From spawning new markets like NFTs and blockchain gaming to improving the underlying infrastructure for scalability, the crypto space has made giant leaps over the last two years. Yet, the value-addition of cryptocurrencies is little to none in the day-to-day activities of ordinary people.
To change this dynamic and drive adoption with practical use-cases, crypto is on its way to being fully integrated into one of the most sought-after online experiences on the internet - shopping. A new way of doing digital commerce called crypto commerce has emerged, promising more secure and globally usable online stores.
The rise of crypto payment gateways in traditional businesses strengthens the case that there are people out there who want to use digital assets as a medium of exchange. This helps merchants drive more customer growth as over 1 billion people don't have bank accounts but can use cryptocurrencies to shop on their smartphones.
Why Choose Crypto Commerce Over Electronic Commerce
The first online shopping transaction took place in 1994. Since then, the digital commerce space has gone parabolic, making virtually anything delivered to the home possible. Now, it's time to take it a step further with c-commerce.
Here are a few benefits offered by c-commerce that make online buyers take notice:
Fast Transactions
When using credit or debit cards for online payments, there's always a possibility of either failed or delayed transactions. It can take a few days to find and resolve the issue, under normal circumstances.
On the other hand, the blockchains keep running with zero downtime. So it's a much faster option to connect a crypto wallet and make payments. Further, crypto payments are not limited to only one asset. Buyers can select from various accepted cryptocurrencies and stablecoins to make quick and easy online purchases.
No Middleman Fee
Although digital commerce was supposed to eliminate "themiddleman", there are still some unavoidable costs for both users and merchants. For users, the fiat payment gateways can charge anywhere from 1-3% per transaction. Similarly, merchants have to pay commissions to online stores. The amount may seem small initially, but it can add up quickly.
C-commerce has no built in middleman fee. Users only have to pay transaction fees which are low on most blockchains, and merchants don't have to do a thing to convert crypto into fiat. Consumers also have the option to optimize fees based on network congestion.
More Transparency & Security
One of the biggest reasons why people nowadays hesitate to do online shopping is the fear of disclosing personal information. The risks of centralized features & processes are also associated with e-commerce stores. So a single security breach can compromise large amounts of user data.
C-commerce has a decentralized solution. Crypto-enabled online stores can soon incorporate identity management for securing users' personal information, like shipping addresses, and provide tracking for physical products without involving third parties.
How Online Shopping With Only Cryptocurrencies Looks Like
Crypto as a payment option is the only functionality added by most e-commerce sites. As a result, consumers don't really get to transition from Web2 to Web3 completely. To make e-commerce drive adoption, there need to be more blockchain integrated products elevating consumer experience. This is where exeno shines the brightest.
Exeno is delivering innovative blockchain solutions to e-commerce industry that make online shopping more accessible, safer, and cost-efficient. It has first built an online store with software wallet integration, where buyers can make purchases using a variety of cryptocurrencies like BTC, USDT, ETH, and BNB.
While the store is the gateway to crypto commerce, there are many more offerings that make exeno truly stand out. Exeno is also introducing a dual-purpose payment processor called SCREX. It will help users seamlessly explore the worlds of finance, both centralized and decentralized. Further, it will power a peer-to-peer marketplace, help store NFTs, and enable offline payment technology. Screx will be also equipped with a unique identity management system that lets consumers share their personal details like shipping address in a decentralized way. Exeno is leveraging Polygon ID to make this happen.
Along with developing robust e-commerce solutions, exeno launched its own coin, exeno coin (EXN), which will fuel the exeno commerce ecosystem by adding a lot of utility. For starters, it will be used for the Stake Back program, a new way of giving cashback for every purchase. It is worth mentioning that the Initial Exchange Offering (IEO) of exeno coin will take place on the 3rd of October on the AAX exchange.
C-Commerce - Bringing Crypto to Life
Exploration in Web3 has always been unidirectional. But not anymore. Crypto will now enter people's everyday lives and provide a secure and faster way of making global purchases online. Through c-commerce stores, it also becomes easier to get used to blockchains and various other Web3 technologies. With projects like exeno, consumers now have a complete suite of blockchain-powered products to explore an emerging crypto commerce sector and benefit from the unlimited upside.
* This is a contributed article and this content does not necessarily represent the views of techtimes.com