MSME Technology: rear Amazon When Flip cart, E-commerce company Meesho could soon adopt blockchain-based use cases to improve the digital experience for buyers and sellers on the platform. E-commerce is arguably the next frontier to redefine the online sale and purchase of goods through blockchain-based metaverse, web3, non-fungible tokens (NFTs), and other use cases. Therefore, digital native platforms appear to be keen on exploring blockchain, which is considered the holy grail of trust and security.
“Here we have a lot of promises to Meesho buyers and sellers who interact in the Metaverse. Perhaps the only question is when that will happen. It’s about when to adopt the Metaverse. It’s a bit early for us. But we’ve started investigating Web3 and its extensions, the overall metaverse, “Meesho co-founder and chief technology officer Sanjeev Barnwal told Financial Express Online in an interview.
For example, use cases that guarantee product quality need to be investigated in the context of e-commerce, Barnwal said. “You can leverage blockchain to build trust in some way. Now, how do you make it similar to e-commerce? You can build trust in product quality through blockchain. Maybe, but we haven’t found a solution yet, “he said.
Basically, the blockchain is a shared database where various entries that cannot be edited or tampered with are validated and encrypted. The data is protected by blockchain encryption, and each network participant has its own private key that acts as the personal digital signature of the transaction.
Earlier this month, Meesho partnered with Google Cloud to leverage Google Cloud’s infrastructure to improve operational efficiency. According to Meesho, Google Cloud will help improve the company’s artificial intelligence and machine learning capabilities for demand forecasting and inventory optimization. Meesho said that through Google Cloud, it will improve productivity by optimizing transaction data and understanding buyers’ shopping activities in real time.
In April of this year, Wal-Mart-owned Flipkart also launched Flipkart Labs to test Web3 and Metaverse use cases in real-world applications such as NFT-related use cases and virtual storefronts to improve the overall shopping experience. raised. For that customer.
Meanwhile, Seattle-based Amazon AWS launched a Metaverse-like game called CloudQuest in March of this year to train users on AWS. Last July, Amazon’s Payment Acceptance & Experience team posted a job at headquarters to hire leads for digital currencies and blockchain products. This shows the potential of experiments that will allow cryptocurrencies to accept payments from customers in the near future.
Meanwhile, Meesho is a government pet online project, Open Network for Digital Commerce, aimed at transforming e-commerce into an open digital infrastructure rather than being dominated by large markets such as Amazon and Flipkart in India. ONDC) is also under consideration. The focus here is on moving from a platform-centric approach to an open source framework.
“It opens up more opportunities for SMEs. This opens up the ecosystem, which means people can build integrations and access more suppliers. Join ONDC. Suppliers can probably be part of multiple e-commerce platforms at once. We are definitely in contact with them (ONDC) and our team is working closely with them. We’ll see how this works. We’re very bullish about this, “Barnwal added without revealing details of the company’s plans for the ONDC network.
Last year, Meesho entered the Direct-to-Consumer (D2C) business to compete with Amazon, Flipkart and other markets to sell directly to consumers, rather than a direct-to-consumer platform. “Our business has grown five-fold over the past 1.5 years because of our focus on end customers. All of this has led to supplier success. Therefore, this growth is underpinned by end customers. , Supplier is getting a lot of profit from it, “Barnwal said in an answer to a question about the potential impact of D2C expansion on resellers.
According to Crunchbase data, the company has raised $ 1.1 billion to date, with $ 570 million in September 2021 from SoftBank, Prosus Ventures, Fidelity Investments and Facebook co-founder Eduardo Saverin’s B Capital. Was procured. Valuation of nearly $ 5 billion. Meesho reportedly fired 150 people from the grocery business Meesho Superstore while being integrated into the main app. According to news reports, about 12 Indian start-ups have fired 5,000 to 6,000 people this year, as long as they are at a central stage apart from investment scenarios where the focus on profitability has been curtailed.