Today the e-commerce industry is seeing rapid growth in every aspect. Until 2019, the e-commerce retail industry contributed to a total of 14 % sales of the worldwide retail market. After Covid-19, online shopping is experiencing mass adoption globally and experts expect it to grow more in the coming years.
We will be taking you through top 5 trends that are listed as follows;
- Live commerce
- Artificial Intelligence and machine learning
- Internet of things
Blockchain in Ecommerce
Because it makes online financial transactions more secure, blockchain is a win-win for both brands and buyers. But it also provides a lot of other benefits, including cutting costs, improving business processes, making transactions faster, and improving the overall customer experience.
- Enhanced security: Data breaches and fraudulent transactions are major concerns for ecommerce retailers. According to Price Waterhouse Coopers annual Global Economic Crime and Fraud Survey 2020, 47% of companies experienced fraud in the past 24 months with a total of $42 billion lost.*
- Blockchain technology allows for trusted identities verified by multiple trusted parties, and offers the highest level of security for customer databases and CRM systems.
- Easier, faster transactions: Because blockchain transactions are basically instantaneous and do not go through traditional banks, there are no delays for payment processing or pending transactions. Purchases can be made instantly, which means faster order fulfilment for customers.
- Greater access for global consumers: For customers living in developing countries, access to a reliable banking system is not a given. Blockchain and cryptocurrencies allow them to bypass the banking middle man, giving them access to a wider variety of ecommerce retailers. And it allows forward-thinking brands to tap into new and emerging markets.
- More convenient rewards and referrals programs: Blockchain allows brands to easily issue rewards points that are redeemable across a variety of sites and partner brands. Companies can even pay content creators or influencers in digital tokens, which can then be converted into their preferred currency.
Brands which have invested in blockchain technology;
“The term Metaverse is used to describe a combination of the virtual reality and mixed reality worlds accessed through a browser or headset, which allows people to have real time interactions and experiences across distances.
“Right now, what will become the Metaverse is actually a series of disconnected metaverses, like the ‘walled gardens’ of the early internet [darpa.net, bit.net, or aol.net] that eventually came together to form the internet as we know it today. The current set of metaverse worlds each has its own access, avatars, interactions, and currency.