Information Flow Between Physical Shops Is Restrictive and Most of the Merchants Do Not Orient Their Strategy According to the Customer’s Perspective
After experiencing an explosive growth in e-commerce, the global consumer market has reached somewhat of a bottleneck, as more and more people are returning to a traditional brick-and-mortar shop. In addition to physical shops being able to provide better consumer experiences, the potential volume of sales is also undoubtedly huge. However, information flow between physical shops is restrictive and most of the merchants do not orient their strategy according to the customer’s perspective.
Physical shops provide a range of vastly varying products and services, data sharing is difficult to achieve, and leads to isolated information silos. From the merchant’s point of view, although there are many channels available for advertising and promotion, the effect of promotions cannot be guaranteed, which results in a high overall cost of customer acquisition, which in turn requires more promotions, thus forming a negative feedback loop in terms of promotional difficulties.
Although centralized online payment platform are capable of connecting users, they tend to serve the big players by feeding off the merchants’ customers rather than sharing the customer traffic. Paul Lewis, who has many years of experience in sales and blockchain related sectors, proposes a truly decentralized consumer traffic sharing platform CoinX via the blockchain. CoinX can be thought as the virtual asset in the customer traffic sharing blockchain: connecting physical stores, businesses and consumers to provide effective customer resources and advertising channels for businesses; as well as cross-store consumption, reward and promotional system for customers. Since the physical store retail ecosystem has numerous participants and is rich in data & information, the blockchain technology, as large-scale consensus tool, is well suited for its operations. For example, blockchain is able to solve the problems of data storage security as well as transaction traceability.
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Using the blockchain technology, CoinX aims to integrate retail and services industries and break down the traditional barriers between stores by unifying their own coupons, reward points, loyalty cards and the stored value in an integrated referral system. The blockchain allows consumption generated via referrals to be rewarded through very accurate rebates, giving recommender substantial returns. This is a bold idea, it has never been possible to break down the consumer barriers before, all of a sudden everything is simplified. Perhaps in the future, CoinX will be able to provide services wherever there are consumption scenarios.
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CoinX founder Paul Lewis has worked as an executive and partner for a number of companies including Frontier7 and Vision4Global. He has more than 20 years of senior management experience in the sales industry, and has accrued vast industry resources in the retail sector. The customer bases covered by companies he has worked for include the United States, Sri Lanka, Australia and India.
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Co-founder Marc Aspinall has more than 18 years of experience in financial markets. He has held leading positions in top financial institutions in Europe as well as the Middle East and is responsible for cutting-edge work on trading technology and its global distribution. For 14 years he worked as the director for the foreign exchange giant CMC Markets, and in the past 4 years, he was the head of sales for the Abu Dhabi based ADS Securities. Marc has worked closely with many outstanding financial technology companies, including The Naga Group, which was listed in July 2017and successfully raised more than US$ 50 million in an ICO in December 2017.