Blockchain is helping the online retail industry rise to new heights
The modern retail industry is becoming more and more digital, as the market share of purchases through online platforms is growing, while leading online stores generate more revenue than traditional retail chains. For example, the combined market capitalization of the two largest retailers in the United States, Wal-Mart and Target, is still more than $100 billion more than the market value of online giants such as Alibaba or Amazon (based on Nasdaq shares).
According to research firm Juniper research, by 2020, the global e-commerce market will exceed $8 trillion. According to expert analysis, the market share of online retail will also grow steadily. Analysts at the statistical portal StaTIsta believe that in 2018, the online trade market will grow to $2.7 trillion and will reach nearly $4.5 trillion by 2021. By the end of 2018, approximately 70% of users will access online stores by using mobile devices.
The combined market capitalization of two of the world's two largest retailers, Walmart and Target, is more than $100 billion less than the market value of online giants such as Alibaba or Amazon (according to NASDA) Gram stock market).
However, despite the many advantages of online retailers, it retains the essential flaws of many traditional retailers. Includes limited merchandise selection, high commissions as an intermediary platform, and manufacturer and buyer reliance on sellers.
In this case, innovative small commodity manufacturers bear the brunt. They find themselves in a dilemma: on the one hand, they do not have enough resources and capabilities to compete with major suppliers; on the other hand, the products of these individual manufacturers are replaced by low-quality, low-cost imitations. Appeared on the AliExpress platform.
For many entrepreneurs and novice suppliers, even if they succeed in crowdfunding activities, they will end their business after the first batch of products are sold. They have no energy, no time, and no money to develop their production. On the other hand, if manufacturers choose to redistribute resources to support marketing and promote their products in the market, the quality of their products often fails to keep up.
For the buyer, this situation is also unfavorable. First and foremost, they are forced to make choices only from the goods that the retail platform deems appropriate. In this case it is difficult to find an exclusive product. Buyers are forced to accept retailer fare increases up to 300%.
Based on the blockchain, this long-standing problem can now be solved: the blockchain can create a retail platform that directly connects manufacturers to buyers and frees them from the pressure of intermediaries. The shift to online retail is indeed a revolution, and blockchain may trigger another such revolution.
“We are witnessing the real upsurge of development and innovation: just want to feel the scale, just look at the Kickstarter website, where new projects are released every day.†But sooner or later, they almost all encounter a barrier that they can’t break through. It means expanding their business and establishing sales channels. This is where great ideas have great potential: they simply can't compete with low-cost fakes and major suppliers. That's why blockchain-based markets are the solution for market survival,†said Hamster Market CEO Denis Bulavin.
A decent market will allow any manufacturer to find their buyer. At the same time, vendors don't have to worry about setting up payment and delivery systems because these functions are performed by the platform. The use of smart contracts and authentication systems solves the problem of trust between sellers and buyers. For consumers, blockchain-based retail platforms have access to a wide variety of unique products that they don't see in traditional online stores. In addition, without the intermediary, the goods are allowed to be sold at a reasonable unpriced price.
“As we enter 2018, we will not only see more innovative applications of blockchains, but we will also see more efficient use of existing blockchain systems.†Blockchain has been used to track the entire supply chain. The product. This small improvement in the system will allow us to do some groundbreaking things: micro-targeted advertising for specific consumers, a nuanced payment system for copyright taxes, recommendations and affiliate programs, and continuous recording of content through blockchains and Metadata's ability to eliminate counterfeiting,†said Cat Song, co-founder of New Dawn Fund and ExsulCoin.
The Hamster Market is a project that uses the advantages of blockchain technology to create a decentralized trading platform. The platform will be dedicated to selling profitable electronics from small manufacturers. In the future, the program will expand its market segmentation through other categories of exclusive products. The project crowdfunding will be held from February 19th to March 19th. A total of 10 million tokens are planned to be issued, and unallocated tokens will be destroyed after crowdfunding is completed. The token will be created on the basis of the Ethereum ERC20 standard, and the cost of a token is $2. You can purchase HMT tokens in Bitcoin, Ethereum, Ripple and other widely used cryptocurrencies.
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