Blockchain Ecommerce Platform Development Cost: 2023 Edition

By Suffescom Solutions

January 12, 2023

Blockchain is the most talked topic about technology, and its implementation has played an essential role in the global economy. Its existence is felt in every industry, especially in the e-commerce sector, where it has gained immense popularity and crossed every barrier. Its main focus is to enhance the customer's shopping experience by introducing technologies like IoT and AR/VR. The blockchain for ecommerce has helped startups and large-scale enterprises to utilize its potential to the greatest extent. Blockchain technology serves the best businesses, but the only cause of concern is the price required for the Blockchain Ecommerce platform development.

Statistics For Blockchain Ecommerce

  • The market size of the Blockchain Ecommerce is expected to be around $0.87 billion in 2023 globally.
  • In 2026, it will reach $11.10 billion at a CAGR of 88.74%.
  • By 2031, the market size will rise up to $40.4 billion with a growth rate of 40.4%
  • IBM, SAP, Oracle Corporation, Bitfury, Auxesis Group, Sofocle, Tata Consultancy Services, and Amazon Web Services are some major players in the blockchain in the retail market.
  • As per region, North America dominates the blockchain ecommerce market, followed by Europe, Asia -Pacific, and LAMEA (Latin America, Middle East, Africa)

Do you want to develop a  blockchain platform for ecommerce?  But don’t know the exact details, just stay tuned! In this blog, we will learn how the application of the Blockchain in the e-commerce industry is an absolute necessity, thereby making the B2B ecommerce domain profitable.

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Cost Breakdown Of Blockchain For Ecommerce Development Cost

When it comes to determining the blockchain for ecommerce development cost, the complications involved in the project play a significant role. Apart from this, other factors do have an impact on the cost. So, giving an exact value will not work in this scenario. Moreover, a standard range is available, keeping in mind the project needs.

Contacting a professional blockchain development company can correctly evaluate the cost breakdown. 

Type

    Development cost

Standard

$25,000 - $55,000

Medium

$45,000 - $100,000

Complex 

$100,000 - $200,000++

Factors Influencing The Cost Of Ecommerce Blockchain Platform

(1) Company’s Size

The size of the company matters as it has to pay for the employees also. The experts working in the development team charge a huge amount affecting the whole budget. So, it gives a clear indication that small-scale firms charge less as compared to medium/large-scale ones.

Company’s Size

Team’s Size

Development Cost

Small

Up to 500

$2,000 - $30,000

Medium

500 - 2000

$30,000 – $3,00,000

Large

> 2000

$3,00,000 - $20,00,000

 

(2) Design & Features

Another factor that influences the cost is the design of the developed platform. Furthermore, the features that need to be included also give an impression of the cost. The basic design will obviously take less effort so the cost will be low. On the contrary, the advanced features will take more time and charge more. 

Design & Features

Development Cost 

Basic Design & Features

$40,000 - $80,000

Medium Design & Features

$80,000 - $150,000 

Complex design & Features

> $200,000


 Get in touch with our team for a detailed cost breakup of blockchain solutions for e-commerce. Our experts will meticulously analyze your project and will share the budget details.

(3) Reward System

Blockchain e-commerce platforms can feature loyalty programs for better customer retention. This type of integration would involve additional manpower and time which further increases the final cost. 

Loyalty programs on blockchain platforms include multiple services such as fiat and crypto integration, points ledger, loyalty engines and more. This would include additions in the smart contracts to automate rewards, monitor redemption rates and manage other aspects of the loyalty systems.  

(4) NFT as Rewards

Based on your choice of blockchain, you can choose to customize tokens for your platform and build NFTs. Your users will have the opportunity to earn your NFTs as rewards for making purchases on your platform or performing certain activities (as per the requirements specified by you for the reward system). 

NFTs increase the brand value and can easily be programmed. However, adding the functionality of NFTs for your platform is an additional service that takes the cost up for e-commerce website development. 

(5) Development of Exchange Platform 

Blockchain e-commerce platforms have the option to provide crypto exchange services to their users. We can help you build a platform where users can exchange their tokens on your platform and make a purchase easily. 

Similarly, we can build your platform in a way that it supports multiple blockchains for a more convenient experience for your users. These factors further impact the cost of development and can increase the final price of the services. 

Why To Use Blockchain For Ecommerce?

Blockchain is on the verge of becoming the mainstream technology that is adopted by numerous industries. It has the potential to transform every aspect and rectify the problems that are causing trouble in the business. A lot of improvement and enhancement are expected, and this superb technology delivers the same.

Product Verification

Blockchain is a decentralized system that stores transactions in a trustful manner. So, the details of each product are stored in the blocks, and the data remains immutable once entered. During a purchase, this technology automatically verifies the product, which means the user cannot be duped.

Secure Transaction

The most usual complaint surrounding e-commerce is the legitimacy of the card details. In today’s world, information is expensive, and data breach is the most common problem. Blockchain has made the transaction process simple and safe. Every transaction is tracked with the help of a distributed ledger and has the ability to track the virtual assets. Various big firms such as FedEx and Amazon utilize this technology to power cryptocurrencies and  track physical assets.

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B2B Features of Blockchain For Ecommerce

There are many challenges faced by the ecommerce industry, like no transparency in payments, reduced operational efficiency, absence of data security, and miscalculated material production. Blockchain technology is implemented to overcome all these issues, making the payment process smooth and robust.

Preventing Fake Reviews

Bogus reviews are responsible for influencing the customer's mind drastically. They directly bamboozle the entire ecommerce business and also defame the name. Blockchain technology stores the information in blocks and verifies them over diverse networks. After proper checking, the blocks are added to the chain. So, every time a fraudster tries to give bad reviews about any business, they outrightly get rejected.

Loyalty Programs

These programs build customer engagement to remain in the competition. So, generally, these become prone to fraud and get misused often. So it becomes hard to safeguard such programs. Excessive efforts need to be put into maintenance. The better way of managing such issues is the well-organized procedure that needs to be followed. The database remains secure and proper timing is recorded. This helps businesses to track the programs in a lucid manner.

Smooth Event Management

Planning and managing things in an ticketing and event e-commerce business are difficult. There are many things like booking tickets, verification, cross-checking the participant, examining the attendance tracking system, ticket screening,non-issuance of duplicate tickets, and preventing the sale of invalid tickets. These problems create mismanagement and hamper functioning, therefore, causing inadequacy.

Streamlining Supply Chain Management

The problem in the retail industry arises in this phase. There are always issues surfacing around delayed payment and retail reconciliation. The reconciliation procedure is a cumbersome task

that verifies the POS sales manually as opposed to the cash in hand and card statements. Blockchain has made things convenient where every transaction will be verified automatically without any disruption. Moreover, there is non-involvement of any third/fourth party.

Preventing Tax Liabilities

The biggest nightmare of businesses is to comply with the tax liabilities. But blockchain helps enterprises by transmitting sales records to the concerned authorities. This will lower or even eliminate the chances of fraud by publicly showcasing invoices, retail documents, and sales receipts online. This also ensures the necessary tax refund on their e-commerce purchases. 

Removing Inefficiencies

The inefficiencies in the ecommerce market encompasses fraud, slow settlements, and any form of friction. Blockchain provides solutions for all such things and provides help to the big enterprises for global spending. Such elements make the process inefficient and unstable.

Why Choose Suffescom For Building Your Dream Project?

Blockchain Expertise

Suffescom Solutions Inc. has been providing  blockchain development services for more than 13 years. We have  successfully developed blockchain projects across multiple sectors like real estate, blockchain development for healthcare, eCommerce, education, entertainment, and more. Our team provides the best solutions to meet your business requirements.

Round The Clock Services

Our customer executives are available 24*7 who rectify all the system issues. Timely updates are also provided that guarantee smooth functioning.

Flexible Approach

Our team utilizes its expertise in blockchain technology to meet client’s expectations by adopting a flexible development approach. We are ever ready to provide feature integration at any time during the whole development process.

Support And Maintenance

Our team believes in developing long-term and strong relationships with our customers. For this, we offer top maintenance services that ensure the seamless running of the blockchain project at an affordable price.

Conclusion

If you are looking forward to developing blockchain for ecommerce then take free consultation services from our blockchain experts and streamline your business journey.  Our experts are available 24x7 via phone and chat to help you get the guidance you need. Take the first step and reach out to us to find out how much does it cost to build an blockchain e-commerce website. 

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