Challenges, Approach, Objectives
Today’s e-commerce industry is growing at a rapid pace and global retail e-commerce sales are expected to reach $4.5 trillion by 2021. For most commercial businesses, cryptocurrency is becoming a preferred mode of transaction highlighted by its current cap of hundreds of billions and expected to rise to trillions. According to research, most of the finance and banking industry is expected to move to the blockchain and hence adoption rate of blockchain across all industries will increase in the coming years.
By Introducing the ARAW Token, the heart of the decentralized e-commerce & payment ecosystem powered by the Ethereum Blockchain. We are the first company in the United Kingdom and around the world whose mission is to combine the benefits of the E-Commerce and Payment industries; provide end-to-end solutions for E-Commerce Marketplace, Touch & Pay Cryptocurrency Card, Online Cryptocurrency Payment, and Unified Reward System on the Ethereum Blockchain powered by the ARAW token. The goal of the ARAW token is to be a part of everyone’s day-to-day online & in-store shopping.
The ARAW platform addresses fundamental problems in the e-commerce and cryptocurrency economies. Firstly, retailers online and offline offer restrictive reward systems bundled with their services — they are often of little value to the consumer given their limited nature. Reward systems in commerce as a whole are under-utilised due to the lack of technological investment. Coincidentally, many companies find it difficult to provide attractive reward schemes as they risk undervaluing their services. The ‘Unified Reward System’ allows service providers to become an ARAW token distributor, allowing entities to control the format of their reward plans. The ARAW token now acts as more than a simple reward point — as it is utilised and redeemable across all of ARAW’s ecosystem participants. Additionally, owners of ARAW are able to convert their tokens into fiat currencies via ARAW mobile wallet & take cashback to their associated bank account.
Secondly, the complex barrier to entry into the cryptocurrency market limits the potential value of the crypto market as a whole. The technologies surrounding ARAW are strategically built for the platform to support a ‘Unified Reward System’ — ensuring ease of adoption and maximizing consumer outreach. While the ‘Unified Reward System’ makes it possible to standardize reward tokens across industries, the ARAW token will also allow regular customers to have a stake in the rapidly expanding cryptocurrency world — benefitting all parties involved. The key factors include the ease of adoption for the customer as reward schemes are already common. While the needs of an enterprise entity are met with ARAW’s technological offerings discussed in detail in the paper.
E-commerce and commercial reward schemes are experiencing massive growth — the global sales of e-commerce in 2014 was 1.3 trillion dollars — expected to double in 2020, and the number of online shoppers is also expected to increase from 1.46 billion to 2 billion by 2020. As a result, e-commerce platforms and existing reward schemes are highly saturated — every individual shop offers their own exclusive points system. Additionally, customer acquisition is a serious problem given the difficulty for service providers to distinguish themselves from the competition. E-commerce also severely lags behind other industries in cryptocurrency adoption.
Similarly, the cryptocurrency market is growing rapidly. This growth is impeded by fundamental issues:
- A lack of a reliable, international exchange which allows individuals to convert tokens into fiat currency.
2. No practical use for cryptocurrency in day-to-day activities
3. Over-regulation or insufficient regulation in different countries across the globe which both hurts user adoption and leads to different fraud schemes that damage reputation of credible projects
4. A requirement for specialized blockchain developers
5. A reduction in token value due to transaction fees
6. Barrier to entry
The ARAW Token Solution
The Araw Platform offers a practical solution to the problems outlined above as well as the potential to become the practical heart of ecommerce and cryptocurrency combined. It strives to reward shopping with cryptocurrency by exposing the common person to the ARAW token. The key focus of ARAW is giving effortless access to cryptocurrency ownership which comes with potential rise in value — without dealing with any of the underlying complexities which make cryptocurrency unattractive.
The Unified Reward System seeks to transform the poorly utilised loyalty industry by fusing the shopping reward potential of all retail entities together regardless of the product — focusing on rewarding the individual with cryptocurrency market access as well as a form of investment. With our technical offering, we seek to support individual sellers as well as enterprise vendors. The ARAW token can be adopted in any location — this global decentralized potential represents virtually limitless growth of the token. This adoption will be seamless as we seek to penetrate e-commerce platforms as well as regular retail shops, without introducing any habitual change from the user perspective.
Araw Touch & Pay Card is our single card solution for all reward programmes a shopper may be interested in — the first of its kind in the United Kingdom. It allows customers to earn ARAW tokens with their daily purchases as well as pay using accumulated ARAW tokens. This ensures that an average customer can easily adopt the use of the card due to its similarity with existing technologies — but now empowered with ARAW tokens which hold intrinsic value and never expire. This offering allows the ARAW token to have a practical daily use which cryptocurrency has been struggling to fulfill as token value was previously disconnected from its contextual use until now.
The value in ARAW tokens is accessed by the Banking System Integration as it offers both the sale and purchase of ARAW tokens instantly between a customer’s ARAW wallet and their bank account. The liquidity of ARAW tokens will undoubtedly attract customers to join ARAW-rewarding vendors, which combined with other ARAW offerings will aggressively expand the opportunities for rewarding buyers, customer acquisition for vendors, and an unprecedented increase in crypto-market participation.
The Araw Mobile Wallet provides a seamless user experience — it acts as a gateway to ARAW activities such as the sale and purchase of ARAW tokens with user-configured bank accounts. The mobile wallet will also act as a Cryptocurrency Exchange where users can instantly exchange their ARAW tokens into other cryptocurrencies (initially Ethereum and Bitcoin) — further simplifying cryptocurrency for regular people. For vendors, we offer an Open API platform which allow complete customization of the kind of ARAW platform you choose to run — giving arbitrary control over your re-distribution of ARAW tokens without the need for specialized blockchain developers. We offer sophisticated yet simple to use tools to both the businesses and consumers ensuring global adoption of the ARAW token.
Since there are only a certain amount of Araw token that can ever exist, Scarcity combined with a thriving underlying decentralized ecosystem will result in appreciation of Araw token value.
Ultimately, the ARAW token functions on a revolutionary end-to-end e-commerce platform — the first of its kind. It makes use of the Ethereum blockchain, ensuring development is secure and efficient as well as arbitrarily customizable for sellers using Araw. This presents an enormous opportunity for existing vendors to stay ahead of the technological curve — as adopters of Araw will be pioneers in unifying shopping rewards and trivializing cryptocurrency ownership. Our initial focus is to cultivate the Araw adoption rate to create an autonomous market driven by our token.
The platform will tremendously expand consumer bases on multiple fronts. Sellers and retailers using Araw will be able to offer an extremely attractive reward system which completely removes the complexity of owning cryptocurrency — removing any inhibitions a person would have to enter the crypto economy. This encourages the customers to participate in Araw-offering purchases as they are given the ability to liquidate their tokens via purchase or fiat conversion, use them as an investment or convert to other cryptocurrencies — enabled by an enterprise-grade mobile application. As the Araw platform grows, the value of the token will continue to increase with the amount of users — this notably carries enormous potential as the platform allows any providers of goods and services to utilise the Araw platform. The platform and its components are designed to easily onboard vendors and provide a user experience that does not rely on changing existing behaviour.