E-commerce has become an essential part of our daily lives, redefining business activities around the world. Internet penetration has done wonders for the industry and contributed significantly to its growth.
The global e-commerce industry has been valued at $13 trillion in 2021 and is expected to reach $55.6 trillion by 2027. Asia-Pacific countries account for more than 70% of all e-commerce activity. For example, China alone contributes $740 billion of e-commerce sales, while the United States represents more than $560 billion.
This multi-trillion dollar industry is now moving to its next level, thanks to the innovations of Web3. To that end, traditional e-commerce organizations are beginning to recognize the potential of technologies such as blockchain and crypto. While blockchain provides a secure and reliable infrastructure, cryptocurrencies introduce new financial aspects and opportunities. And with these factors combined, we are now witnessing the rise of a new business paradigm, namely crypto-commerce.
Crypto Commerce: The New Word in Town
Crypto trading refers to the buying and selling of goods or services online using cryptocurrencies. C-commerce platforms are blockchain-based and therefore support cryptocurrency transactions. However, unlike traditional e-commerce platforms that accept crypto payments, c-commerce provides additional crypto-based utility. It also incentivizes or rewards users for their purchases and referrals.
The most distinctive feature of c-commerce is that it benefits both consumers and platforms. This is mainly due to the speed, cost effectiveness and global accessibility of blockchain transactions. Additionally, users can easily create secure and cryptographically verifiable digital identities. And most interestingly, customers can earn by shopping in c-commerce.
C-commerce also helps businesses scale better and faster. Its borderless nature allows merchants to broaden their reach and scope for innovation. Additionally, crypto payments minimize chargeback fraud since transactions on the blockchain are tamper-proof and irreversible. Platforms like Shopify are accepting crypto payments these days, while blockchain-native cCommerce platforms have great potential.
The Rise of Utility-Focused C-Commerce Startups
The e-commerce industry has been around for over a decade, with the crypto revolution just beginning. However, emerging startups are taking crypto seriously and are developing utility-focused c-commerce stores.
Exeno, for example, is a blockchain-based startup building a spectrum of crypto-commerce ecosystem. The platform is a shopping marketplace powered by its native exeno piece ($EXN). It offers a wide range of products that customers can purchase using their favorite cryptocurrencies and payment gateways, in addition to providing an immersive user experience. Moreover, it is one of the first to provide add-on features such as credential management, messaging, and bridges.
The future of e-commerce is on Blockchain
The transition from traditional e-commerce businesses to blockchain-enabled ones has already begun. Blockchain technology dramatically improves the security, productivity, and transparency of e-commerce businesses. This will improve the user experience, allowing e-commerce platforms to attract new consumers while retaining existing ones. Additionally, it can help platforms increase revenue and consumer satisfaction.
The nature of blockchain and the utility of cryptocurrencies has the potential to create a multi-trillion dollar opportunity for e-commerce platforms. With the crypto market becoming progressively larger, e-commerce could shift to c-commerce. It’s only time before people see Amazon’s new Web3.