According to the Global Retail E-commerce Sales 2014-2026 survey conducted by Statista, in 2021, retail e-commerce sales amounted to approximately 5.2 trillion U.S. dollars worldwide. This figure is forecast to grow by 56 percent over the next years, reaching about 8.1 trillion dollars by 2026.
However, with this growth comes a set of unique challenges and issues that must be addressed to maintain a successful e-commerce operation. One of the most significant issues facing e-commerce today is the lack of accurate product data, which can have a significant impact on engagement, sales, and customer satisfaction.
The importance of accurate product data cannot be overstated, as it is a critical component of the e-commerce experience. When customers shop online, they rely on the information provided about products to make informed purchasing decisions. Without accurate product data, customers may be misled about the features, benefits, or quality of a product, which can lead to dissatisfaction and a decrease in sales.
One of the primary ways that inaccurate product data affects engagement is by creating confusion and uncertainty in the minds of potential customers. For example, if a product's description is vague or incomplete, customers may not have a clear understanding of what they are buying. This can lead to frustration and a lack of trust in the seller, which can result in lost sales and reduced engagement.
Inaccurate product data can also affect sales by reducing the number of customers who are willing to make a purchase. When customers do not have the information they need to make an informed decision, they may choose to delay or abandon their purchase altogether. This can result in lost sales and reduced revenue for the e-commerce business.
Furthermore, inaccurate product data can have a significant impact on customer satisfaction. If customers receive products that do not match their expectations, they may be dissatisfied and leave negative reviews or return the product. This can lead to a decrease in customer loyalty and repeat business, as well as a damaged reputation for the e-commerce business.
To address these issues, e-commerce businesses must prioritize the accuracy and completeness of their product data. This may involve investing in tools that can help to standardize and organize product data. Additionally, e-commerce businesses should establish clear processes for verifying and updating product data on a regular basis to ensure its accuracy. By doing so, they can build trust with their customers, drive sales, and achieve long-term success in the e-commerce marketplace.
It is in the face of this challenge that Wireshape is committed. Our mission is to decentralize product data and create an open and community audited standard of data so that innovative e-commerce and decentralized platforms can easily integrate our tools and offer their customers real, complete and relevant information about a product before it is purchased. Increasing customer satisfaction and decreasing the rate of negative reviews and returns.
Learn more about how Wireshape can help you with decentralized product data and AR NFTs for your e-commerce, reach out to an expert.
Chevalier, Stephanie. Global retail e-commerce sales 2014-2026. Statista, Sep 21, 2022, https://www.statista.com/statistics/379046/worldwide-retail-e-commerce-sales/
About Wireshape
Wireshape is a new and open layer-1 blockchain dedicated to decentralizing global product data, making it useful for consumers to have real, complete, and relevant information about a product before it is purchased, ensuring greater satisfaction by acquiring what was really expected. Wireshape delivers a new product data standard, open and audited by the community. Consumers themselves, as well as manufacturers, are able to suggest and validate the fidelity of product information publicly recorded on the blockchain.
