DeFi – A Definitive Answer to e-Commerce Woes
DeFi, or decentralized finance, is tirelessly making the rounds lately disrupting anything disruptible along the way through various financial applications, powered by blockchains and cryptocurrencies that are driving intermediaries to fade into obscurity. DeFi protocols are now found in payments, wallets, lending, trading, infrastructure, interfaces, scaling, and assets. It has also taken under its wings education, analytics newsletters, podcasts, and communities.
The eCommerce Case
eCommerce has been long in the fore for as long as the Internet was concerned, dating back more than 40 years ago. The 1970s saw the birth of teleshopping that evolved into online shopping upon the opening of the Internet to the public in 1991.
Amazon was among the first of thousands of buying and selling sites that offered products and services and bills payment on a daily basis. eBay, Shopify, and a host of others that followed suit further redefined the way we shop and transact.
Now, the eCommerce business model has empowered any entity and anyone to become a merchant through these shopping giants, as business can be conducted via smartphones, tablets, or computers.
With almost any transactable product or service we can imagine from food, toys, appliances, books, plane tickets, to music, arts, plants, and artifacts, and to hotel bookings, online banking, and stock investing, eCommerce itself, like defi, is very disruptive.
The Meeting of Two Disruptions
In the intertwining network of possibilities in the Internet highway, the meeting of these two disruptions has become possible. Whilst the ever-growing eCommerce platforms increased the conduct of new businesses under the shopping giants, new problems naturally arose, aggravating the existing ones.
A seller account plus selling fees can cost up to 20% of total commission fees, which, more often than not, customers have to end up paying.
Thus, items appear to be more costly than when bought from decentralized sites. When DeFi collaborates, it fixes the problem by removing the middleman from the picture, and the cost of having them. Take the case of PayPal, whose DeFi adoption has made millions of merchants crypto-empowered.
The move is causing a precedent that even Visa and MasterCard will have to give up much of their centralized power to dictate prices, lifting burdens long carried by consumers and retailers.
Customer Loyalty & Rewards Redefined
Retaining customers for repeat purchases require upscaling personalization to redefine loyalty. Cutting-edge personalization is more than personal emails and algorithm-based recommendations pulled from personal browsing histories.
Evolving tastes of predominant millennial customers are expecting a flawless shopping experience that rewards choices and needs according to their tastes.
Traditional retailers, to each his own, are tied to the old ways of satisfying customers by the repetitive use of obsolete reward systems and schemes. Customers now tend to skip even discounts and rewards when they are tasked to fill-in boxes individually for each retailer.
DeFi structures can solve this by having only one address that pools all those rewards and discounts under the customer’s name on a single signing from the shopping platform where the retailers belong.
It will also save both customers and retailers from fraud. A fragmented eCommerce ecosystem can hurt retailers with chargebacks, which, The Nilson Report found, that $32 billion were lost in 2019 alone due to card fraud.
The Emergence of Convergence: eCommerce + DeFi
After many years of exposure and working with multiple eCommerce platforms and payment solutions, Xion Global sought to build a game-changing single, working, unified payment solution & eCommerce platform using DeFi to fill in the need of empowerment that businesses and customers were not getting with centralized protocols.
With a simple and intuitive platform, Xion provides Merchants with the ability to accept payments globally with just 2 lines of code on any website/dApp. Create checkout buttons to suit your websites style and start accepting payments globally with Credit/Debit Card, Apple Pay & Crypto.
Highly beneficial, too, to merchants is the loyalty program and cashback rewards that apply globally for consumers with digital wallets or universal accounts, which they can earn, spend, or redeem anytime at any merchant using the Xion payment gateway. The sky is the limit.
Because of smart contracts being employed at every sale, direct-to-consumer retailing is truly enhanced without any need for intermediaries. Improving the reliability of suppliers, retailers, stock keeping & shipping times for Merchants.
Buyers, on the other hand, are given complete purchase transparency and control through their universal digital wallets and Xion’s management solution.
Additionally, Xion Global will soon be introducing an automatic DeFi staking mechanism intended for merchants sales revenue, which can be immediately invested to start earning compounded interest at up to 15% APY, a feature that no other platform in the world is offering.
The suitability of Xion Global for companies of all sizes makes it a complete end-to-end solution that is user-friendly and comprehensively meets the needs of any business wishing to dabble in or have fully committed to selling online. No registered business required, No bank account required & Available globally.
“Have We Met?”
Decentralized finance and eCommerce have finally crossed paths to disruptive proportions. It has been a long time coming and the once dreamt only solutions to the woes confounding eCommerce can now be put to rest as DeFi proves again its power to disrupt – for the betterment of the economy in particular, and the society in general.