Shopify has been chosen by many start-ups and enterprises all over the world to expand or migrate their businesses online over the years. Today, Shopify is one of the most popular platform for the eCommerce store which is very large due to its competitive rates. Shopify offers maximum services with minimum monthly charges, and that is the only thing that makes it very popular.
Nowadays electronic commerce continues to develop at the first pace, and an institute should keep up with the latest eCommerce shopping trends to continue boosting the sales and stay in the market with some good competition. eCommerce has been around for decades and the evolution has been ideal.
In the last few years, the online selling concept has been determined deeply by technological improvements. The latest among the technologies is a blockchain. Blockchain assured to revolutionized this industry with its unique potential. Earlier the destruction of the middlemen to simplify the operations as well as reducing the complexity in all levels, blockchain has lots of the things to offer to help online businesses resolve their daily and long-term challenges.
The Shopify platform has integrated blockchain with the use of bitcoin, by adding a bitcoin payment system. With the base of many of the online stores and shops, the number of goods that potentially could be bought with the bitcoin.
Challenges and Pain Points of eCommerce Industries
The eCommerce market always has been competitive, with the sellers who offer the same products in their stores. That’s why businesses need to hold the smarter business models and the technologies to stay in the competitive market.
To the one side from the challenge of the competition, and another point of sellers, including Shopify, is that the traditional business model has middlemen who take away a large portion of earnings in a selling process. For example; sellers need to pay transaction processing fees for the payment facility for the completion of the transaction process.
One of the major concern of the businesses is to build the trust of customers, reassure them that their personal details as well as financial details are totally safe. So sellers should invest Hughley in data encryption mostly and other some measures to the prevention of the hacking.
eCommerce selling is one of the most complicated process since it involves a range of operations like payment, logistics, supply chain, etc. Another major challenge is to manage the operations and involved intermediaries. As the challenges have been overwhelming since from the starting point, they have been looking for one technology that could handle them. So, as a decentralized system, that brings a host of advantages for the domain like Shopify is blockchain.
Combination of Blockchain and eCommerce
Nevertheless, the positive impact that eCommerce has on the worldwide economy, things have not been bright from the domain since it has been a ride with the challenges from the beginning. The secured technological backbone that eCommerce retailers have been looking for the blockchain technology.
Advantages of the Blockchain
Improved operational efficiency
When there is a decentralized model; blockchain could streamline operation and drive efficiency. Some smart contracts are used for regulating the mediator as payment processing and logistic partners. The technology offers the facilities of integration with some different management systems as well as simplifying the workflow also.
Bitcoin, which is integrated into the Shopify customization is the most popular use case for the technology. eCommerce sellers could have relied on it and the host of other cryptocurrencies to avail affordable digital payment solutions. The reason behind that, there is no any of the payment processes involved in q crypto transactions, the currency could be accepted by sellers at zero fees.
Trust and Transparency
One of the top considerable advantages of blockchain eCommerce is it brings transparency in transactions, fostering trust. Each transaction is recorded in a shared ledger and could not be a change of modified by anyone. They provide high security and faster processing together with traceability via the decentralized system.
Dependable Data Security
The customer’s data of the online store; if a centralized store or cloud will always remain a helpless point since it could fall prey to weak encryption very easily. Even the most encrypted system could be hacked and that tips & tricks that modern hackers use nowadays. Blockchain provides a decentralized ecosystem, which particularly is impossible to hack from a single entry-point.
With these important advantages of eCommerce blockchain, it becomes essential for businesses to holds it for huge growth. For the retailers that want to add transparency in all the transactions and manage the data of the customers in a reliable manner, the technology provides the best solution.
Having the right technology partner and the right Shopify development agency is the most essential when looking to explore more features and functionalities to take the eCommerce business to the next level. There are many service providers available with advanced eCommerce solutions, that can strengthen the power of blockchain.