Home / This Week / Cover Stories / The potential of blockchain technology in the online retail space

The potential of blockchain technology in the online retail space

The online retail industry is defining new trends across the globe, but another tech trend is shaping the future of numerous industries – blockchain technology. For the retail industry, this means opportunities as well. Discussing the role of blockchain technology in the online retail space, Simon Cocking recently explained for Irish Tech News: “Technology has been constantly evolving and joining hands to bring forth a true warrior format that can make you highly capable. eCommerce combined with mobile apps to give convenience and comfort to you. Eventually, it went on to join hands with the mobile wallets and Fintech, which allowed you to commit transactions anywhere at any given time. Today, transactions are being monitored through the Blockchain technology. We are going one step further to make the transactions secure, and disrupt the lives of the shoppers to make way for better experiences. Blockchain is a distributed ledger, which allows you to store, share and transact upon any digital asset that seems important to your needs. So, in simple words every transaction that happens has public viewership, thus protecting your assets against all the digital attacks and vulnerabilities. If any changes are made to this digital ledger, then they are automatically shared with the people. This can occur manually or automatically, depending on the type of distributed ledger you are working on.

zeeshan profile

In the case of Blockchain technology combined with eCommerce, you will notice that it is capable of handling product searches, selection, payment processing, and other aspects virtually, thus giving out a desirable experience to the users. There are obvious advantages associated with blockchain in eCommerce. A well-monitored and balanced supply chain is a distant dream for eCommerce businesses. Though it is the most crucial aspect for eCommerce businesses, tracking the products, managing the stock and even centralizing the database seems hard to achieve for the businesses. That’s where Blockchain can help eCommerce in keeping track of the products, and improving the overall monitoring.

With Blockchain technology, businesses can easily manage their inventory. In fact, the technology makes it unnecessary for businesses to invest in other resources to manage and monitor the inventory. The technology allows you to check on the flow of the products within the chain and also offers you an incorruptible visualization into the processes. It is important for the marketplace to be transparent so that everyone feels secure in being within the marketplace and knows what is happening around the marketplace. However, before Blockchain, one of the main concerns of the people within the marketplace was the transparency. A lot of eCommerce marketplace would not even consult the manufacturer before removing them. Blockchain will let the people within the marketplace know of any changes that occur. Even if a slight change is made to the transaction, everyone would become aware of the same. Blockchain offers ease-of-use as well as the convenience along with the speed in the transactions. You won’t take long to complete a transaction made with Blockchain. It is instant and there is no regulatory authority, which means you don’t have to pay any extra money to get done with the transactions. Apart from that, you won’t be a part of any fraud, as the technology is based on the peer-to-peer transaction premise.

Security in any form is a cause of concern for the eCommerce businesses. The Blockchain-based eCommerce platform offers security at all levels including data and wallet security.” Blockchain plays an important role in the online retail space and will soon also become a standard within the mobile commerce space. Therefore, merchants need to start investing funds in the online and mobile presence and partnering with technology providers that are following retail trends and will help them make the necessary updates at the later stages of industry development. At GO’Mobishop, a mobile shopping marketplace allowing brands and companies to establish secure online presence and launch their mobile app in a matter of hours without any major investments or hiring requirements, we are primarily focused on supporting merchants of all sizes, helping them promote their creations online, grow their sales via mobile retail, and lower their long-term marketing and distribution costs. Furthermore, we are passionate about helping our clients integrate top-tier payment options, personalize their offering, and build a great relationship with their customers. At our store, merchants are able to sell their merchandise in a safe and reliable shopping ecosystem allowing users to do online shopping at various Pakistani brands and purchase domestic apparel from Pakistan. If you need a native mobile app with next-gen features, we will help you launch it today. Follow us for more news and let us help you become a leader in the future of retail (or just visit our website and discover new favorite brands): gomobishop.com

Check Also

China’s initiative to support Pakistani health, education, and training

China’s initiative to support Pakistani health, education, and training

March 22nd is World Water Day, which aims to emphasize the importance of fresh water …

Leave a Reply