Knowing what we own and when to let it go
A lot of us are hoarders. We tend to gather and gather and gather … well, you get the idea. Besides filling our house to its roof, it also presents us with multiple other problems. What do we own, how much are our belongings worth and how and when should we sell some of the things we do not use? Moving into a new home, all the above seems simple, but through the years we lose track of the things we buy or receive. By that time, it is usually too late. The Insurance Information Institute claims that in November 2016 only 50 per cent of all homeowners were keeping an inventory. When the research turned to millennials, that number plummeted to 37 per cent. At Eligma, we will strive to resolve these problems with our second pillar, Inventory, that will work together seamlessly with our Discovery and Loyalty pillars.
Inventory
This module will allow consumers to record details of their personal belongings and keep an overview of their value. They will be able to do that in three different ways:
· Automated inventory
After a consumer purchases an item through the platform, Eligma will automatically list it in the consumer’s inventory.
· Manual input
Consumers will be able to manually add items, purchased elsewhere. If the item already exists in our database, Eligma will automatically fill the item data.
· Reverse inventory lookup
Online stores that partner with us can notify their previous customers that they created digital item profiles. Said customers will receive e-mails with a link for claiming their Proof of purchase-evidence that they actually bought the product.
After the inventory is complete, Eligma’s artificial intelligence will start performing its magic. It will be able to predict the estimated current item value by considering factors like local market value, local market demand and item condition and age. Eligma will however take one step further and become your very own household trading agent. By combining knowledge of the future item value and the replacement item’s price on the market, it will be able to automatically predict the best time to sell that item and buy a replacement. Consumer will receive a notification, which will allow him to decide if he wants to sell the item. If he chooses to do so, he will be able to create a universal listing with a single click (or tap in this day and age) and publish it on all the second-hand markets he chooses.
The rise of the second-hand market
Why is this important? To put it simply: the used goods market is growing rapidly, which amounts to more potential buyers and sellers. That means that if you are either a buyer or a seller, you will be able to receive a good deal on the item you are buying or selling. eBay, the leading used goods marketplace, reported a 7 % annual revenue increase in 2017 and that growth is expected to continue.
“Ebay accused of failing its sellers as fraudulent buyers manipulate the system”
Everything is not rosy, as even eBay themselves admit. Their system is built on the assumption that people are honest. As much as we would all love for that to be true, reality teaches us otherwise. That is why Eligma will use blockchain technologies and smart contracts to ensure safe transactions.
· Eligma as an escrow service
This is an additional precaution for both the seller and the buyer. While the buyer waits for delivery, Eligma will withhold the buyer’s payment and the seller will have to deposit our ELI crypto tokens as a guarantee. In case of a dispute, Eligma will act as a trusted intermediary and ensure that both parties respect their ends of the bargain. If the buyer returns the item, we flag the item’s digital profile. That prevents the seller to sell the item multiple times without changing its condition’s description.
· Decentralized sale on a blockchain
Consumers will be able to agree to terms of the trade through Eligma or other standard communication channels (online chat, forums, etc.). They will complete the purchase in a completely decentralized way using smart contracts on the Ethereum blockchain using cryptocurrencies, where even Eligma will have no control over the process. Both will have to place a deposit in ELI tokens, which will be released after the smart contract is concluded. That means that they will both be motivated to reach an agreement, making the trade fair for both sides.
To summarize, Eligma will make second-hand sales convenient, safe and transparent for all our consumers.
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