Three ways blockchain disrupts traditional business models
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.
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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