Three ways blockchain disrupts traditional business models
02 Juin 2022 - 08:10AM
NEWSBTC
An essential component in business is adapting to technological
trends and providing the best possible services for customers. This
is known as providing a customer-centric experience. Examples of
adapting technology and focusing on customer-centric experiences
are shown through Walmart and Amazon. These businesses traded at
$400B (Walmart) and $24B (Amazon) as of 2010. As e-commerce and
digital technology grew, the revenue of Walmart grew to $576B and
Amazon $477B in March and April 2022. However, as with e-commerce
improving traditional business, cryptocurrency and blockchain have
the potential to disrupt and revolutionize traditional business by
providing unparalleled new customer-centric utility. For example,
Binance had revenue of over $20 billion in 2020 and Coinbase $4
billion in 2021. These two exchanges are but two of many, and
blockchain also features non-fungible token (NFT) marketplaces just
as lucrative with OpenSea trading around $2 billion in volume
monthly. Despite this success, no traditional business has merged
the success of blockchain technology with their business. Therefore
here are three ways cryptocurrency and blockchain technology can
disrupt traditional business. 1. Customer-centric shopping
experience The most substantial success in the e-commerce industry
is the ability to cater for the customer, helping them find the
perfect product at the best price. Amazon employed this as their
focus, and professionals have stated this as the reason for their
success. Customer-centric shopping is also a factor in the growth
of e-commerce as the customer was able to find what they wanted or
did not even know they wanted instead of settling for what was
physically nearby. Blockchain takes customer-centric business to a
new level. It provides faster transactions, lower fees,
transparency, and automated transactions without any middle man
interfering. The implications of blockchain technology on
e-commerce are massive, but essentially, it offers users a safer,
faster, and more trusting method of spending money – or, in this
case, cryptocurrency. The above demonstrates that crypto commerce
customer-centric experiences are innately a part of platforms.
However, there are also further incentives on top of this. The
exeno platform features a crypto commerce marketplace that
prioritizes the customer. The marketplace features deals more
lucrative than alternatives that regularly rotate. The goods sold
in the exeno marketplace are also of the highest quality offering
goods from established branded products. The quantity and quality
of the product are on par with the best but exeno also offers
affiliate programs, a broad range of cryptocurrencies, global
shipping, no registration requirements, and popular payment
gateways. The”fuel that powers” all the features is their
cryptocurrency – exeno coin. The definition of customer-centric is
the ability to distribute what customers need, don’t need, and
expect. Thus c-commerce fits the definition perfectly as it bestows
all the benefits of e-commerce with revolutionary incentives,
transaction speeds, and a rewarding user experience. Adaptation is
also vital for customer-centric business and exeno capitalizes on
this by creating a fleshed-out roadmap of planned utility,
including Stake Back (a more lucrative alternative to cashback). 2.
Removing the middle man. Trading in traditional business is a
step-by-step process of multiple organizations that culminates in a
customer receiving what they purchased. There is often a middle man
that complicates this process. For example, a user sells a working
item on eBay and gets a complaint the goods are defective. This
user is subject to eBay terms of service, and even though the
seller did nothing wrong, they must refund the buyer – losing both
money and physical good. This is where blockchain steps in to
remove the middle man, speed up transactions, verify the exchange
of assets and support both buyer and seller. A current booming
market is non-fungible tokens (NFTs) which sold a total of $17B in
2021. However these markets are heavily fragmented across various
blockchains and Defi – meaning every holder’s unique assets, art,
goods, and collectibles are all in their own world isolated from
the rest. This is where exeno wanted to create more
customer-centric experiences through their all-in-one, global NFT
marketplace (expected Q1 2023) which eliminates the fragmentation
from Defi and offers an essential trading hub. 3. Safety. Financial
safety has always been an issue within the traditional business
industry. Fraudulent activity has evolved through the pandemic and
is shaking traditional businesses through £753M stolen in the UK.
The statistics don’t lie, as they show nearly two-thirds of adults
in Britain (36 million) have been targeted by scammers, and nearly
half of Americans have had unauthorized charges on their credit
cards. Blockchain changes this as wallets are secured with lengthy
seed phrases that only the owner would know. Additionally, every
purchase requires manual approval through the cryptocurrency
wallet, unlike Amazon which stores personal details. SSI
(self-sovereign identity) is a revolutionary concept that will
offer unparalleled customer security. The technology allows digital
identities to be handled in a decentralized manner meaning no human
being ever see’s, uses or controls a customer’s private
information. Currently, no marketplace or online store uses this,
however, exeno is conceptualizing this feature for the future.
Unlike traditional finance, the user has control of their
information, and with no data stored it ensures customers are
safeguarded. The UK Finance regulatory body states that fraudulent
activity is only growing – and they can’t stop it. However,
c-commerce, SSI, and blockchain can. These are just three ways
exeno’s c-commerce ecosystem is disrupting and revolutionizing
traditional finance. With a sprawling marketplace that focuses on
the customer and their safety and a wealth of physical goods and
use-case, exeno is currently the first and only c-commerce platform
to bring crypto to life.
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