Web3 is the technology of the future but is already upending e-commerce. Popular systems like Shopify are utilizing NFTs to improve user experience. With its "token gated" commerce scheme, it now rewards fans and VIPs. This program gives NFT holders access to special items and has more advantages.
In a similar vein, Flipkart has joined Web3. The recently formed Flipkart Labs is investigating how to deliver metaverse-oriented utility using traditional applications.
How E-commerce Makes Profit With Web3?
Secure and distributed storage
Compared to their older equivalents, blockchain-based retail systems are much safer. They can protect users' privacy and data by utilizing cutting-edge encryption and distributed storage.
Users have full control over their data and private information. Additionally, decentralization reduces censorship and manipulation.
Web3 solutions improve the usability and accessibility of online retail sites. Users have access to secure but simple login options. Additionally, there are no long registration processes required for internet purchases. They can just use their Web3 wallets to deliver cryptographic signatures.
Crypto Based Payments
Web3 shopping platforms can incorporate payment methods based on cryptocurrencies. This greatly speeds up the purchasing process and lowers friction. Users won't have to deal with problems like amount limitations and bank server failures which frequently occur with fiat-based payments. Additionally, they can purchase goods using cutting-edge digital assets like cryptocurrencies and NFTs.
Web3 promotes community-based commerce ecosystems in which customers have confused about how the platform will run and develop in the future. They can influence how businesses and service providers make decisions. This is a significant advance above the top-down paradigms that dominated traditional eCommerce.
Benefits of Web3 for eCommerce Businesses
The Ecommerce business is growing quickly, and ideas like web3 and blockchain will only drive its growth higher. Let's go over a few examples from real life that are changing the eCommerce industry.
Trustless Blockchain-based Ecommerce
What would you think if we told you that in the future, paying using cryptocurrency would be just as similar as paying with credit cards or cash? We can achieve this with the use of web3-based eCommerce. A new trend of purchasing goods in online stores using dApps will emerge as a result of the combination of blockchain and eCommerce.
Loyalty Rewards on NFT Ecommerce
The ownership structure of digital assets appears to have changed as a result of NFTs. NFTs are currently used among the most widely used applications in eCommerce. In most cases, they enable companies to provide monetized loyalty programs. These systems provide users with points for each purchase they make. Additionally, the points can be exchanged for products, savings, or even greater benefits. Thus, businesses can now issue NFT-based tokens with a fixed value in place of random points.
Metaverse User Experience
The metaverse is developing quickly. It has innumerable potential uses, and it is hard to say how many more there will be in the future. According to its definition, the metaverse is a shared, virtual world where one can escape reality and virtually recreate the same. This is what the metaverse can do. eCommerce companies can give their customers a seamless real-time experience with the help of web3. They will be able to browse and go to a virtual store to scroll.
Most people transacting online leaves behind more untraceable digital fingerprints. For Ecommerce businesses, employing web3 technology will produce a reliable customer authentication system. Additionally, encrypted digital Ids would strengthen management and guard against theft or unauthorized usage. Though, the advantages go beyond authentication. Additionally, warranty information can be conveniently maintained, accessed, evaluated, and verified through web3-based eCommerce.
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