Traditional retail industry is nearing its demise. At least that is what most analysts foresee with the rise of eCommerce as the preferred option for many customers. There are even those who refer to the prevailing situation in the traditional retail trade as the “retail apocalypse.” The term may sound funny to some but it is a point that traditional retail businesses dread. With more than over 80% of the population in the Western Hemisphere doing their shopping online, and analysts predicting that more than 2.1 billion people expected to do the same by 2021, there is cause for alarm as traditional retailers and merchants are having a hard time adjusting to the industry’s paradigm shift. As if this was not enough, the retail industry also observed that there is an increase of people doing their shopping online in other parts of the globe. Help is on the way though as RocketFuel Blockchain technology is slowly making its way to help both beleaguered traditional and digital merchants and retailers.
eCommerce In Present Times
Presently, eCommerce behemoths like Amazon, Ebay and Alibaba dominate the industry. Traditional retailers wishing to sell their products online must conform to the policies put forward by these eCommerce platform owners. This means that once they put their products on any of the three eCommerce giants previously mentioned, merchants have to succumb to these companies’ whims and wishes. To add more to the woes of traditional retailers, most of these eCommerce leviathans use a single centralized platform, meaning most of the product searches done by customers are processed by a single source and could easily mix merchants selling similar products. This, in effect, creates lots of problems for merchants who take the extra mile in defining their own brand. Such process, however, is going to change soon with the birth of blockchain eCommerce.
The Rise Of The Machines
Okay, so the term was borrowed from the movie Terminator 3 but far from being negative, blockchain technology-enabled eCommerce will usher in the golden age for the retailing industry. In fact, this paradigm shift will be very beneficial to traditional merchants and retailers. The process where traditional retailers would have to go through a third party eCommerce platform to sell their goods and products online will be a thing of the past. With RocketFuel Blockchain technology-enabled eCommerce sites, merchants and retailers would enjoy a decentralized marketplace which would allow them to define their brand and products for customers to see. In a way, blockchain technology would democratize the process and give merchants the power to further develop the brand they sell online and launch it to a global market in a very productive and secure way.
The integration of RocketFuel Blockchain technology in today’s online marketplace will help overhaul the present structure of the digital market. This could further drive traffic to traditional retailers and merchants and increase the sales they make online aside from the profits they get from their offline store. Smart contracts with programmed rules and regulations will be the norm under a blockchain-enabled eCommerce, creating an atmosphere of trust, transparency and sustainability for both merchant and customer. With RocketFuel providing renewed thrust and energy to eCommerce, both traditional and online merchants would now be able to define themselves more so their business can thrive on their own terms.