E-commerce is one of the fastest-growing industries in India. According to the latest available data, the Indian e-commerce market is expected to reach a US$188 billion market size by 2025. As of now, the industry is mostly dominated by traditional (centralized) entities that offer great services but at the cost of user privacy and security. However, the modern e-commerce market is ready to adapt to new technologies that will not just enhance platform security but also provide an overall more efficient system for online shopping and transactions. Blockchain is one such technology.
In the past couple of years, there has been rapid growth in the number and popularity of new generation e-commerce systems that are either fully based on blockchain or inspired by the technology in one way or another. For instance, some e-commerce platforms have already started integrating blockchain-based payment systems or cryptocurrencies into their existing operations to enable faster and low-cost payments, particularly for their international customers. Then there are projects like Excelli that have gone full-scale on blockchain and are offering a variety of e-commerce services based on blockchain technology to users worldwide.
The future of the e-commerce industry is bright, to say the least. That despite the fact that the industry is largely dominated by a few big players, most of which run centrally controlled operations where the user control is minimal. There are many problems with such a centralized e-commerce system. For one, there is too much data or power concentrated on a single point, which raises the concern of failure or theft. When you are dealing with user privacy and data, security should be a primary concern, but traditional e-commerce systems lack this.
Another problem with current e-commerce is that the users have too little control over how it operates and the product prices. Merchants can change product prices dynamically and however, they want, while customers have no option to get a product at their desired price.
Other common issues of traditional e-commerce include the inability or no incentives to buy with others, lack of social connectivity, reward tokens with zero monetary value, and limited payment options.
The new generation e-commerce platforms that are accepting cryptocurrencies are also prone to the high volatility of crypto tokens and need to find better alternatives.
Blockchain can help resolve most of these issues while introducing more security, transparency, fairness, efficiency, convenience and incentives to consumers.
Excelli uses blockchain technology to fairly and securely offer a wide range of e-commerce, social and financial services to users worldwide. The Super app uses a native Utility token called the Excelli coin to fuel all transactions, including payments and rewards within the platform. Find out more at https://www.excellicoin.com/