There are many elements considered crucial to the ongoing success of any eCommerce store. Technology is evolving, online shopping is becoming the norm, and user habits continually evolve, so businesses need to remain vigilant and implement methods that protect them and their customers.
In this article, you'll discover how blockchain technology gives businesses the perfect platform to protect their future, satisfy customers, ensuring they remain relevant for years to come.
Longevity – Stay Relevant To Your Target Market
The first way of protecting your eCommerce store is to ensure its future. Blockchain technology is becoming more widely used and vastly developed. The generations growing up with these ecosystems will wholly embrace them. Blockchain eCommerce will become the standard one day because of the many overwhelming benefits it provides. However, if you operate a business with an audience of generation Y, Z, or alpha, now is the time to start investing in blockchain technology – before it’s too late.
Protecting Customer Data In An Interconnected Era
Hot and controversial topics are privacy policies and consumer data. The evolution of web2 saw the dominance of data and large tech companies taking advantage of users to make giant sums of money at their expense – this triggered the arrival and development of the decentralized web3.
While blockchain is exceptional at tracking the purchase history of an item, among other things, the best part about it for most people is its anonymity. With the security provided by the blockchain, every transaction is encrypted and incorruptible, meaning the data can never be removed from the blockchain, nor can it be accessed without a user's unique private key.
Implement Smart Contracts
Blockchain technology offers the most traceable way of tracking purchase history and authenticity, making them perfect for luxury items. Nowadays, methods such as paper-based or email receipts or certificates are easily plagiarized, so you never know if the item you are purchasing is genuine or not. However, when an item has a smart contract assigned to it, you can easily see its authenticity, purchase history, when it changed hands, the amount paid for it, and much more.
This offers added protection to both your store and your clients. It’s likely smart contracts will, at some point, replace receipts for all items. Additionally, a feature many businesses will like is that the creator is able to receive a certain percentage of every secondary sale. eCommerce is the future of smart contracts!
It won’t be long before the eCommerce blockchain is commonplace. Get in there early to reap the most reward and protect your business, store, and consumers for years to come!