Nowadays, companies who accept cryptocurrencies as a form of payment have a significant competitive advantage in the e-commerce sector and the chance to test out novel ways of connecting with their customers. 46% of shops presently accept bitcoin as a means of payment, according to a PYMNTS and BitPay study titled “Paying with Cryptocurrency,” which polled 2,334 consumers and 202 businesses with annual online sales of at least $250 million.
This is why a lot of entrepreneurs are tempted to tokenize their business and stay up to date with the latest technology advancements. Creating a token has always been a complex and time-consuming process, but now there are a variety of no-code tools available that make it easier than ever for anyone to tap into creating their own token. These tools allow businesses to integrate token payment methods into their existing online stores, without writing a single line of code.
In this article, we will outline the ways businesses can benefit from having their own token, introduce you to the existing no-code tools, and show you how to create a token token using them. Whether you are a small business owner or a larger enterprise, there has never been a better time to explore this topic!
Benefits of an e-commerce token
It’s nothing new, more and more e-commerce stores are accepting cryptocurrencies. Even more so, leaders in e-commerce are investing and building in this sense. This is the case of Walmart, the American multinational retail corporation, with more than 500 billions revenues per year. In an interview with Yahoo Finance, Walmart Global CTO Suresh Kumar said that crypto will be a major disrupter in the future of retail. For him, the goal for Walmart is to make transaction as frictionless as possible.
In this interview, he also stated that “Crypto is going to continue to play a very important role in transactions. And obviously, we want to be there where the customer really needs us to be.”
You can find the full interview below:
Moreover, Kumar said he envisioned the use of digital assets to enable product discovery for customers at a time when shopping habits are changing rapidly. Specifically, he sees key use cases in the metaverse as well as live streams inside various social media apps.
Walmart’s CTO added that he imagines a future where crypto can be used both in Walmart’s online stores and in “the virtual world”.
As you can see, there are several potential benefits of crypto and e-commerce, that businesses can leverage on. Let’s dig into them:
Lower Transaction Fees
Cryptocurrencies offer the potential to remove intermediaries such as banks from payment processing, resulting in reduced transaction fees for buyers and sellers. Traditional payment processors like Stripe or Square, as well as credit card companies, impose transaction fees that can range from 3-5% for every transaction. To offset these costs, numerous e-commerce firms incorporate these fees into the prices of their online stores. Conversely, cryptocurrency transactions typically have little or no fees, with some charging as little as 0.5%.
Faster Transactions
E-commerce transactions can be processed almost instantly with cryptocurrencies, unlike traditional payment methods such as credit cards or bank transfers, which can take several days to settle. This is the power of blockchain, it’s an open market 24/7.
Better control over the cashflow
Having your own token allows you to manage the overall token supply which helps to effectively manage the economy and create a sustainable reward-based ecosystem. (More on this later)
Global Reach
Some countries have no access to traditional financial services, so they use crypto instead. For businesses, creating their own token means access to new markets and customer segments, particularly in countries with unstable currencies or limited access to traditional financial services, such as Indonesia or Venezuela. By implementing token payment method, a business can reach customers in emerging markets, or hire people from countries that don’t have access to traditional payment methods.
Transparency
Since all blockchain transactions are recorded on a publicly accessible ledger, cryptocurrencies can provide a greater transparency for the businesses using them. The fact that all transactions can be seen and validated can increase the credibility of a business and create trust between a business and its customers.
Decentralization
Blockchain technology is decentralized, which means it’s not controlled by any government or financial institution. By issuing token tokens, a business ensures full ownership rights for the buyers and less responsibilities for the issuer (the business) as there is no need to overwatch every transaction. The buyers, in turn, have the option to sell their tokens at any time without any issues.
Rewards and Incentives
Cryptocurrencies allow businesses to create reward-based ecosystems. The principle lies upon offering rewards and incentives to customers who use their tokens for transactions. This strategy will incentivize customers to use their token and can help build a loyal customer base for e-commerce businesses. Alternatively, businesses can offer token tokens to their customers as a reward for using their services, which can increase sales, bring new customers, and get exposure in the Web3 market.
The role of no-code tools for crypto development in E-commerce
The creation of crypto solutions for the e-commerce sector has the potential to be significantly influenced by no-code platforms and technologies. Without substantial coding experience, these platforms let developers build applications and automate corporate operations.
Developers can construct token-related e-commerce applications including payment gateways, wallet integrations, and trading interfaces using no-code platforms rather than starting from scratch. According to a recent report, there were roughly +18,000 active Web3 developers in December 2021.
Due to the time and money savings, non-technical business users will be able to create new apps or modify those that already exist without having substantial programming skills.
No-code platforms can provide a quicker rollout of cryptocurrency applications, enabling e-commerce companies to easily adopt innovative technologies and incorporate them into their current systems. As a result, companies may be able to offer their clients new features and services, such as the ability to accept cryptocurrency payments or offer different kinds of financial products.
No-code platforms and technologies can assist e-commerce companies in maximizing the potential of cryptocurrencies and blockchain technology to simplify payment procedures, boost security, and provide customers more freedom.
Introducing the crypto (NFT & Token) builder
Side.xyz is a widely recognized platform that enables users to develop and manage meta-ecosystems, NFTs, and tokens on multiple blockchain networks. Users can utilize Side to build, launch, or improve any web3 project on the blockchain of their choosing. The platform offers a comprehensive ecosystem that allows users to create customized cryptocurrencies by cloning a successful crypto and configuring a Discord channel associated with their project. Users can also set up a DAO governance and manage utilities associated with their tokens. All of these features can be accessed without requiring any prior coding experience.
A guide for creating a token in E-commerce
Now, to create a token, all you need is a MetaMask wallet and a few minutes of your time. Here’s a general step-by-step guide for creating your own token using no-code tools:
- Go onto the website and connect your wallet
- Pick an option to create a token
- Pick a network e.g. Ethereum, Binance Smart Chain, Polygon etc.
- Set up the token metadata such as the token name, symbol, and description. An example of each would be Bitcoin; BTC; A peer-to-peer electronic cash system.
- Create and upload the logo for your token.
- Set up the pay-out settings by adding the wallet address where you want to receive payments from the token fees (if you want to put some fees).
- Set up the initial supply.
- Pick the additional features for your token e.g. mint/burn function.
- Lastly, click the “Deploy” button and approve the transaction in your wallet.
Then you can give to the holders of your token some exclusive advantages by creating a token page on Side.xyz with token-gated access to private membership space.
If you want to discover a complete tutorial on how to create a crypto without knowing how to code, you should check our ultimate guide: Creating a Token for your business: A step-by-step guide. Plus, feel free to browse our blog.
Final words
The rise of token in e-commerce has presented businesses with the opportunity to explore different ways of engaging with their customers, gain a competitive advantage, and tap into the potential benefits of having their own token.
No-code tools have made it easier for businesses of all sizes to create their own token and integrate token payment methods into their existing online stores without requiring any technical expertise. Platforms like Side.xyz, Thirdweb, Bunzz, or Trust Swap offer great tools for creating tokens or building Web3 applications. Since crypto and token continue to grow in popularity, it is the best time for businesses to start exploring the possibilities of integrating it into their e-commerce strategy. As a result, they will be able to leverage it in the future, giving them a competitive advantage and an influx of loyal customers.
