Current Trends in Block chain Technology

Of late, online retail sales have scaled up exceedingly in the online industry from consumer durables to products of daily needs including SaaS or Software-as-a-service.  All the same, retailers continue to face challenges in reaching to customers and satisfy them.

The next line of action is the evolving Blockchain technology solutions which promise to resolve the customer gaining and retaining process besides going a step ahead in making informed choices for them before they go on a buying spree.

Retailers and Yields

“Hey, this is not the product we ordered…this is different than what we saw on the online catalog!”All of us have experienced such disappointments after unpacking the product that we had ordered even after carefully choosing the product before finally buying it, online.  With little initial resentment and aversion, we repack in the original packing to return for exchange/replacement. The scene is not uncommon and the process of exchange/replacement is not easy given the job involved at the online retail store; the cost of repackaging and wastage of time, etc.

One of the major problems with online retail sellers is that customers do not check thoroughly before making a purchase. Costumes and accessories are unique and quite often they do not appear usual, real and natural in a 2-D image picture of the product, although the website may have a great HD resolution.  It is difficult to scale or gauge the product from a picture; the size or shape cannot be determined. Among the returnable items, the casualties usually are ladies handbags, purses, etc. as the buyers could not make out the shape of the items from the pictures put up on the website!

This way, sometimes the online sales returns account for much more than expected resulting in a drop in sales of the online marketplace. The consumers are wary and not willing to risk until they are thoroughly satisfied about the product they see online is really, what it looks like; and it makes sense.

Solutions via Blockchain

Most of the time even after diagnosing the problems, solutions seem to escape. Small retailers, find it exceedingly expensive to create images in order to reduce return rates and increase sales. They often end up with little profit at the end of the day.

The content being accessible to everyone with the advent of Blockchain technology platforms, it is now possible for online retailers and web developers to create, share and monetize new 3D images without the centralized profiteering. They have started expecting even from enterprise-level content providers.

The advent of blockchain technology paves way for creators and users to share content via peer-to-peer (Peer-to-peer) networks. What more, it allows creators to work directly and also sell content to online retailers. The technology goes further to make it possible for even smaller image creation firms and individuals to begin creating new images and capitalize the opportunity.

Data sharing and transfer process have been simplified due to decentralized P2P platforms which will ultimately have great influence on the ways online retailers sell goods in order to reduce return rates.

Online SaaS Retailers & Blockchain Solutions

It has been a challenge even for online software retailers to find and continue to retain customers, due to the centralized nature of the current SaaS ecosystem. Quality content created by software producers for different solutions, however, are effective in moving it to the marketplace due to centralized hubs in software management. Therefore, companies are toying with the idea to create new SaaS systems on the Blockchain that decentralizes software creation and distribution.

Moreover, centralized hubs like the App Store or Google Play, decentralized solutions are able to create a platform where software developers can market their content directly to users, thereby helping software retailers to both markets and distribute their content instantly.

Looking for Greener Pastures

As mentioned above about the challenges faced by online retailers in their respective fields owing to the complex process, the power of Blockchain technology with decentralized data and finance has been more than a boon.  It provides a new vehicle, a tool, a perfect avenue; for retailers to reach and satisfy their customers.

Go to see, the traditional methods of reaching out to customers and connecting with them was a safe solution which worked well during the initial period of E-Commerce.  Times a changed; customers are becoming tech-savvy and not inclined to deal with enterprise-level complexities anymore as they tend to do their purchasing on the move.

Buyers’ expectations have grown exponentially for all kinds of products; digital and real-world and Blockchain technology is coming to the rescue to offer solutions in case of any hiccups. Such solutions are still in its fledgling stage, as Blockchain technology advances into the E-commerce marketplace for a progressive future.