Written by: Kat Sarmiento

Have you ever wondered how online transactions are secured? Or how digital money can be exchanged without a central authority? The answer lies in blockchain technology. While most people associate this with cryptocurrencies, its potential impact on e-commerce and online payments goes far beyond that. 

From faster and more secure payment processing to decentralized marketplaces, blockchain has the potential to revolutionize the way we buy and sell online. In this article, we’ll explore how this cutting-edge innovation is transforming the way we do business today.   

But first, what is blockchain technology?

Blockchain technology is an advanced database mechanism through which transactions are recorded on a decentralized ledger. Essentially, it is a database shared across a network of computers, with each one holding a copy of the ledger. 

Each new transaction is verified by all the custodian nodes and then added to the chain as a new “block.” Once a block is added, it cannot be altered, resulting in a high level of security. This makes blockchain technology ideal for digital payments, supply chain management, and other critical and highly sensitive applications. 

How Blockchain Technology is shaping e-commerce and digital payments 

In the next section, we’ll delve into nine ways that blockchain technology is transforming the world of digital commerce and online payments. 

1. Decentralized marketplaces

One of the most exciting aspects of blockchain technology is its ability to enable decentralized marketplaces. This advantage allows buyers and sellers to transact without intermediaries like payment processors and banks. 

This is made possible through the creation of smart contracts. These are self-executing agreements that automatically execute when certain conditions are met. As a result, businesses and customers can interact directly with one another without the restrictions of centralized and highly regulated platforms. 

2. Faster payment processing

Blockchain technology has the potential to speed up payment processing times significantly. These can take days or even weeks, particularly for international dealings. However, with the new technology, all these can be done in a matter of minutes or seconds—and even on the go— through mobile payment apps. 

3. Lower transaction fees

Yet another benefit of blockchain technology is lower processing fees. Currently, payment services charge a substantial percentage for every transaction. This can be particularly cost-ineffective for small businesses, which often operate on thin margins. 

But with blockchain technology, fees can be significantly lower since there is no need for expensive intermediaries. As a result, SMEs can save money and ultimately improve their bottom line.

4. Increased Security

Because every transaction needs to be verified by the network of computers that make up the blockchain, it is virtually impossible for a single entity to manipulate things. 

Blockchain technology uses advanced cryptography to secure arrangements,  which makes it extremely difficult for hackers to access the system. This means there is a lower risk of fraud and theft, which is particularly important for e-commerce and digital payments. 

5. Greater Transparency

Blockchain technology also enables enhanced transparency. Because transactions are recorded on a public ledger, it is possible to track the movement of funds and verify their authenticity. This is particularly important for international deals, where there may be a higher risk of fraud and corruption. By increasing accountability,  blockchain technology can help build trust and confidence in businesses and companies.  

6. Improved Customer Experience

Customer experience is an important area where blockchain technology can make a significant impact. By enabling faster and more secure payment processing, the technology can boost customer satisfaction, helping businesses and brands earn their trust and loyalty. 

7. Access to Global Markets

In the past, many businesses have been limited in their ability to sell to the global market due to the high cost of payment processing and the risk of fraud. But thanks to blockchain technology’s security, they can now access more international customers. 

8. More efficient Supply Chain Management

Blockchain technology can also be used to improve supply chain operations. For example, with a transparent ledger of transactions, it is possible to track the movement of goods and ensure their authenticity. This can be appreciated especially by those who deal with luxury goods. 

By using blockchain technology, businesses can also verify the flow of products at each stage of the supply chain. This helps towards more streamlined processes. In addition, blockchain technology can also improve inventory management and reduce waste by providing real-time data on product demand and supply. This can help businesses reduce the risk of overstocking or understocking.

9. Micropayments

Lastly, blockchain technology can facilitate the ease of micropayments. These are small amounts that are often impractical to process using traditional methods. Micropayments can be used for a wide range of purposes, from paying for digital content like articles, music, and videos to paying for individual services or products. With blockchain technology, such transactions can be done quickly and efficiently. Thus, it’s now possible for entrepreneurial individuals and startups to monetize content that would otherwise be difficult to sell. This can support creators and give consumers more flexibility. 

The bottom line

As more businesses adopt blockchain technology, we predict that more innovative use cases will emerge in the e-commerce and online payments space. So, whether you are a business owner or consumer, it is essential to stay informed about the latest blockchain developments. This way, you can gain a competitive edge and position your business for success in the digital age.

Hungry for more tech-savvy insights and information? Then visit the blog of Teamwork Commerce today!

International Women’s Day (IWD) is celebrated annually on March 8 to uphold women’s achievements, identify challenges, and to further promote gender equality. This year’s IWD theme is #EmbraceEquity – recognizing that each person has different circumstances, and calling on society to allocate the exact resources and opportunities needed for both men and women to reach an equal outcome.

We spoke to a few of our female team members to understand their perspectives around the topic ahead of this year’s IWD, and how they feel about current barriers for women, and the steps that still need to be taken to drive equality across the tech industry:

Understanding the Correlation Between Equity and Equality 

Equality plays a crucial role in eliminating gender discrimination, according to Carmel Doyle, our Operations Director, Europe & Asia, who explains that: “Women need access to the same opportunities and resources as men in order to be able to achieve the same level of success and rewards.”

However, it’s worth asking the question: Can there be true equality without equity? Rachael Dark, HR Office Manager, Europe, asserts: “Equality is what we are looking for but we can’t have true equality in anything without equity to correct the balance.” Of course, both – equity and equality – are important but a suitable balance is needed. Society needs to redefine factors on which opportunities and resources are provided to ensure there is a fair distribution. Going away from a male-dominated era, everyone must come together to eliminate spanners in the works.

Barriers Still Exist

There is no denying that society has made improvements over the years to break gender biases and improve opportunities for females. However, there is still a significant amount of work to be done. Doyle adds: “I still see many times when men are held in higher regard than women in the same position, or females are passed up on progressing in their career because of their gender.” These barriers can have a negative impact on company culture and organizations must develop a strategic criteria for career development and progression to ensure it is completely bias-free.

Moreover, challenges for women are not limited to career progression. For example, working females, who are also mothers, face increased workload due to professional responsibilities mixed with childcare duties. In fact, according to a 2020 survey, 9.8 million working women in the US suffered workplace burnout. This makes it highly important for businesses to recognize these hurdles for working mothers and provide them with some tailored benefits to support their work-life balance.

When asked about how organizations can support working mothers, Doyle says: “Companies need to offer more flexible working options for working mothers to support them coming back to the workforce and also allowing them to balance their family life with a rewarding career. By changing the mindset and allowing working hours to be flexible, or implementing job sharing, the company can benefit from having a reliable, loyal and satisfied employee. Furthermore, they will appreciate flexible working time and will work harder and smarter to show their gratitude for the support, resulting in an engaged and productive employee.”

Collaboration is the Key to Breaking Barriers

To break underlying barriers, everyone must play their part. Whether it is at a workplace or in a domestic sphere, both men and women need to collaborate to eliminate gender bias and embrace equity. Brandi Van Loon, our VP of  Corporate Affairs, describes the importance of the domestic sphere in empowering females.

She says: “Growing up, I was very fortunate to have been given the opportunity to participate in whatever my father, grandfather and brother were doing. No matter the task, I was allowed and encouraged to lend a hand. Looking back, I can see how that empowered me and taught me that there are no limits when it comes to male or female, if there is work to be done, it is a matter of one’s willingness to participate and to lend a hand that matters most.”

Moreover, workplaces have a vital role to play as well when it comes to driving equality in the workplace. According to Doyle: “Companies need to recognize the Gender Pay Gap issue and ensure that all positions are paid equally regardless of gender.” Organizations must be strategic in their pay structures and should pay employees based on their experience, performance, and attitude regardless of gender.

Businesses have a responsibility and commitment to their employees, and must work hard to ensure that they are eliminating gender biases at every opportunity within their operations. Taylor Schad, Senior Business Development Executive, describes how Teamwork Commerce has played a crucial role in helping her build a successful career. She comments:

The world is advancing but issues like gender biases in the workplace still remain. In order to embrace growth, the world needs to be free of bias, stereotypes, and discrimination. With greater collaboration, it is possible to build an inclusive, diverse, and equitable society that values and celebrates the achievements of both men and women.

By Amber Hovious (pictured).

VP of Marketing & Partnerships, Teamwork Commerce

Originally posted on: PCR Magazine March 2023

Retail is notorious for being a highly competitive sector with small margins. As such, the need for evolution is imperative in order to succeed. How do you think the retail industry has changed over the past couple of years?

Consumer behaviour remains at the heart of the retail industry and there’s no denying that any change in consumer trends has a direct impact on retailers. In the past few years, retailers have had to cater to evolving consumer demands both during and after the pandemic.

The pandemic changed everything when it comes to consumer expectations and with retailers needing to appeal to customers in any way that made them feel comfortable throughout lockdowns, an effective omnichannel strategy became an absolute necessity for retailers wishing to remain afloat.

Today, having an omnichannel presence does not ensure success. Consumers demand a huge amount of personalisation and convenience in their shopping. Not only do retailers need an effective omnichannel strategy, but they need to be able to cater to customer needs at every touchpoint – from initial interaction through to transaction. As technology evolves, delivering this is becoming more feasible, but in order to operate effectively, all technology deployments must be able to communicate seamlessly with each other.

2022 brought positive outcomes for retailers with post-pandemic recovery and the revival of brick-and-mortar shopping. But it did not end without challenges. As we consider the outlay of this year, what are the biggest challenges facing retailers in 2023?

One of the biggest challenges for retailers in 2023 is economic uncertainty. The recession is likely to squeeze consumer shopping budgets and make customers more frugal when it comes to making purchasing decisions. Of course, the knock-on effect here for retailers is the risk of reduced sales, whether customers turn away completely from stores due to item prices, or have found alternative products at lower prices from competitor retailers.

Furthermore, ongoing issues such as the labour shortage and supply chain challenges only make it more difficult for retailers to function smoothly. Consumers today want to leverage a blend of both physical and online sales channels. Retailers that lack the appropriate technology and staff to facilitate this will find it difficult to maintain the balance between online and offline.

In order to thrive in today’s competitive landscape and deal with 2023’s challenges, many retailers are turning to technology for support. But what should they be investing in?

There is no single technology or software solution that retailers should lean on when it comes to meeting consumer needs and dealing with today’s challenges. Retailers must recognise the value of a modern tech stack that includes a range of state-of-the-art technologies integrated with each other, allowing a seamless

flow of information across different touchpoints. However, one important factor to consider is complexity. Retailers should ensure that they can deploy a system that provides a single pane view of the sales funnel across different online and offline sales channels. This can create a streamlined and seamless operation that delivers high level efficiency as well as a top-quality customer service.

In addition, retailers must continue to update their tech stack with the latest solutions to meet evolving consumer needs. For example, using an outdated point-of-sale (POS) terminal is no longer an effective means to serve consumers in 2023. Instead, retailers could consider deploying mobile POS (mPOS) that can help sales associates serve their customers in any part of the store, minimising queues and improving customer satisfaction. Having an advanced mPOS that communicates seamlessly with other integrated platforms – such as order and inventory management, customer relationship management (CRM), and analytics – allows retailers to strengthen their omnichannel capabilities. Retailers must look for omnichannel technologies that can be integrated seamlessly and function in real time if they wish to set themselves apart from the competition.

With evolving demands of the sector, technology has surely become an integral part of the retail industry. How do you think technology will contribute in 2023 to drive personalisation?

Bricks-and-mortar is likely to play a vital role in 2023’s shopping behaviours. eCommerce is quick, easy and convenient, but customers still flood in-store for the experience they receive – a friendly, personalised approach from in-store associates, and an environment where they can feel products, try them on and enjoy shopping. To ensure a seamless yet personalised in-store experience for customers, retailers can lean on the latest clienteling platforms that harness the power of data and allow sales associates to deliver individualised experience. Through individualised clienteling, store associates can curate experiences of consumers based on their previous interactions. For example, letting consumers know that the item they were waiting for is back in stock or offering them with personalised discounts – all this is achievable effortlessly with a clienteling platform. Modern clienteling platforms allow associates to send bulk messages through email, text or Whatsapp while ensuring they look like they were sent individually. This provides retailers with a great opportunity to follow up with consumers even after they have left the store which can help them build strong relationships in the long-term.

Personalisation has long been on the list of retailers’ priorities to help them stand out from the competition. 2023 is likely to see retailers take personalisation to the next level by customising not just products and offers, but the customer experience at every retail touchpoint throughout the purchase journey to ensure a highly curated experience.

Convenience in combination with personalisation can certainly drive consumer satisfaction. What further steps can be taken to ensure a high level of convenience for consumers?

As consumers become accustomed to convenience and they demand a frictionless checkout experience. One of the key factors in the checkout experience of consumers is the waiting time. Long queues can often cause frustration, so retailers must have a queue-busting strategy in place. With mPOS retailers can often serve consumers more quickly and at any part of the store regardless of the internet connection. This is a game changer in minimising long queues and reducing waiting times.

Queue-busting can be taken a step further, too. As was demonstrated at NRF 2023: Retail’s Big Show, RFID powered self-checkout could soon revolutionise the retail industry. The solution allows consumers to scan all items in their shopping basket within a matter of seconds, saving them a significant amount of time at checkout while drastically reducing overall queue times for customers.

There is no doubt that the retail sector has continued its technological growth rapidly in the past couple of years and the future looks optimistic. Is there anything else you would like to add looking at the future?

The retail industry has many exciting things to unveil in the near future as consumer demands continue to evolve. Retailers who want to prosper must stay up-to-date with these trends and must continue to update their tech stack with cutting-edge innovations. Taking advantage of an all-encompassing retail technology solution can help retailers sustain their growth in the long term.