Is the E-commerce Sector Ready for the Web3 Revolution?
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The e-commerce industry is expanding rapidly with increasing internet penetration and smartphone users worldwide. Its market size reached USD 13 trillion in 2021 and is expected to cross USD 55.6 trillion by 2027.
COVID-19 played a significant role in this growth, compelling people to stay home and shop online. Factors like hassle-free online shopping have also been crucial. For example, brands now sell a wide range of products online at much lower prices than in physical stores. And then there’s been the rise of social commerce, with global sales via social media platforms crossing USD 732 billion in 2021.
But still, legacy e-commerce platforms have their limitations, especially concerning the end-user’s security and privacy. This drives the demand for more secure and user-centric alternatives.
Web3 rises to the occasion, enabling the next paradigm in online shopping. It’s called crypto commerce (c-commerce), where one can purchase items using digital assets like cryptocurrencies and NFTs. This has enormous benefits and can transform the online shopping landscape completely.
Web3 is the future, but it’s already disrupting e-commerce. Leading platforms like Shopify are using NFTs for a better user experience. It now rewards fans and VIPs through its “token gated” commerce program. NFT holders get access to exclusive products and benefits under this scheme.
Similarly, Flipkart has also entered Web3. The newly-incorporated Flipkart Labs is currently evaluating ways to provide metaverse-oriented utility using real-world applications.
So, how can eCommerce platforms gain from Web3?
In many ways, actually. First of all,
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