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The global market for consumer goods is gaining speed: according to Persistence Market Research, this rapidly growing one will be worth $8.5 trillion by 2020. In three years, the online consumer goods market will be worth $300 billion.
However, a vast chasm separates producers and buyers. Retail is still operating under the same principles as it was ten or twenty years ago. The rules of the game are dictated by middlemen: wholesale and retail sellers. There are far fewer of them than suppliers and end consumers, but they are the ones who almost completely control the market.
The inefficiency of this approach is apparent: buyers are forced to purchase goods at an average markup of 30-50%, and producers cannot properly track the supply chain and receive useful feedback. Almost a third of goods in retail chains is written off due to misallocation, and retailers pass the costs on to buyers by raising prices. The presence of a middleman significantly drags out the process of delivering goods from the producer to the consumer and makes it significantly more expensive.
INS Ecosystem, a global project launched by the founders of Instamart, Russia’s leading grocery delivery service, promises a real revolution in the consumer goods market. INS Ecosystem is a blockchain-based decentralized platform that directly connects producers, buyers, and logistics operators. In fact, it represents a full-fledged trade ecosystem, where consumers and suppliers manage supply and demand themselves by using smart contracts. The system has no place for expensive middlemen, so buyers don’t have to pay retailers’ expenses out of their own pockets.
Smart contracts and blockchain technology allow participants in the process to reduce costs and lower potential risks. Excluding retailers from the chain allows consumers to save up to 30% on daily purchases. They don’t have to waste time on trips to the mall and standing in tiring lines—INS ecosystem lets them quickly and easily order the product they need from any supplier. The order is sent to the supplier, who prepares the goods and immediately hands it off to a logistics operator, who, in turn, delivers the order to the buyer. All parties have access to the order information and can track the order’s location and status.
Once signed up on the platform, producers have complete control over distribution, price setting, and delivery of their products. They save on logistics, listing, and the absence of a complex supply chain. The marketing budget is also more effectively utilized: the platform makes it possible to build a personalized loyalty program and receive quality feedback. Blockchain offers the same opportunities to everyone, from large corporations to local farms. The INS Ecosystem project opens the door to small-scale producers who can’t make it into the retail chains because of high competition.
The founders of INS Ecosystem have significant experience in e-commerce and retail. The project’s advisers include experts in retail sales, blockchain, and technology. As of today, INS Ecosystem has signed memoranda of understanding with leading international producers, including Mars, FrieslandCampina, Valio, and Reckitt Benckiser. Other major producers, such as Kraft Heinz, Hellogg, and Johnson & Johnson, are already looking into possible collaboration with the project. The company intends to complete the platform rollout in the second half of 2018, then enter the markets in the world’s largest capital cities.
The project’s ICO, which will launch on November 27, is expected to raise 200 thousand ETH. The company’s tokens can be purchased with Bitcoin, ether, altcoins, or bank transfer. Token holders will also be able to use them for payment within the platform.
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Source: News Bitcoin