Online shopping has become one of the most defining features of the Internet age. But as e-commerce scales to accommodate even more buyers and transactions, many of the enduring pain points have yet to be addressed. There are six pain points in particular that continue to undermine growth and satisfaction in online marketplaces. Buying.com, the first blockchain-powered decentralized e-commerce market, has developed solutions to address these issues.
Problem 1: Consumers and businesses want to receive discounts from manufacturers but don’t have the money to hit the“minimum order quantities” needed to unlock more favorable prices. For example, an electronics manufacturer will gladly offer you a big discount if you can purchase 500 flat screen TVs instead of one.
Buying.com has developed a proprietary system called WeBuy, which leverages the purchasing power of millions of consumers and businesses. This allows you to hit “minimum order quantities” with hundreds, thousands and even millions of other buyers to receive the best possible pricing on products.
Problem 2: Chargebacks cost retailers billions of dollars each year. Instead of solving the problem, the e-commerce industry has only made it worse.
Buying.com has developed something called Prime-Protect technology, which places transactions in escrow until customers receive their products and are satisfied with their cleared purchased. Payments are then released cleanly to the retailer without any chargebacks.
Problem 3: Centralized warehouses have capacity limits that reduce the flow of products, increases the cost of shipping and makes products more expensive for consumers.
iStore, another Buying.com solution, leverages latent space in warehouses, garages and storefronts. It’s basically the AirBnB of online retail by allowing anyone the opportunity to transform their empty space into a decentralized distribution center.
Problem 4: Last-mile delivery constraints often mean that consumer products arrive later than desired and for a higher shipping fee.
Buying.com is adopting an Uber model for last-mile delivery by allowing anyone to deliver goods to consumers within their vicinity. This is made possible through the iStore distribution method. These distribution points allow consumers to receive their products faster and cheaper than conventional methods allow.
Problem 5: E-commerce giants like Amazon, Walmart and Alibaba have simply become too big and far too centralized. Small businesses and e-commerce entrepreneurs face deficits of data, logistics, reach and infrastructure to compete with these larger players.
Through Buying.com’s Genesis technology, retailers, e-commerce merchants, distributors can upload their entire inventory. In other words, the asking price, condition and description of every item on this massive database will be known to the network and geo-fenced to each user’s location.
Problem 6: E-commerce delivery has improved somewhat in recent years, but the overall system is too archaic for today’s fast-paced world. Next-day shipping is as good as it gets, and that too is usually restricted to location, types of products and higher-paying customers (think Amazon Prime, for example).
Buying.com delivers E-commerce-on-Demand, which combines Genesis and iDeliver infrastructure that, when scaled to full potential, will be able to deliver fast moving consumer goods in as little as two hours. Such fast delivery systems will level the playing field for e-commerce merchants looking to compete against the big players.
Buying.com will be unveiling a series of exciting updates over the next few months in anticipation of the first-ever e-commerce mobile app MVP.