With more and more people accessing the internet and using smartphones, e-commerce is booming. The market was worth $13 trillion in 2021 and is projected to be worth more than $55.6 trillion by 2027.
The spread of COVID-19 undoubtedly contributed to this expansion by making people prefer to shop from the comfort of their own homes. The convenience of things like online shopping has also played a big role. Brands, for instance, now sell many products online at substantially lower prices than in conventional stores. The total value of goods and services sold on social media platforms is projected to exceed $732 billion worldwide by 2022.
However, there are still drawbacks to using antiquated e-commerce platforms, particularly when protecting customers’ personal information. This increases the need for safer and more focused options for the user.
Web3 steps up to the challenge, making the next evolution in online retail possible. When digital assets like cryptocurrencies and NFTs are used to make a purchase, this method of shopping is referred to as “crypto commerce” (c-commerce). There are many advantages to this, and it has the potential to alter the nature of internet shopping drastically.
The Future of Online Shopping on Web3
Web3 may be the future wave, but it has already altered the online shopping landscape. Industry leaders like Shopify are using NFTs to improve the user experience. A “token gated” loyalty program has been implemented to reward customers and celebrities. Members of the NFT program have priority access to all of the program’s perks and premiums.
Flipkart, likewise, is now a Web3 player. The newly formed Flipkart Labs is investigating practical applications of metaverse technology.
What Advantages does Web3 Bring to e-Commerce Platforms?
There are numerous ways in which this is true. Unlike their older, more traditional counterparts, blockchain-based marketplaces offer significantly higher levels of security for their users. By employing cutting-edge methods like encryption and decentralized storage, they can guarantee the safety of users’ information and protect their privacy. Users retain full authority over all of their respective information. Another benefit of decentralization is that it makes manipulation and censorship much easier to avoid.
As a second point, Web3 solutions make online stores more welcoming and user-friendly. Users have easy access to secure sign-in features. To add to that, they can shop online without registering for anything. Instead, they need only use their Web3 wallets to supply cryptographic signatures.
Lastly, e-commerce sites built on Web 3 can accept cryptocurrency payments. The shopping process is simplified, and friction is greatly reduced. Customers do not need to deal with the inconveniences associated with traditional currency transactions, such as bank server downtime and transaction limit restrictions. In addition, they can pay with novel digital assets like cryptocurrencies and NFTs.
Finally, web3 ecommerce website development encourages user-driven retail ecosystems where consumers have a real voice in shaping the direction of the service. People can have a say in what products and services they use by having input into the brands’ and providers’ decision-making processes. This is a major breakthrough compared to the top-down models that have traditionally dominated traditional eCommerce.
Reforming the Future by Defeating Obstacles
Web3 has enormous potential to disrupt established patterns in online trade. However, this route into the future is not without its challenges.
For instance, there is significant worry about the volatility of crypto-assets. However, they also present the industry with regulatory hurdles that must be cleared to achieve long-term success and the highest possible level of trustworthiness. However, if they are not removed, they pose a serious barrier to widespread adoption.
Another difficulty is coming up with easy-to-understand answers. Most of today’s cutting-edge technologies are only useful for technically proficient people. For instance, you can’t get them on your mobile device, and the web apps don’t have user-friendly interfaces that laypeople and non-techies can pick up and use.
Fortunately, workable solutions are appearing. Marketplaces for online shopping with a wide selection of goods and an easy-to-use interface can be found on platforms like exeno. These new systems are designed to look and feel like traditional ones but with added features made possible by blockchain technology. Web3 wallets like MetaMask and Binance Pay allow customers to make purchases.
In addition, Exeno has its coinage called exeno (EXN). This provides the shopper with additional features, such as Stake Back, the Web3 alternative to cashback, and the security and privacy of the payment process. Also, in the not-too-distant future, users will be able to make money off of referrals.
Conclusion
The article posed the following question at its outset: “Is eCommerce prepared for Web3?” The obvious and unambiguous response is “yes.”
We face obstacles, but we can rest assured that the innovations we have been making will ultimately lead to success. There is already a very clear indication of this. Importantly, it’s starting to get noticed among the rest of the crowd.
Legacy platforms are adopting Web3 with years of experience. Modern platforms, such as exeno, are developing and refining cutting-edge answers at the same time. More advanced technologies that improve the user experience are also becoming more common. Even risky assets like NFTs are holding their own. Together, they will pave the way for innovative standards in e-commerce and expand consumers’ options.
