment process is safe and private. Also, users will be able to make money from referrals shortly.
At the beginning of the article, the author asked, “Is eCommerce ready for Web3?” “Yes” is the unambiguous answer.
We have problems, but we know that the changes we have been making will ultimately lead to success. There are already a lot of signs that this is true. The most important thing is that people are starting to notice it.
Platforms that have been around for a long time are using Web3. Modern media like Exeno are creating and improving cutting-edge answers at the same time. More and more people are also using more advanced technologies that make things better for the user. Risky assets, like NFTs, are doing well. Together, they will pave the way for new e-commerce standards and give customers more choices.