Ecommerce industry isn’t ignorant to technological progression. AI and machine learning has already made it easier for businesses to remodel their customer interface and marketing side.
Inducing sales and generating traffic have always been challenging. Machine learning is helping setups on this front. Big data and predictive analysis have made chasing customers easier than in the past. The ROI is better on marketing initiatives now.
The motive behind the introduction of bitcoin was to facilitate fast and cheap digital payments. Understandably conventional banking has its own style, simply because a huge amount of privacy is at stake.
Digital wallets and alternate payment methods are changing the trend big time which also means less headache for banks.
What’s interesting here is that banks are on top when it comes to exploring blockchain opportunities. The need of the hour is to make banking safe and swift.
Another factor is the dependency of other verticals on banking industry, say ecommerce of example. Neither it can sell anything nor have visitors purchasing its products without an efficient payment system.
5 years ago, a bitcoin was valued at $100. Back then, the cryptocurrency wasn’t so popular. It saw a whopping rise in course of next 4 years, trading at $17900 in Dec 2017. Not only this was massive but unexpected too. This was when businesses really started to look at blockchain seriously.
Statista is predicting blockchain industry to go over 2.3 billion by 2021. The current trend however is more with funding and defining costs for blockchain. Most businesses are exploring its potential and how it can be fully optimized to be used in their business.
Since there is no dearth of money, corporations clearly have an upper hand. Small businesses can’t really invest into it but they can certainly prepare their mind for future.
If AI made designers and developers to transform their style of working, blockchain experts are expected to deliver even more. This also has a flip side. Since blockchain is in its initial phase, there are plethora of opportunities at lucrative pay packets in the market.
Software development has moved over from just creating websites. Customized applications involve dealing with IoT, AI and Blockchain today. Service providers who are dynamic and open to new technologies will gain over others.
AI in ecommerce brought in shopping assistants and chatbots as we often see them on every site these days. Blockchain will simply payments, safeguard consumer privacy and add better transparency to it.
The standout feature of blockchain technology is certainly its decentralized nature. It is an electronic ledger that records transaction without having to be verified centrally.
Once the information is saved, it cannot be altered without modifying the entire block and taking the consent of the network.
What it does is that it makes the records safe and ignore the chances of information getting exposed. Ecommerce industry is huge today. A player like Amazon sells numerous products every second. This also means that customer information is added or updated in their database simultaneously.
With this, ecommerce entities become highly accountable for keeping customer data secure. Today, to make an online purchase, we share our data at multiple places, the shopping site, wallet company and obviously bank has it in the first place.
What’s more, all this is driven by our browers and smartphones which are already guilty of asking too much information.
Like with other things, we’ll see challenges in blockchain too but what’s evident is the benefit it brings to the table. In its course, blockchain will only improve which is what is in the sight. See this infographic on why must ecommerce businesses should think of blockchain –