With the inception of the internet, has come seemingly limitless opportunity. Such opportunities are seen in vast proportion with regards to the E-commerce space.
A Detailed Deep Dive into Blockscart: Innovation for the Future of E-commerce - @blockscart
Buying and selling virtually anything on the internet has never been simpler than it has become in the last two decades. Traditional E-commerce marketplaces have paved the way in regards to the adoption of online shopping. But innovation can be followed by greater innovation. Blockscart aims to be that greater innovation.
Blockscart: Aiming for a True, Person to Person marketplace
What does this mean to the customer? “Blockchain will allow for P2P marketplaces to evolve from that and as they will not have a centralized team or the alien expenses, will bring down costs to customers and better principles for retailers” (Blockscart Whitepaper, p. 5). Current E-commerce marketplaces often operate with middlemen in the process. The marketplace itself, as a business, charges fees for sellers to list their items, and fees for buyers to buy said items. Being built on a decentralized blockchain platform, Blockscart boasts that they are able to cut down these costs, giving the seller more value for their product, while making the end price less expensive for the buyer. “Payment in the form of cryptocurrency will allow for the removal of fees and only a small cost covered by the transaction gas will be required. This will allow for all sellers on our marketplace to reduce total price due to the removal of these fees” (Blockscart Whitepaper, p. 11). Blockscart aims to provide a simple system for buyers and sellers to come together and interact directly, in one place.
One big hurdle that cryptocurrency as a whole attempts to solve is the issue of payment. Without cryptocurrency, it is rather cumbersome and difficult to send value directly from one person to the next… or in this case, from the buyer to the seller. Having a marketplace built around using cryptocurrency payments has the potential to provide a more efficient way of doing this.
Cryptocurrency also allows value to be transferred without having to divulge private information. Blockscart adds to this system by providing their own token that is integrated in their system, with the option to also use many other cryptocurrencies as well. “In the respondent's view, payment security is the most important factor when choosing a payment system. Low rates and payment speed are also quite significant for the sellers” (Blockscart Whitepaper, p. 10). Blockscart’s cryptocurrency based system could provide significant improvement in this area.
This is also a revolutionary concept, in that it provides a system formed around a borderless payment solution. If customers from other countries desired to pay for products, they would be able to pay without having to convert into the currency of that country.
The Best of Both Worlds:
Blockscart aims to take the current system of E-commerce, and improve upon it. This means taking the positives from the traditional system, and combining them with blockchain innovation, in order to remove difficulties from the traditional E-commerce system. “With the adoption of Dapps and other marketplace platforms in development, we believe offering the platform as a hybrid crossover between centralized and decentralized will give us an advantage over the more advanced desktop downloadable platforms” (Blockscart Whitepaper, p. 8).
An Opportunity For Small and Medium Sized Companies:
For small and medium sized businesses, it can be difficult to become profitable and grow a thriving business, due to barrier to entry, as well as different costs. Online marketplaces can often be essential to helping new products or brands get on the market and make a name for themselves. E-commerce can be a gateway for that, and Blockscart is looking to cater to this aspect of business. This is a unique opportunity in that there are often a significant amount of buyers looking to shop online because of the seemingly endless selection of items, and the convenience.
Benefits to Sellers and Customers:
“According to the survey of sellers, each platform has its comparative advantages, that is why the companies have to operate on various platforms. The main criteria for marketplace selection:
- Focus on quality products
- A large amount of traffic
- Simple and fair rules
(Blockscart Whitepaper, p. 10).
Blockscart looks to be an all-in-one solution, so to speak, for an online marketplace. The ideal scenario for the buyers and sellers would be to be able to have one place to go to buy virtually or sell anything, without multiple “middlemen” or third parties involved.
Marketplace Breakdown Points:
- General catalog of products/items for organization according to category relevancy on main Blockscart marketplace home page.
- Availability for sellers to create their own, independent online shops
- Main page with catalog that directs customers to products they desire, and the shops that sell those products.
- A system of rating and feedback for sellers and customers (similar to eBay’s rating and review system)
There are several key benefits for vendors to set up shops on Blockscart as well:
- The Blockscart marketplace decreases the barrier to entry for a shop to be set up, by excluding fees to set up said shop.
- Speed for payments to be approved (this aspect is a difficult one for the traditional system because there are so many middlemen in the payment process that value is not transferred as fast as cryptocurrency payments).
- No fees for the sellers, due to the use of Cryptocurrency instead of fiat methods (Only fees applied will be small fees naturally occurring with the specified cryptocurency chosen for the transactions)
- Ability to receive payments in multiple different cryptocurrencies.
- Option to transact with the BLOC token as payment method if desired.
The Blockscart platform looks to revolutionize the E-commerce world. All in all, Blockscart looks to be able to provide an enjoyable customer shopping experience, with the potential for more competitive pricing than traditional shopping options, while also looking to provide peace of mind to the customer, through payment with cryptocurrency (potential for customers to pay without having to divulge important information, credit card numbers, etc). Blockscart also looks to benefit sellers by reducing fees, and thus reducing the barriers to entry and profitability.
*This article was written based on my interpretation of the data.
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*This is a sponsored content post. All opinions expressed in this post are based on my personal view and should not be considered financial advice for anyone to buy or sell anything. Always conduct your own independent research before making decisions for your portfolio.
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