Blog: BlockCart — The One-Stop AI Solution to All Businesses
Today, e-commerce and the retail sector reflect a growing trillion dollar online economy — an industry that is built on providing endless choices for consumers with greater convenience, accuracy and seamless user experiences.
It is also heavily reliant on data-sharing, as large influx of consumers provide information with their purchases, while businesses try to efficiently market their products to consumers. However, there are limitations in properly retrieving insights gained from collected data and this digital economy is hindered by digital wastage and spam from costly marketing campaigns.
BlockCart is the solution to these problems — with the use of blockchain technology and Artificial Intelligence (AI), traditional e-commerce and retail can be transformed by more efficient, accurate and secure utilisation of data between consumers and businesses. Through its Block Commerce Initiative (BCI), BlockCart creates an unprecedented ecosystem for end users, merchants, e-commerce stores and data consumers.
Current Challenges in the E-commerce Market
Structural Limitations — Due to multiple user data protection regulations which restrict the way data is used within and shared across companies, businesses look at their data in silos and this prevents them from making precise consumer analysis. The inability to fully understand their consumers leads to inefficiency in marketing and sustaining their customer base.
Increased Marketing and Data Costs — In today’s digital environment, effective gathering and use of data is the determining factor of successful marketing campaigns and efforts. Yet, companies are still unable to properly analyse their data as they rely partially on guesswork and limited resources for data analysis. The process is also time-consuming and costly.
This leads to businesses spamming customers with ineffectual campaigns, and even fragmented reward and loyalty programs for consumers. Small retailers generally also have greater difficulty in processing and collecting data as compared to larger-scale businesses. Most notably, businesses are also paying for overly-priced data in closed data marketplaces, adding to their costs.
Data Transparency & Ownership — The 2019 Fjord Trends Report highlighted many incidences of data misuse in 2018 by retailers. There is an imperative need for transparency, namely how businesses are using consumers’ data, and for what purposes. Moreover, consumers do not have control or ownership over the digital trail of data they leave online.
Your One-Stop Solution: BlockCart
BlockCart’s vision is to establish a trustless e-commerce framework which data can be openly shared to benefit all stakeholders involved. With AI and blockchain as the key to aggregating and distilling quality, relevant data for use, transactions are done through a secure open-source decentralised network, promising greater security and transparency for all.
BlockCart for Online Consumers
Firstly, Blockcart gives consumers full control and ownership of their data and digital trail, while also managing its access and privacy. Consumers are incentivised to share their data with proper agreement terms for every transaction. This significantly decreases the opportunity for data manipulation or breaches as consumers can achieve relative anonymity while sharing their information.
With any submission of personal data, consumers are able to shape their Virtual Profile for more precision in targeted suggestions on BlockCart. Particularly in the fashion retail industry where personalisation is paramount, consumers will be led to the best choices based on parameters such as their complete buying behaviour as well as peer choices. They can enjoy a superior experience in purchasing that minimises buyer’s remorse.
BlockCart also enables an infinite pool of possibilities for consumers by eventually integrating a single global cart across shopping sites. Consumers will have the option of buying complementary items suggested to them across various sites that subscribe to BlockCart, tailored to their preferences.
BlockCart for Businesses
Businesses of different scales now have fair access to big data on the openly anonymous platform, and data which can be shared across other data aggregators securely. Within BlockCart, this ensures that more quality data is shared and utilised efficiently by large and small retailers alike. As BlockCart’s network of data grows, this also benefits complementary networks that rely on such data as well.
Most importantly, businesses can target their marketing campaigns with greater precision and see tangible results without wasting time and money on inaccurate data. These businesses using BlockCart would now be in a better position to create and deliver the best content and campaigns for conversions. In addition, with BlockCart’s AI-based Actionable Commerce Engine, businesses are provided with actionable insights that can prompt concrete actions to improve structural and operational processes.
Transforming the future of e-commerce with AI — Learn more about BlockCart here.