How DeFi can improve the e-commerce sector

With the retail sector suffering through one of the most challenging times seen in a generation, here are the main issues facing e-commerce right now and how DeFi could fix them.

As Deloitte recently noted, the tried-and-tested approach of securing repeat custom from shoppers needs a drastic rethink - warning that traditional schemes are "Tired" and lack personalization.

Its report said that customers now expect rewards that are tailored around their personal tastes, and younger shoppers want their favorite brands to use technology that delivers a frictionless experience.

Many retailers have their own systems, leaving shoppers with little choice but to individually register to each one.

DeFi could help remove this friction - creating a world where customers only need a single address to receive reward points from the places they shop.

Encouraging retailers to work together can also make these schemes more financially viable - and this is important given how Deloitte describes existing initiatives as "Risky and expensive." Just like DeFi can help the world's 1.7 billion unbanked consumers access financial services, it can also open much-needed doors to the world of e-commerce.

Smart contracts, smarter shopping Uquid is aiming to establish a bridge between DeFi and e-commerce through Defito, a new ecosystem featuring concepts that haven't been seen in the retail sector before.

Shopping mining means that new tokens or coins are generated every time a customer buys an item - and smart contracts are used to ensure that these assets can be put toward other purchases in the future.

One of the first places where people can shop using this ecosystem is Uquid's digital shop, which is home to more than 40,000 digital products including video games, gift cards, subscriptions and mobile top-ups.

Fresh from shaking up the financial sector, DeFi could be coming to a shopping basket near you.