How Connectius will solve E-commerce`s problems
E-commerce is one of the most rapidly growing areas, its development accelerating every day. In 2016, the global online shopping industry was worth over $1.5 trillion, and may reach $4.5 trillion by 2021. Online shopping makes life easier. Now someone living in the US can order an item from China in just a few minutes, without leaving their home.
According to the research companies LexisNexis and Javelin Strategy & Research, last year the American market in the online shopping industry (the second largest in the world) was worth $460 billion. Suppliers lost about 8%, or almost $37 billion, of their revenues to fraudulent activity. The most common types of fraud are chargebacks (where the customer demands a refund) and non-card-based transactions. Stores have to spend another 5% or so on dealing with unscrupulous buyers.
Market needs formed the basis of the Blockchain Connectius platform, which was created to organize a fundamentally new type of online sales ecosystem.
The platform is aimed at solving key problems faced by both buyers and sellers. It is universal and works for everyone who interacts with consumers of their services through the Internet: shops, tour operators, booking and hotel reservation systems, car rental services, etc.We thought about how the system will be deployed, and make sure that it can be easily integrated with any existing trading platform, without requiring significant costs.
Using distributed ledger technology ensures a higher level of security for payments and transactions. Blockchain entails the use of smart contracts for settling customer payments. Smart contracts can save retailers from their biggest headache: unscrupulous customers who use chargebacks and other methods to defraud service providers.
The basic principle of blockchain is that data cannot be falsified or deleted. The completion of each transaction out of millions will be documented in a corresponding entry, which would serve as unassailable proof in the event of a dispute. The retailer’s representatives would have to difficulty figuring out whether the buyer’s claim for a refund has any merit. If it does, the buyer can be immediately refunded, no questions asked. Users also have the opportunity to refer to an independent arbitrator to resolve the problem. Another key feature of blockchain is decentralization, which prevents leaks of users’ personal data.
In conclusion, the functions of blockchain affect what consumers care most: the cost of services. Reducing losses due to fraud, eliminating the intermediary and reducing transaction processing costs help stores reduce prices and gain an advantage over competitors. More importantly, sellers acquire loyal customers who return again and again.
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