IOU E-COMMERCE OVERVIEW
E-COMMERCE
LOYALTY
Finding and acquiring new
customers can be a huge challenge. The reasons can be many, but the customer
loyalty stats don’t lie: it’s roughly 500% more expensive to convert new ones
than to keep current customers.
Fetching a new customer
from the clutch of an eminent competitor is like an everlasting headache for
marketers5.
When it comes to
personalized online experiences in the US, the most popular [factors] were
website optimized by the device (desktop, tablet, mobile) (64%) and promotional
offers for items the customer is strongly considering (59%)6.
An interesting finding:
53% of adults living in high-income households are willing to switch brands for
the sake of using a coupon7. This leads us to a major issue: the challenges
that e-commerce faces.
E-COMMERCE
CHALLENGES
In the era of internet,
e-commerce is the king. However, this exponentially growing market faces some
serious challenges:
1.
CUSTOMER LOYALTY
It is a key issue as it
takes lots of efforts for companies to make a new customer and maintain the
same customer for long time.
One of the reasons why
ecommerce companies face the struggle while building trust and loyalty with
customer, is because a seller and a buyer don’t know each other, nor they can
see each other while making a transaction unlike street-shopping. It takes few
transactions, time and plenty of efforts by the company to build the customer
trust and loyalty8.
2.
ACHIEVING PROFITABLE LONG-TERM GROWTH
Increasing sales is one
way to grow the business but in the end, what matters most is profitability.
Online retailers must always find ways to cut inventory costs, improve
marketing efficiency, reduce overhead, reduce shipping costs, and control order
returns.
3.
CHOOSING THE RIGHT TECHNOLOGY & PARTNERS
Some online retailers may
face growth challenges because their technology is limiting them, or they’ve
hired the wrong partners/agencies to help them manage their projects. Retailers
wanting to achieve growth must build on a good technology foundation. They must
choose the right shopping cart solution, inventory management software, email
software, CRM systems, analytics and so much more. In addition, hiring the
wrong partners or agencies to help them implement projects may also limit their
growth. Online retailers must choose carefully who to work with.
E-COMMERCE
MARKET: A GIANT
The e-commerce market is
a global giant. For private consumers around the globe, the most well-known
form of e-commerce falls into the business to consumer (B2C) category, which
includes online retail or online shopping. In 2017, an estimated 1.66 billion
people worldwide purchased goods online. During the same year, global e-retail
sales amounted to 2.3 trillion U.S. dollars and projections show a growth of up
to 4.48 trillion U.S. dollars by 2021. In Asia Pacific, e-retail sales
accounted for 12.1 percent of retail sales in 2016 compared to 8.1 percent in
North America, and only for 1.8 percent of retail sales in the Middle East and
Africa.
HOW
IT WORKS
IOU offers complete
transparency utilizing Blockchain for its Group Loyalty offers with clear
visibility, security, speed of processing and traceability of transactions
through the decentralized register of all sources.
IOU is Offering Merchants
and Consumers clear advantages over the traditional e-commerce environment
making transactions Cost-Effective and Secure while building ultimate trust
between Merchants and Consumers. Rating mechanism would boost a trust even
further.
Cost-effectiveness of
transactions and global reach of consumers beat the conventional digital
payment methods as it removes the middlemen/payment processors that take a big
cut.
Not only consumers would
feel secure and get significant savings but also, they could use their
purchased IOUs as actual monetary assets which they will be able to trade with
other consumers or sell on the exchange. This is a tremendous benefit of IOU
Platform.
Loyalty factor is another
huge benefit allowing both consumers and merchants to get rewarded for
generating top rated, quality offers and transactions on IOU Exchange.
Merchants and Consumers will be able to donate some IOUs for those in need and
get rewarded for philanthropic activities. The company would also place
donation requests on special causes and would reward Merchants and Consumers,
as well as match such donations to benefit those causes.
I.
FOR MERCHANTS
• IOU-Co Issuance
• Online Store displaying
various Merchant IOUs on range of categories
• Mobile and browser
integration for transfers of IOU offers
• Marketing Campaign
module allowing multi-media and social networking integration
• Consumer Data analysis
such as GPS and Buying Trends
• Various permissions and
roles based on Merchant status to reach consumers
• Analytic Reports on
sales and consumer interaction
• Web Services with home
grown or 3rd party applications
• Rating Tools
• Merchant would also
have an option to Guarantee the Service and issue refunds of payments
• P2P Exchange of IOU
offers between Merchants and Consumers as well as among other Merchants
II.
FOR CONSUMERS
• Purchase IOU-Co offers
from Merchants directly or on P2P IOU exchange
• Exchanging IOU-Co
offers with other Consumers
• Unanimous messaging
system to receive communications from Merchants of interest
• Consumer Profile
Management module allowing consumers to promote their interests and receiving
special offers from Merchants
• Rating functionality
allowing Consumers to rate Merchants as well as other Consumers
• Secure Repository of
purchased and favorite IOU-Co Offers
Address : 0xAE18710541a08b252C0f4d5D99aE420b43eB4cac
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