E-commerce is currently dominated by centralized firms, Amazon in particular, that uses sophisticated algorithms to try and tailor to the needs of each and every user. This enables both consumers and producers to maximize their value to one another, so that consumers get a carefully crafted experience and businesses benefit via increased customer loyalty.
While e-commerce has certainly improved upon traditional commerce through algorithmic methods and added convenience, there are still areas that are in need of improvement.
Currently, decisions on how a user experience could unfold lie solely with the e-commerce platforms, rather than with the user. Runs wants to change this with its decentralized, blockchain-based solution that puts power back into the users’ hands.
The startup is currently managing their presale, which, just like any other presale, will act as a way of driving the community’s attention to the project before committing resources to an actual ICO.
The presale follows a successful seed funding round with financial support coming from groups like Panamax Capital, Beast Capital, and Columbia Angels. Indeed, Runs was able to secure over a million dollars USD during this seed funding stage.
Furthermore, the presale includes a 30% bonus for early investors, incentivizing them to contribute to the event. Runs have launched their Token Generation Event (TGE) through 2 phases – presale and crowd sale. There will be a total of 75,000,000 tokens available for contributors.
The Runs team is headed by CEO and co-founder Giri Devanur, who, along with over 26 years of IT industry experience, was an EY Entrepreneur of the year award winner in 2017 and an Alumnus of Columbia University.
He also lead Ameri100 from a no-named startup to being listed on NASDAQ in just a few short years. Giri Devanur is joined by Dr. Artit Wangperawong, the company CTO, who holds a Ph.D. from Stanford University.
Runs wants to make it easier for users to pave their own way through direct control of their e-commerce experience. A big way they want to do this is through their patented method of identification and tracking called XKU – ‘Experience Keeping Unit’.
XKU moves away from the traditional SKU method for tracking items for inventory by focusing on what its calls the “3-S parameters” – Story, Source, and Sustainability.
Unlike SKUs whose code usually reveals a product’s details, such as color, size, style, price, manufacturer and brand, an XKU includes the basic elements of SKU and three S-factors: Story, Source, and Sustainability. Each XKU has a unique experience attached to it and is secured on the Blockchain as a ledger entry.