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The e-commerce industry is expanding rapidly with increasing internet penetration and smartphone users worldwide. Its market size reached USD 13 trillion in 2021 and is expected to cross USD 55.6 trillion by 2027.
COVID-19 played a significant role in this growth, compelling people to stay home and shop online. Factors like hassle-free online shopping have also been crucial. For example, brands now sell a wide range of products online at much lower prices than in physical stores. And then there’s been the rise of social commerce, with global sales via social media platforms crossing USD 732 billion in 2021.
But still, legacy e-commerce platforms have their limitations, especially concerning the end-user’s security and privacy. This drives the demand for more secure and user-centric alternatives.
Web3 rises to the occasion, enabling the next paradigm in online shopping. It’s...
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