Global trade is a multi-trillion-dollar industry with more than $14 trillion worth of goods annually. Every trader involved in the trading process should be aware of several things, and they can begin trading through a trading platform such as www.bitcoinstrader.pl. Also, it helped many beginners to get started with bitcoin trading. With bitcoin and blockchain technology, customers can have complete trust in the products they buy online or in-store – trust that has been lost due to information not being shared appropriately or entirely.
The technology seeks to remove barriers in trade relationships through the automation of paperwork through DLT as well as increasing transparency and security with e-commerce transactions using bitcoin payment methods.
IBM and Wells Fargo are using blockchain technology combined with their Trade Lens platform to reshape relations in the supply chain. It is being done through a new method of matching supply chain documentation utilizing tight automation through dynamic recognition algorithms, blockchain, and artificial intelligence (AI) for faster payment and shipping times.
And alongside innovative technology is an effective partnership. Specifically, blockchain applies DLT to streamline and organize paperwork, container shipments, and communications between companies involved in transporting goods from origin to destination. Let’s discuss what makes bitcoin and blockchain appealing to the retail and e-commerce industry.
Why Should Your E-Commerce Brand Adopt Crypto Payments?
1. Market Expansion:
Retail and e-commerce have flourished in North America and Europe; more retailers are looking at utilizing blockchain technology for e-commerce purposes. Blockchain allows for quick and secure payments between customers and services for top brands across numerous industries. Therefore, it is an attractive offer for retailers looking to expand into new markets.
2. Customer Trust:
While blockchain technology can connect consumers directly to traders, it can also connect them to companies that produce goods or services. The more a customer has knowledge and trust in the provider of a good, the easier it is for them to feel comfortable doing business with that company.
Blockchain and bitcoin have the upside of reducing paperwork, improving efficiency, and establishing faster payment methods. It translates well into productivity in e-commerce and retail across multiple industries, including luxury goods, watches, jewelry, and footwear.
3. Improved Trust:
One of the biggest challenges for e-commerce and retail is trust between companies and customers. When a customer purchases something online or in-store, they are inclined to question whether or not the product is authentic and if the price listed accurately represents what they pay for the product. Using blockchain technology, it’s possible to scan a QR code to verify the authenticity of their smartphone online or in-store, providing them with peace of mind and trust in their purchase.
4. Faster Payments:
Blockchain and bitcoin technology can increase payment efficiency across industries by removing third parties and bureaucratic paperwork associated with international trade and payroll services within a business. It is ideal for e-commerce and retail companies looking to increase revenue per transaction.
5. Greater Productivity:
When blockchain technology is implemented correctly, it can improve productivity and efficiency when processing payments or paperwork using a trading platform. With this improvement, customers can make purchases faster, provide feedback faster and receive faster shipping times since companies can be more efficient with information surrounding products, trade, and pricing.
Technology Trumps Regulation:
Regulation inherently slows innovation; however, the reality of legalization versus regulation being a positive for blockchain technology in e-commerce has yet to be established within the legislation.
Use of blockchain and bitcoin in the retail industry:
Enterprises have used blockchain technology for over a year, but only recently has retail begun to utilize it. Unfortunately, many retailers are still on the fence – as many as 98% of global retailers are not using blockchain in their operations.
Industry giants like Walmart and eBay are testing blockchain and bitcoin technologies to overcome these barriers. It can also lower consumer transaction fees by giving them more information on products they purchase online or through mobile devices.
How Blockchain Helps Retailers and E-Commerce Companies?
Businesses can benefit from blockchain technology in various ways, including improved accuracy with customer data and fraud prevention. The technology is also an opportunity to reduce intermediary fees and cross-border payments while improving transaction time.
All this adds value for retailers and e-commerce companies as they increase revenue per customer transaction. As mentioned before, blockchain technology can even help improve profitability by increasing the efficiency of trade and logistics. There is also the freedom to transact without needing to pay hefty upfront fees for third-party processing services or banks.
Walmart, IBM, and Amazon use blockchain for supply chain:
Amazon has already begun seeing the value of implementing blockchain technology in its supply chain. The e-commerce giant uses the technology to track products along the supply chain and has completed pilots with suppliers. In addition, Walmart will be using IBM’s blockchain technology in its food-tracking system to reduce contamination or mislabeling.
Microsoft is also using blockchain technology in conjunction with Azure cloud services. These are all examples of how large enterprises can use blockchain, and it shows that these companies have the opportunity to increase their profits by adopting the technology.
From an e-commerce standpoint, retailers will have their hands full as blockchain goes mainstream over time. It’s not just bitcoin that’s important to stay up to date on this rapidly developing space; it’s also Ethereum and other cryptocurrencies.
