Distributed apps, popularly known as Dapps, are applications that use blockchain as the underlying technology. Although the finance sector and cryptocurrency stole all the limelight for the potential use of blockchain in its early days, emotions around it have drastically changed today and the momentum is now very well set to take many non-financial sectors on the ride as well. eCommerce is one shining example that Dapps have already started influencing with its incredible potential. Blockchain in the retail sector is estimated to grow at a CAGR of 81% by 2023. One of the major drivers behind the growth of blockchain in the retail sector will be eCommerce Dapps. New technologies like IoT, VRWeb, and AI will also combine with Dapps to make a perfect winning combination for eCommerce. After reading this blog, you will have a clear idea of how exactly Dapp development influences eCommerce and why it is such a great idea to invest in Dapp development to significantly reduce costs, improve user experience, and generate high ROI.
Dapp Development brings Wave of Change in eCommerce
Let’s first see the pain points the eCommerce industry is currently facing.
Today’s eCommerce market is very competitive, with so many players offering similar products and services. And, apart from many new businesses emerging, many brick-and-mortar models are also moving to eCommerce, making it even more difficult to stay in the race. Also, reliance on a third party to facilitate payments during the selling process results in huge revenue losses every year as sellers have to pay a processing fee for every transaction completed. Then, there are rising concerns over the security of consumers’ personal and financial details. Compliance with stricter security regulations recently brought up by General Data Protection Regulation (GDPR) now requires sellers to set a good budget for data encryption and other anti-hacking measures, but despite that, there is no 100% guarantee of no data breach.
Managing the complexity of the eCommerce selling process is challenging as it involves a gamut of operations such as supply chain, logistics, payments, customer relationships, and more. These challenges have overwhelmed eCommerce businesses for far too long, but they now see a panacea in Dapps to handle them all. Let’s see, HOW? Read More- How Dapp Development Influences eCommerce Industry?