Online shopping jumpstarted the digital economy and as an emerging industry it is doing pretty well. Commercial cities with well-established infrastructure and connectivity will probably be more privileged and exposed to efficient e-commerce services. Amazon, a name many would recognize as the most valuable e-commerce global brand having a net worth of $315.5 billion, surpassing Apple and Google. However, despite the surge in growth for online marketplaces like Amazon, there’s still a big market worldwide who are not contributing to the e-commerce economy all due to shipping limitations and online payment method options.
ABBC initiated to bridge the gap between a potential market and the e-commerce marketplaces. With ABBC’s Aladdin Wallet and Buyaladdin e-commerce application, ABBC provided a platform that will make big marketplaces names all available to crypto consumers and those who don’t have bank accounts. These potential customers can easily download Aladdin wallet and experience a new way of shopping where shoppers and cryptocurrencies shall go hand-in-hand.
Alongside the growth of the e-commerce sector is the demand for digital payment gateways and courier services. The potential for the incorporation of these two markets is indeed high as both industries complement each other in many ways.
5 reasons why cryptocurrency should be adapted into the e-commerce industry.
#1 Crypto as a Universal Digital Currency for Online Shopping
Digitalization has conquered the retail sector and is definitely not a seasonal trend — e-commerce is here to stay. Consumers now opt for online shopping due to the convenience and affordable prices easily comparable than in physical stores. Due to this, many retail establishments have closed down and online marketplaces such as Amazon, eBay and Rakuten have proliferated.
Cryptocurrency is on the same boat, being digital in nature. Both run in the same platform and are considered revolutionary in their own respective industries. To the point that Roger Ver regarded Bitcoin, a cryptocurrency as the most important invention in history since the internet. Both consumers and business owners will be able to benefit from the advantages cryptocurrency will bring as an alternative mode of payment. With cryptocurrencies in place, online merchants will be able to cater to a larger scope of audience.
#2 Crypto Speeds Up E-commerce Seller’s Payment
According to the Wall Street Journal, every online shopper wants faster delivery and cheaper good. And e-commerce companies are more than aware that speed and time of delivery are essential to a customer’s overall experience. It is a focal selling point to a buyer’s check-out decision. Meanwhile, credit card payment requires the buyer or payment gateway company to authorize the seller to receive the payment from the buyer’s account, passing through financial intermediaries in the process. Crypto payments can bridge this gap by immediate fund transfer.
Buyers with crypto can quickly pay by QR code and the seller will receive the payment immediately on their digital wallets. Blockchain’s potential for further digital development proves that crypto transaction will be able to facilitate a great number of payments that is optimal to the high demand of e-commerce businesses.
#3 Blockchain Secures E-commerce Transactions
E-commerce sites are grounds for fraudulent purchases. Stolen credit cards are commonly used by hackers on online shops and e-commerce businesses will take too much time to verify fraudulent orders are purchased using another person’s card. Blockchain protects both the identity and payment details of customers.
With the power of blockchain, payment can be done in a top-level security platform that gathers immutable data and records transactions for efficient tracking and monitoring purposes. Through this digital transparent ledger, transactions between two parties can be made without the need for authentication from any third-party institution.
#4 Guarantees Cheap Transaction Fees
The total bill that you pay upon checking out is not the actual amount that the seller will receive as profit. It might not be a surprise that there’s a middleman within this transaction process. Digital payment companies that are earning much revenue such as Paypal, Stripe and other credit card companies are getting good percentages especially when there’s a foreign exchange fee included on that certain order.
E-commerce businesses and credit card users who want to refrain from these charges will delight in the decentralized and direct fund transfer that crypto payment transaction will offer. Through crypto’s peer to peer solutions, e-commerce business owners can maximize their earnings in every order using cryptocurrencies.
#5 Crypto Complements the International E-market
The internet binds the world into one great market. International marketplaces have suppliers and customers across continents who make transactions using different currencies. Consumers can access online shops which are not running operations in their region, all thanks to the power of the World Wide Web.
Cryptocurrency is global and made available to people who do not have enough credentials to open a bank account. Payment structure made available via crypto would be more convenient for them. Individuals will be able to open digital wallets rather than having their own credit cards or bank accounts. In this way, crypto will open the e-commerce market to more customers, especially in developing nations. When this happens, it will propagate the use of cryptocurrency and society will experience and reap the benefits of using digital currencies.
The hype of the digital and traditional tug-of-war for shopping experience has been ongoing for quite some time but the digitalization within the retail industry seems to grow through the years. ABBC is among the front liners within the fintech industry that envisions the merge between crypto and shopping. The company’s vision is finally turning into reality by announcing the launch of its very own shopping mall — Buyaladdin.
Cryptocurrency and e-commerce cannot be separated soon enough, as the future is seen to be more advanced than ever. No more printed receipts, no more long queues, and no more waiting game for your goodies!