We have enjoyed e-commerce for a lot of reasons. It made our lives easier since our business transactions or activities used the power of the internet. E-commerce changed the buying and selling behaviors of consumers and businesses.
We have moved from transacting business from physical trades to virtual dealings. This proved as one of the breakthroughs in the doing business.
Just recently, E-commerce made another major advancement!
Flipz an e-commerce platform announced that they would incorporate the blockchain technology to ease up on their transactions.
This is another innovation that will change the e-commerce – making stronger and more reliable!
Flipz announces a smart e-commerce platform with blockchain smart contracts
Based in Russia, a team of dedicated technologists work on a platform that will change e-commerce forever. Flipz will launch their Pre-ICO on October 12th, and will sell tokens to raise funds for their project. The money raised will be used to develop software, pay staff, and market the platform. Flipz will sell a hundred million tokens, with unsold tokens being burnt.
What is flipz
When co-founder Alexei Bobylev was asked what exactly Flipz was, he gave the following answer
“Shortly speaking, FLIPZ is a smart marketplace platform with smart contracts, a unique rating system of vendors based on blockchain technology, and transactions without commission”.
There are many problems in ecommerce today, and it is an industry just waiting to be disrupted. Current leaders in the space are outdated, and do not facilitate smaller vendors. Flipz believes that they are the answer to these problems.
Flipz has a unique monetization strategy, It will not charge any commission and will not have intrusive ads throughout their website. Instead, it will ask users to use their token FLZ for all purchases on the platform. The idea is as the website grows in popularity, the tokens which have a limited supply may rise in price.
Flipz’s primary goal is to solve two issues in the E-commerce industry. The first problem is that up to 50% of the cost of a product is because of promotional costs incurred by the vendor. With a foolproof rating system that cannot be influenced by money and is secured through smart contracts, users can find the best products rather than the ones that spent the most money advertising. This will ultimately lower costs to both the consumer and the vendor, and help encourage small business. It will also make shopping for products much easier, which solves the second big problem in the space.
Current incumbents are not innovating their platforms due to a lack of competition. Flipz is changing this by implementing blockchain technology into their unique project.