The power of Internet leveled the playing field for a number of retailers and opened up opportunities that once seems unachievable. The brick and mortar approach is considered to be a niche and more often than not will struggle to compete against those that have an online presence.
According to research conducted by Statista, online retailing is showing a stable and sustained growth and is projected to generate over $4.48 tln in global sales in 2021. As a result, the reach and use of online shopping will continue to increase in the coming years.
While the shopping patterns may have evolved, the cashback industry has more or less remained in the dark ages. Despite the technological innovations and streamlined process in paying for your goods, when it comes to claiming your cashback offer, the process is notoriously slow.
What’s more is that there is usually a waiting period until earned cashback is available to be paid out. It is also a complex and time-consuming process and if this wasn’t enough, the actual cashback amount the user receives is low since the cashback system is usually limited by the margins of the retailers.
With the advent of Blockchain technology and smart contracts, the team at Repay.me was able to develop a platform that allows consumers to have the right to own, control and benefit from their data.
For the same reason, the company has developed the REME-Coin, whose value is based on the data of repay.me’s community – the more data repay.me receives from the community; the more cashback will be distributed to the community.
Since 2015, repay.me’s team has been working on the global launch for a new cashback marketplace, with a specific aim of eliminating the weaknesses of existing cashback systems and to empower the consumers.
The development efforts up until now and which will continue once the ICO project is over will focus on further boosting the availability of various products on the marketplace, without focusing on any specific niches and will even include second-hand items and offers from offline participating retailers.
Alongside this improved efficiency in distributing the cashback, the actual cashback amount redistributed through the marketplace will be up to 100 percent and will apply to both online, and offline purchases. Purchases are recorded in real time and registered for cashback, which is then paid either in euros or in REME-Coins.
To meet such ambitious goals, the team has decided to launch an ICO, the first ever crypto-centric online shopping platform with its own coin.
The REME-Coin will be a utility token and a smart contract based on the Ethereum Blockchain and is to be implemented according to the ERC-20 standard. The ICO will start in February and will give access to a coin that is valuable to advertisers and users alike.