[BLOG] GUHADA, a leading e-commerce platform
GUHADA is expected to facilitate the re-commerce trend with its superb technology in the secondary luxury market industry
The online consignment shopping mall for luxury goods and accessories
“The RealReal” an online consignment shop for sales of luxury goods and accessories is drawing heightened attention in the stock market. In the past June 28th, 2019, The RealReal’s share price has risen 40% from its initial value at $20. The significant increase of The RealReal’s stock price is projecting the increase in market size of the secondary luxury goods market industry.
A shift in the trend from “commerce” to “re-commerce”
What are the reasons that ‘The RealReal’ is receiving heightened attention? The first reason that ‘The RealReal’ receiving much attention in the stock market and the public is because the global consumption of products is shifting from commerce to re-commerce. The re-commerce is a form of consumption that proceeds with the purchases of products in the secondary markets. Today, many of the consumers are preferring shared economic approaches, such as Uber, ride-sharing, and housing sharing including Airbnb.
Also, as the global recession has prolonged, more and more people are seeking affordable or rational consumption. The general public or everyday consumers do not wish to purchase products unconditionally, but they want to purchase quality goods at affordable prices. This consumer sentiment also applies to the luxury goods market.
Enriched shopping experiences
The second reason that ‘The RealReal’ attracts much attention is because the online shop offers a luxurious shopping experience as if the consumers are purchasing brand-new luxury goods. The RealReal reflects this consumption pattern and presents a luxurious experience for the purchasing of secondary luxury goods as if they were firsthand luxury goods.
In addition, the company sells its products by providing the experience of purchasing new luxury goods. The website of “The RealReal” is composed of almost all the well-known brands in the world. The company itself stated that it includes all of luxury brand products from “fashion, jewelry, watch, furniture, art-works and more”. And of course, the authenticity of each product is verified by the company. As the regular luxury brand stores present discounts on stylish promotional products, similarly, the company places various discounts on the promotional products as well.
Increased in number of platforms aimed at secondary luxury goods market
The third reason why “The RealReal” is attracting much attention is that there are similar companies progressively following the trend.
“ebay”, as the dominator of the secondary goods market industry, initiated the sales of secondary luxury goods and developed its own authenticity verification system known as “eBay authenticate”. In 2016, Facebook has released “Facebook Market Place” to support the sales of secondary products within the platform.
GUHADA, a platform that will facilitate the secondary luxury goods market
GUHADA is being developed to become the most reliable blockchain-based e-commerce platform for sales and resales of secondary luxury goods. As part of the development, TEMCO is working on integrating NFC chip technology into GUHADA platform to record and share the data about the luxury goods sold. With the technology, the products records can be transparently viewed. Through the function, the consumers can view all the distribution information at once.
In addition to the integration of NFC chip technology into GUHADA platform, the authenticity verification system is also being developed for the platform. When a product is appraised through the authenticity verification service, the verified product information is uploaded into the blockchain. As emphasized, the data that are uploaded into the blockchain are immutable, guaranteeing reliability and trust to the consumers. Also, once the product record is uploaded to the blockchain, the product can be resold on GUHADA platform without a hassle since the data about the product is previously recorded.
As for the TEMCO, while in the developing GUHADA, the team has been attending the demo tour presented by Tribe Accelerator who is supported by the Singapore government. The demo tour included many of the professionals in the traditional venture capital industry, Singapore government personnel, and more. TEMCO team was selected as one of the top 10 startup companies to be involved in this tour. During the tour, TEMCO team presented the NFC technology that is to be integrated into the GUHADA platform and received focused attention by the audience during the demo presentations in Singapore, Shanghai, and Seoul.
As the consumption pattern changes from commerce to “re-commerce”, TEMCO’s GUHADA platform is receiving highlighted attention by many, and it is being developed to lead the fast-growing luxury goods market industry.
TEMCO: Innovative Supply Chain Data Management and E-Commerce platform through Blockchain and Smart Contract Technology.
▶TEMCO Chatroom: https://t.me/temcolabs
▶TEMCO Official Website: https://temco.io
