E-commerce is an indispensable part of modern life. This has changed the way we do business worldwide. Internet penetration has made a huge impact on the industry’s growth and helped it thrive.
In 2021, the global ecommerce market was valued at $13 billion. By 2027 it is predicted to rise to $55.6 trillion. More than 70% of all e-commerce activity is performed by the Asia-Pacific countries. China contributes $740 million to e-commerce, and the United States more than $560.
This multi-trillion-dollar sector is now evolving to its next level, thanks to innovations in Web3. This is why traditional ecommerce businesses are starting to realize the benefits of crypto and blockchain. While blockchain provides secure and reliable infrastructure, cryptocurrencies introduce novel financial aspects and opportunities. Combining these two factors, crypto commerce is now a rising commercial model.
This is Crypto Commerce: It’s the New Word
It is the use of cryptocurrency to purchase and sell products or services online. Blockchain-based C-commerce platforms support crypto transactions. C-commerce offers additional utility, which is different from traditional e-commerce websites that can accept cryptocurrency payments. You can also earn referrals and purchase incentives.
C-commerce’s most distinguishing feature is its ability to simultaneously benefit consumers as well as platforms. It is possible to transact globally with blockchain transactions at a speed and cost that’s both efficient and affordable. Users can also easily establish secure, cryptographically verified digital identities. Customers can also earn money by shopping on c-commerce.
Businesses can also scale up faster and better with C-commerce. Because it is not restricted by borders, merchants can expand their customer base and innovate with C-commerce. Because transactions made on blockchain are irreversible and tamperproof, cryptocurrency payments reduce chargeback frauds. Shopify and other platforms accept crypto payments, while cCommerce platforms that use blockchain technology have great potential.
The rise of utility-driven C-commerce startups
While the e-commerce sector has existed more than 10 years, crypto has just started. But, new startups are beginning to take crypto seriously by creating utility-driven ccommerce stores.
Exeno, a startup that uses blockchain to build a variety of crypto-commerce networks, is an example. This platform uses the native Exeno cryptocurrency ($EXN) to power its shopping portal. Customers can shop for products using their favourite cryptocurrencies, as well as payment methods. The site also offers an amazing user experience. Additionally, the company is amongst the first to include complementary features, such as messaging and ID management.
Blockchain is the Future of E-commerce
Already, the transition from traditional ecommerce businesses to blockchain-enabled ones is underway. Blockchain technology significantly enhances e-commerce enterprises’ security, productivity, and transparency. It will improve the user experience and allow e-commerce platforms attract new customers while keeping existing ones. This could also aid platforms with increasing their revenue and customer satisfaction.
The nature of blockchain and the utility of cryptocurrencies have the potential to create a multi-trillion-dollar opportunity for e-commerce platforms. As the crypto market grows in prominence, ecommerce might transition to c-commerce. It’s merely time before people witness the new Web3 Amazon.