How Decentralized Blockchain Based eCommerce Marketplace Revolutionizing The e-Commerce Industry?
December 27, 2022
Blockchain is a groundbreaking technology transforming various businesses worldwide, and the eCommerce industry is no exception. This revolutionary technology has the unparalleled proficiency to resolve all the issues in the traditional eCommerce sector and provide a seamless marketplace experience to users.
These next-gen eCommerce platforms work on peer-to-peer communication to refine the eCommerce realm and assist in achieving unmatched business opportunities.
Budding entrepreneurs are quick to grab these growing opportunities in the eCommerce sector and launch their own decentralized blockchain-based eCommerce platforms.
Planning to dip your toes in this profitable business opportunity in the eCommerce sector, then we at RisingMax are happy to assist you.
Our development team leverages their expertise to integrate blockchain to add automation and enhance security and transparency to the eCommerce platform.
Ninety-five percent of all purchases will be through eCommerce by the end of 2040.
Worldwide retail eCommerce sales in 2021 amounted to approximately 4.9 trillion U.S. dollars.
In the next four years, the eCommerce industry is expected to grow by 50 percent.
Worldwide eCommerce sales will reach about 7.4 trillion dollars by 2025.
The eCommerce sector combines interconnected complex processes such as supply chain, transactions, product delivery, warehouse, and more.
Thus, it is natural for the sector to encounter some major or minor issues for which traditional methods are not competent.
The eCommerce sector is always in dire need of more advanced solutions; thus, moving to decentralized blockchain-based eCommerce marketplace is inevitable.
Are you looking to elevate your eCommerce business by integrating with blockchain technology? Connect with our blockchain experts TODAY!!!
Before moving deep into the topic and learning more about the Decentralized Blockchain-Based eCommerce Platform. It’s best to first understand what are the major challenges that the eCommerce industry is facing today.
The e-commerce sector is growing at a very fast pace, and there are players of all sizes that are dominating the market with niche products and services. To ensure that eCommerce businesses stay in the race, owners are keeping a close eye on some of the major issues and how they can leverage the latest technologies to solve them. Let’s have a look at some of the major challenges that the eCommerce sector is facing.
Intermediaries - There are intermediaries involved in the eCommerce sector during the complete selling process and charge a hefty percentage to make the entire process smooth. For example, a seller must pay fixed processing fees to complete a transaction.
Data Security - The security of valuable data is one of the major challenges for eCommerce giants, and a chunk of their profits goes to data encryption and other preventive measures. Even after all these security measures, instances of data breaches and hacking are common.
Complex Process - An eCommerce platform is a collection of complex processes such as supply chain, logistics, products, transactions, and more. Efficiently managing all these business operations and the intermediaries involved is a huge challenge for the industry.
Cost Reduction - The cost of running an eCommerce business is high, and owners are always looking for the latest technologies that will not only smoothen the entire process but also helps in cost reduction. A major challenge is smoothing inventory management, payment processing, product, images, and delivery process with the latest technologies to lower the overall working cost.
Widening Business Operation - eCommerce businesses are looking to expand their services to third-world countries. Although in the current eCommerce sector, this is still a major way to smoothly widen their business reach and serve customers in third-world countries.
Privacy and protection of valuable users is a major concern for businesses worldwide, especially when big names like Facebook face data breaches. All these challenges in the eCommerce sector are pushing it toward blockchain technology. With a decentralized blockchain-based eCommerce platform, businesses can solve all these major challenges and enjoy these advantages.
With blockchain, eCommerce platforms can streamline business operations such as supply chain, logistics, products, transactions, and more. The technology can integrate various management systems and remove the silos to drive more efficiency.
Blockchain has its inherent property of sharing the data stored on a decentralized ledger giving the advantage to eCommerce players to bring transparency to the system. The blockchain record transaction on a shared ledger that cannot be deleted, edited or modified. With this, eCommerce can gain the trust of its users and increase the level of transparency.
The decentralized nature of blockchain technology allows the eCommerce sector to eliminate the middleman and provide better services to its customers. With this, they can cut the processing fees charged to complete a transaction or supply chain management and smoothen the entire process.
The operation cost is one of the major challenges that traditional eCommerce businesses are facing and eagerly looking for new technologies to reduce operating costs. A decentralized Blockchain-Based eCommerce Platform paves the way for introducing cryptocurrencies - a better and more economical digital payment method. With this, they can remove the intermediaries like banks and financial institutions, thus making blockchain a more affordable option than eCommerce.
As discussed earlier, eCommerce businesses are serious about data security and actively invest huge amounts in protecting users' data. For this very reason, eCommerce cannot afford to ignore blockchain due to the level of security it provides. DLT (distributed ledger technology) provides the highest level of security when it comes to the protection of users' information.
Ready to launch the next generation Blockchain commerce business? Connect with our blockchain experts at RisingMax TODAY!!!!
What Decentralized Blockchain-Based eCommerce Platform Brings to the Table For the eCommerce Industry?
Blockchain is a revolutionary technology that can transform any business into a revenue generation powerhouse. With a decentralized blockchain-based eCommerce platform.
The eCommerce industry can revolutionize the entire sector and serve its customers better. If you are interested to know what blockchain brings to the table for the eCommerce industry, then here are a few applications of blockchain in eCommerce:
For a successful eCommerce business, the efficient management of inventory is one of the major tasks. With blockchain, eCommerce businesses can efficiently manage their inventory and even automate the inventory order process to maintain a predefined threshold of items.
This ensures that eCommerce businesses will never run out of products or maintain an excess inventory above a predefined limit.
Supply Chain Management
Efficient management of the supply chain is one of the major pain areas not only for eCommerce businesses but also for other businesses as well.
With blockchain technology, an eCommerce business can keep track of the entire supply chain and even ensure that vendors stick to criteria agreed upon.
This enhanced transparency within the system makes it easy to efficiently manage the entire supply chain.
With blockchain technology, customers won’t have to worry about the lost paper receipts or prove warranty coverage.
All the sales and purchases on the Decentralized Blockchain-Based eCommerce Platform will be stored on a decentralized ledger.
With this, anyone within the network from manufacturers, retailers, and customers can easily access the warranty coverage and validate it within a few minutes.
Personalized Reward System
Blockchain allows eCommerce businesses to better serve their customers with customized reward plans rather than launching a single reward system. The technology allows businesses to keep track of each customer’s purchase history and offer them better discounts or reward systems that encourage them to buy more.
Tracking deliveries will become an easy task for eCommerce businesses with blockchain technology. With this, they can track the exact time needed to deliver a particular product to customers and use this information to estimate the next orders. The data stored in the decentralized server will be carefully analyzed to provide the exact delivery time.
With the rising popularity of eCommerce platforms, more and more users are using online platforms to buy products and leave their digital footprint behind.
When a customer makes an online purchase, they need to provide information such as bank details, debit or credit card, personal details, and more to complete the transaction.
This information will be stored on an internet database, making them vulnerable to theft or misuse. With blockchain, eCommerce businesses can create encrypted digital identities and authentication mechanisms to solve security issues.
Development Roadmap For Decentralized Blockchain-Based eCommerce Platform
Our project development team will connect with clients for a brief discussion of the project and try to gather as much input from them. After gathering the required inputs, our team will move to the project analysis stage.
Next, our blockchain expert will thoroughly analyze the project based on initial inputs and share the best tech-stack, solutions, and budget estimation with the client. The team will prepare detailed documentation about the development objectives and tech stack to meet customers’ expectations.
After the finalization of the project, our team will move forward to the development stages to convert your dream Decentralized Blockchain-Based eCommerce Platform idea into reality. Our team will divide the entire project into small development milestones, allowing clients to keep track of the project development.
We at RisingMax, follow rigorous testing methodologies to ensure that the end product works as intended. During this phase, we ensure that the eCommerce project is bug-free, secure, and highly scalable.
Post Deployment Services
With RisingMax, you get post-deployment maintenance and support services to solve minor bug issues or timely updates that directly impact platform working. With this, we assure that our customers won’t have to worry about technical support and can entirely focus on their eCommerce business.
Why Choose RisingMax as your Decentralized Blockchain-Based eCommerce Platform Development Partner?
Looking for a reliable decentralized blockchain-based eCommerce platform development partner. Here are a few numbers that are sufficient to support why we are the right development partner for your blockchain project.
50+ Blockchain Product Delivered
11 NFT Marketplace Live
150+ Blockchain Developers on the floor
6+ Metaverse successfully delivered
13 Years in Service
Still not convinced!!!
Here are some additional reasons why you should choose RisingMax for your project.
With more than six years in blockchain and counting, we have a skilled blockchain development team that takes care of designing to the deployment of your project. Our team leverages their expertise to offer the best development solutions for your blockchain-based project.
Our support team will monitor your platform 24*7 to ensure the smooth running of your blockchain-based eCommerce platform. You can completely rely on us from fixing bug issues to system updates.
We are well-versed in leading blockchain technologies and development tools that allow us to follow agile development processes. It doesn’t matter how complex your project is; our development team will get the job done and achieve desired results without hassle.
Our expertise in blockchain-based project development won’t come at a high cost. Our team leverages their expertise in blockchain to provide affordable business solutions to startups and enterprises.
Want to integrate blockchain into your business? We are the right choice for your future project.
Post Deployment Services
We at RisingMax believe in providing full-fledged blockchain services to build long-lasting relationships with our customers. With our competitively priced post-deployment services, we take care of the maintenance and tech assistance your project needs so that you can focus on business expansion.
Acting early can be a huge factor if you are planning to rule the next era of the eCommerce industry. Hire us for the Decentralized Blockchain-Based eCommerce Platform development and take an edge over others with an advanced blockchain platform.
Connect with us for the development of your blockchain-based eCommerce, and our team will share the estimated cost of your project ASAP.