Buying.com Poised to Revolutionize E-Commerce with Its Platform and App
It’s an unavoidable fact that the e-commerce sector has expanded unprecedentedly since the evolution of the Internet and buyers/shoppers have flocked towards online shopping rather than retail ones. Due to this, e-commerce sector has become an ocean of the opportunities and there are a handful of giants currently in the center of it. Buying.com is a company which plans to revolutionize the present e-commerce landscape with the help of its platform and business model. The company is confident that it possesses certain business models and ways of distribution, effective methods of using purchasing power and efficient logistics as well as back-office operations that would help raise a new type e-commerce for all to benefit from. It is a next-generation decentralized e-commerce network that leverages distributed ledger technology and innovations in bulk pricing, real-time logistics, and cryptocurrency. The Pre-sale 1 begins on October whereas the token crowdsale 1 is slated to start from 1st January 2019.
The platform plans,
· To establish micro distribution channels with the help of decentralized networks as well as a distributed ledger.
· To offer directly to consumer pricing by using peer to peer networks and take advantage of wholesale pricing.
· Provide retailers and other businesses to seamlessly plug into their decentralized network and unique e-commerce platform.
· To enable smaller retailers to have access to vertically integrated services and offer them integrated back-office operations to become fully operational.
How it will do it?
Buying.com aims to become one of the very first vertically integrated e-commerce platforms on blockchain which has decentralized distribution technology. The platform will have in-built BUY tokens as its cryptocurrency which will work as an incentive scheme for node operators and contribute to scaling the network. The company boasts direct to consumer technology that will allow buyers to make group purchases so that minimum order criteria is met. With real-time logistics operations, buyers, manufacturers, and consumers will have better and seamless access to shipping data that will optimize drop shipping costs on a public blockchain. The company already has an operational MVP for Buying.com apps and interfaces and will be updated soon to be accessible to Android and iOS users. Buying.com has integrated DropShipper.com unique storefront technology as well as back-office e-commerce processing technology and gives its consumers access to several hundreds of known brands and e-commerce storefronts.
Problems existing in the e-commerce Model
We know that business-related problems are surfacing as the e-commerce markets are heating up. Since the 90’s the entire eco-system surrounding e-commerce has evolved beyond identification with the advent of internet technologies. Most retail giants hold their presence on the web as well as mobile platforms. Following are some of the most common problems surfaced in the e-commerce ecosystem holding small-scale retailers back;
i. Such retailers do not have an opportunity to join vertically integrated services which leads them to use a fragmented approach and set of different services in order to function properly.
ii. Although consumers are turning to online retailers for ease of usage and extensive range of products as well as services the approach lacks an efficient mechanism that consolidates user’s purchases in order to reap benefits of wholesale pricing.
iii. Last mile distribution is a problematic situation that vexes not only small-scale retailers but also well-established and big names of the industry. Big players in the e-commerce sector often merge other companies in order to expand their reach of services but even then, the last mile peer to peer micro distribution remains unachieved.
This technology and platform helps both sides of demand and supply to bring more efficiency to the ecosystem by making use of distributed ledger technology. Buying.com works on a consensus algorithm, federated byzantine agreement or custom-built (proof of delivery).
Some of the advantages are as follows:
I. Micro distribution:
Buying.com was developed in order to bring decentralization to the e-commerce space and hence every company, retailer and business-model after connecting with buying.com turns into a distribution centre which can become a node at any point by staking BUY tokens and utilizing existing storage and becoming micro distribution centre.
II. Bulk Pricing:
It offers small-scale retailers with bulk pricing option which means that any consumer gets their products directly from the manufacturer through bulk orders after unlocking minimum order quantity. This feature makes a lot of things easy for consumer’s retailers and manufacturers.
III. Improved Logistics:
Since the platform utilizes the latest blockchain technology for logistics and other significant operations hence, it offers users with real-time logistics features, transparent smart contract enforced audit trails and user data protection. It plans to provide retailers and other businesses to seamlessly plug into their decentralized network, thereby adding their inventory to platform’s 2-hour e-commerce on-demand offering.
IV. Cryptocurrency and Transparent Audits:
BUY token will be used to make transactions across the buying.com system helping retailers to function efficiently and benefits network participants for token-based purchases. Every transaction will be auto-verified making audits fool-proof and easily accessible.
DISCLAIMER: Opinions expressed by Coinschedule Blog contributors are their own.