How is Web3’s Emergence Impacting the E-commerce Industry?
With the advent of Web3 and the ability to shop with crypto, e-commerce is set to change. Let’s take a closer look at how Web3 disrupts e-commerce and what this means for businesses and consumers.
Web3 is set to take e-commerce to a new level called crypto commerce (c-commerce).
Brick-and-Mortar to Connect Wallet and Approve Transactions
People shop online in a very different way today than in the early days of the internet. Back then, people mainly used the internet to find information about products and services. They would then go to brick-and-mortar stores to buy these products.
Web2 changed all that. With the advent of social media and e-commerce platforms, people could now shop online directly from their browsers. This allowed them to compare prices and product features from different sellers and make purchases with the click of a button.
But now, Web3 is set to take e-commerce to a new level. Thanks to blockchain technology and decentralized applications (dApps), businesses and individuals can transact more securely and efficiently.
Besides being tamper-proof, blockchain-based transactions are highly transparent. This lets businesses track their payments and inventory in real time without worrying about internal malpractice or data leaks.
Moreover, Web3 businesses can reduce costs by using decentralized applications (dApps) to run their operations. These apps facilitate business transactions without involving third-party intermediaries like banks or payment processors. This saves time and money which businesses can pass on to consumers through lower prices or better deals.
For consumers, the introduction of Web3 will mean greater security and convenience when shopping online. They no longer need to worry about their data being stolen or compromised by hackers.
From Commerce to E-commerce to C-commerce
The world is moving into the era of ‘crypto commerce’ (c-commerce), which will be powered by dApps that run on blockchain networks.
It’ll be a game-changer for consumers. Plus, it’s been long due, given the inefficiency-ridden legacy e-commerce model prone to data leaks and unsolicited customer profiling.
To get an idea of the problem’s extent, just look at how much information Google has about you. Advertisers can use this data to send targeted ads your way. But with c-commerce, they will no longer be able to collect and use data without your explicit consent.
From a business’s standpoint, c-commerce presents an excellent opportunity to tap into newer emerging markets. Accepting cryptocurrency alone can significantly decrease customer acquisition costs and increase average order value by 200%. Further, Web3 streamlines the logistics of an online store through effective provenance tracking and decentralized file storage.
But despite everything, it might be challenging for companies to overhaul their infrastructure to accommodate crypto payments. They can still jump on the bandwagon, though, becoming early adopters through exeno.
We are a global online store integrating real-time secure crypto payments using our native exeno coin, but what’s more, we also offer business solutions to help your company to start accepting cryptocurrencies without changing your existing business infrastructure.
Breezy Payments Without the Charge
Traditional payments infrastructure creates significant bottlenecks for brands, especially when expanding to new countries. This is particularly true for small and medium businesses that do not have the capital to build separate teams from scratch to operate in these recent locations.
Foreign exchange charges and banking fees can quickly add up and eat into profits. It often takes up to two days for payments to process. And all this leads to missed opportunities and lost sales.
With Web3, businesses can send and receive payments in crypto without needing a bank. This helps them expand to new markets without incurring high costs.
Moreover, exeno users can pay securely using MetaMask and Binance Pay. Plus, with our Stake Back program, we are redefining the concept of cashback—you get rewards and interests in exeno coins.
So, overall, while driving crypto to the masses, we believe businesses will increasingly adopt Web3. And this will ultimately usher in the user-friendly era of c-commerce.