A startup e-commerce ecosystem is turning to blockchain to help businesses become more operationally efficient, while enabling billions of users on social media “to generate income with ease.”
TIPO says it has identified three major problems facing the e-commerce market today. According to the company, many of the platforms currently dominating the industry are too focused on buying and selling when there are many other services that can benefit merchants and their loyal customers. Plus, while online payments have continued to rise, market share is yet to reach its true potential. Lastly, businesses are wasting time and money through “suboptimal logistics and warehousing operations.”
Looking towards the vast user bases enjoyed by the likes of Facebook, Instagram and Snapchat, TIPO argues that most visitors to such platforms haven’t been able to grasp their “limitless” monetization potential – nor have the businesses trying to reach them. As an example of how this platform wants to help everyday social media users make money, TIPO says they would be able to become sales agents for the manufacturers and merchants of products they have purchased and loved. Resultantly, they are paid money for referring their favorite items – be it a hat or a pair of shoes – to friends.
TIPO also hopes to offer advantages to every other stakeholder in e-commerce. While merchants would find it easy to open their very own shop without the need for a large amount of startup capital, the people who buy their products would get the chance to negotiate the best prices, receive tokens for their loyalty, and benefit from blockchain-based tracking methods which are designed to reduce the rates of counterfeit or fake products in the marketplace. In a nod to affiliate marketing, social media users would be paid every time someone clicks on a merchant’s link they have shared. Finally, the businesses shipping the products would also be able to reduce the risk of being given fake orders – and benefit from tools enabling them to “schedule [the] shipping time and route early and efficiently.”
According to TIPO’s white paper, e-commerce businesses have been struggling to hit the happy medium between giving users the freedom to make payments online while ensuring that merchants are paid promptly. TIPO aims to remedy this by offering “fast and immediate transactions even during weekends or holidays” and ensuring retailers receive funds as soon as customers successfully complete a transaction. This is going to be achieved through TPO tokens.
The startup is also hoping to help other small e-tailers by reducing their shipping costs and helping the high cost of sales and marketing to tumble substantially.
TIPO acknowledges that its concept can be achieved without blockchain, but argues this technology offers several benefits. For example, buyers and merchants are given the chance to rate each other, and there’s a “guarantee” that payments are processed accurately and on time, with a transaction history that’s immutably recorded. Shoppers can also benefit from healthier discounts and benefits by locking up their TPO tokens.
The future forecast
TIPO is holding an initial coin offering in several stages. A private sale concludes on Sept 20, with a presale taking place from Sept 12 to Oct 9. Finally, the ICO itself will run from Oct 10 to Nov 10.
Development on the TIPO project began in June 2017, with web development starting in August 2017 and Android development in January of this year. Work will commence on an iOS version of the platform in October, paving the way for TIPO to be released in beta come January 2019. By March 2019, it hopes to offer artificial intelligence (AI) and machine learning functionality.