The marketplace is moving towards a decentralized model. The online marketplaces have been moving towards online mode, what with the impetus that is being received by the likes of Amazon and eBay. But, Blockchain technology has been moving in yet another direction. It has been designed to boost the local commerce in a positive manner. How is it impacting the C2C industry? How is this happening? Let us find out how.
How the C2C Industry works
C2C Marketing works on customer-to-customer interaction. Unlike the B2C interaction, a C2C marketplace where customers sell goods or services to each other. Consumer-to-consumer commerce involves an electronic transaction between customers aided by third-party facilitators.
Third-party facilitators like Soma charge a nominal fee for the service rendered. These work only as intermediaries and only work for matching the consumers with each other. They do not have a say in the quality of the service or the goods being transacted through the service. This goes a long way in improving the trust and reliability among the stakeholders.
The Decentralised Marketplace Does Not Close
The service works on blockchain technology and thus does not suffer from the outages. The network service remains always available.
C2CMarketplaces that are dependent upon centralized systems and departments can suffer severely if the data centers fail. The Blockchain technology ensures that the computing services and the power continue to work as long as the few nodes are working. That is the beauty of decentralization.
Development of Trust
The Blockchain transactions are completely transparent. All the transactions can be verified by the members of the network.
Changing the parameters may not be possible without being detected. The members have complete security guaranteed. A sense of data security is what would make it one of the most preferred options from the C2C point of view. The transactions are made cryptographically and thus they are irreversible.
Community Driven Service
When you purchase from an online store or any similar vendors, There is no sense of community in such sort of transactions. Blockchain technology helps you build a community along with the business.
The decentralized system lets each of the vendors manage their marketplace communities on their own. Active participation in blockchain technology will lend a helping hand and receive rewards. All the transactions and disputes are community-driven in a decentralized economy. Even the conflicts are decided upon within the communities.
The Future
Well, the companies have begun to understand the concept of the decentralized marketplace. In fact, the technology has even attracted the bigwigs like Amazon. However, we would expect the Decentralised network or marketplace to be the best-suited option for the C2C marketplaces.
We foresee a future where blockchain technology plays a progressive role in shaping up the C2C marketplaces. The decentralized marketplace is not something quite far away. Given the fact that Blockchain technology has been gaining more and more value, there are many companies that have begun to look at the value that decentralized marketplaces carry.
Trust, community building, data security, the growth of the local community, and complete and continuous availability are some of the factors that would make decentralized marketplaces the best place you can opt for.