In 2019, e-commerce sales across the world crossed the $3.5 trillion mark, and with the 2020 COVID-19 lockdown, customers globally adapted to shopping online more than ever, bringing the e-commerce sector to an all-time high. But, while the industry is undoubtedly gaining ground, it remains stifled by less desirable attributes; a lack of transparency being the major factor.
Lack of Transparency in E-Commerce
In recent years, the notion of transparency has become increasingly important in the e-commerce space. It is promoted as a component with the potential to improve the quality of the industry. However, multiple studies show that many marketplaces lack transparency in their processes.
To start, it remains unclear on what basis an online store offers discounts. At times, this pushes service providers to lose control over the final price offered to the end-users. While this benefits customers, unauthorized discounts pose a risk to manufacturers and sellers, which can further affect aspects such as quality and innovation.
Furthermore, there is a major issue with the current supply chain management which is riddled with multiple checkpoints, several parties, and - across them all - a complex web of processes that must be properly integrated to function cohesively.
Finally, most e-commerce marketplaces promote fake reviews. The reputation of an online enterprise relies heavily on the feedback of the customers. As such, these reviews and feedback can be manipulated by stores because they run on a centralized framework.
Curate: Transforming E-Commerce with Transparency
CURATE is a blockchain-based decentralized platform built to bring transparency to the users and take the e-commerce industry by storm. Let's find out how it does that.
Improves Supply Chain Management
CURATE can be extensively leveraged to address supply chain issues such as record-keeping. The platform uses RFID tags for each product, which users can utilize to access product information. The timeline of a product, starting from where it was manufactured to where it is at present, can be traced through CURATE.
More Transparent Marketplaces
CURATE establishes a decentralized environment where businesses and customers are given a clearer view of the events taking place on a marketplace. It further promotes efficient and frictionless transactions.
Manually Spawning Reviews
By making blockchain technology a crucial resource in CURATE, the app verifies the reviews on each product or service listed on the platform. The team ensures that all the reviews and feedback are updated on a real-time basis to the blockchain. Moreover, this helps CURATE to curb fake reviews as the blocks which store such information cannot be altered or changed.
Centralized marketplaces are plagued with transparency concerns which will only take the industry so far before users realize the potential of a decentralized alternative. CURATE is one such decentralized application on a blockchain network which intends to revolutionize the e-commerce marketplace. Besides, the platform is run solely by the community members, enabling each participant to maintain a healthy e-commerce ecosystem.