Blockchain and Ecommerce are all about transactions. Undeniably, E-commerce fundamentally depends on it, as blockchain enables them to be safer, faster, and with more features than ever before. Speaking of how blockchain and online sales are connected let us have a look in it in depth.
Online Sales & Blockchain
Blockchain is a shared ledger that allows a digital asset to be secured, shared, as well as acted upon automatically or manually. Precisely, blockchain is fully capable of handling virtually the entire user experience that includes product searches & selection, payment processing, as well as, post-sale customer care, and this is just the beginning.
Applications for Blockchain in E-commerce
The blockchain e-commerce marketplace is an economic ecosystem in its own right. With the increase in online sale industry, the number of ways sellers can serve their customers also multiplies. Let us have a look at few applications for blockchain technology in e-commerce inclusive of online shopping store & other businesses.
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A smart contract is a small computer program, which can be stored on a blockchain, and that can automate certain tasks according to present rules. Hence, smart contracts represent the most popular add on feature of any blockchain. The strength of these special blocks of code makes it easy to automate nearly any e-commerce process that includes freeing up staff to market as well as grow the business.
One application that smart contracts use is inventory control. Thereby, incorporating smart contracts into the blockchain inventory items can be decremented. However, when pre-defined thresholds are reached then replacement stock can be ordered. Moreover, a host of other functions also ensures that online store runs out of the product, and at the same time ensures that excess inventory is not accumulated.
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Product Description Database
Making product descriptions as well as related images available to consumers is a time consuming as well as costly part of running an online store. Therefore, blockchain allows the efficient use of this information between suppliers, content creators, and your online store.
Loyalty Rewards Software
Thanks to the versatility and power of smart contracts, the reward program is totally automated within a blockchain. The records of every purchase are stored in the chain; therefore, it is easy to have a smart contract that offers a discount or issue reward points to customers as they surpass a certain spending threshold.
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Supply Chain Tracking
An online store that can live or die depends upon the reliability of its supply chain. Therefore, it is important for the stock operators to know about the stock in the pipeline and when will it arrive. Hence, it is crucial for stock operators to make sure vendors are supplying the exact products ordered. Henceforth, the problem of fraud in the supply chain results in inferior products being delivered or even those with safety-related issues. Therefore, through the usage of blockchain technology transparency can be ensured throughout the process.