Creating the future of millennial retail with cryptocurrency

 

While the volatility is positive for speculative investors, it is also causing more hesitancy on the part of consumers to use it as a reliable fiat currency alternative. Unfortunately, the cryptocurrency craze has attracted too many ICO startups whose intentions are focused solely on watching their valuation being pushed to the pinnacle by the speculators. Often, there is no other utility outside of their cryptocurrency merely being a way to inflate their bank accounts.

 

MarketOrders solves the problem and challenges faced by offline retailers in dealing with millennial generations of consumers by creating a tech marketplace for them. Millenials are Smartphone driven and attention deficit and need to be able to access information on demand and on their mobiles.

 

 

photo credit: https://pixabay.com/en/office-meeting-business-partners-336368/

 

How is MarketOrders solving this challenges?

 

MarketOrders is bringing a Converging platform for offline retailers to future proof it by embracing new technologies using blockchain technology- NOT the least of which is the advent of cryptocurrency.

 

Blockchain invented a trust-less decentralized currency, owned and transacted by entire communities and movements. This could not be accomplished with traditional [fiat] currency in the circulation.

 

photo credit: https://pixabay.com/en/block-chain-shaking-hands-handshake-3468276/

 

 

For the first time in the modern history, communities can be served by currencies of choice without geographical boundaries, language, race, and religion restriction.

 

Despite a multifold of possibilities this new technology presents, it is critical that MarketOrders focuses initially on embracing this digital era and the millennial uprising that is causing disruption to offline retailers [brick and mortar].

 

This trend is being driven by a desire to tap into the rise of the experiential economy.

 

This experience became the blueprint for every brick and mortar shops. Digitization brings so much of convenience but customers are still looking for surprises and spontaneity in their shopping experience, which can only be achieved with a physical environment.

 

This actually creates positive tension between convenience and smart shopping with the experiential element to it and bring realization to an entire retail industry that in today’s digital and fast-moving technology world, only remain constant is the change.

 

Therefore, retailers are under pressure to move quickly to implement technology into their business. Retailers are constantly seeking technologies to both bolster customer experience and increase efficiency. To execute this vision of online and in-store experiences powered by technology, retailers need to leverage the critical skill sets of both business leaders and infrastructure and operations professionals, which can be very expensive for small retailers.

 

Written by CEO & Founder, Ram Krishnna Rao

 

Why the future of retail sits at the intersection of e-commerce and the physical retail shop?

 

The digitisation of Gold Jewellery Industry on MarketOrders platform becomes location agnostic and open to global gold jewellery industry which can constantly evolve by investing in and building Unique IP that will add value for every participant on the platform.

 

In order to make MarketOrders a strong marketplace for the gold jewellery industry, MarketOrders must continue to invest heavily in machine learning, blockchain technology and data – analytics capabilities to gain and gather intelligence from trade data flow.

 

 

MarketOrders enhances the intersection of e-commerce and physical retail stores. Retailers understand that strong customer engagement can only be achieved by implementing new innovation and new technology. This realization causes retailers to think about the need to innovate. They are constantly seeking to evolve and innovate. To execute this vision of an in-store experience powered by technology, retailers need to leverage the capital-skill set of both infrastructure and operations which can cost them a fortune.

 

Keeping in mind that retailers are prime for fresh ideas and new approaches, MarketOrders platform introduces new technology to retailers to help elevate the customer experience and create an incentive for shopping offline and driving purchase intent by increasing the visibility of demand  by allowing retailers to discover product of relevance, reduce shoppers frustration and help create pleasing experience and increasing chance of customer delight.

 

We believe that the future of retail sits at the intersection of e-commerce and the physical retail shop. MarketOrders will bring and enhance these two experiences into a seamless integrated and complementary approach.

 

 

The ultimate goal of MarketOrders is to help retailers to leverage real-time placement for retail stores which will create a concentrated and consolidated Marketplace with retail-user interface integration with a unique point of buying. This will enable and optimize retail buying to be unique, personalized and enable customisable experiences and pushes retailers to know who is their customer in the rise of the experience economy.

 

Today, the world is entering a new phase of globalization where digital technology is rapidly changing the nature of doing business. MarketOrders platform is adopting the technology to digitize the entire end to end supply chain of the gold jewellery industry in this new world across physical and digital commerce by bringing a centralized hub and digitising it.

 

Written by CEO & Founder, Ram Krishnna Rao

 

Why the gold jewellery industry must adopt a platform strategy

 

The gold jewellery industry is a very ancient industry. It is as old as civilisation itself when early humans would gift gold and adorn it on their bodies. From day one it has had a cultural and personal significance. And thousands of years later, it still remains an untapped and fragmented market where technology has yet to make it smark on this industry worth $175 billion dollar industry.

 

photo credit: https://pixabay.com/en/sculpture-museum-perth-gold-digger-1104196/

 
Today, this industry still operates in a highly fragmented and scattered manner. As a result, the industry must re-invent itself as a hub suited for the digital world.

 

Today in digitally dominated economies, marketplaces offer customers the opportunity to connect with one another. The Gold Jewelry industry must adopt this approach of a centralized marketplace. In a way, the marketplace is the most ancient way of trading goods. And this is also where the digital age has gravitated towards – a marketplace that is truly global in scale with thanks to technology.

 

A digitised centralised platform will act as a key advantage for sellers and buyers by allowing them to connect through a digitally initiated platform.

 

Today, digital technologies are changing the nature of globalization. The digital economy is driven by the rapid growth of a digital transformation and it’s happening at a breakneck speed.

 

photo credit: https://pixabay.com/en/bitcoin-money-virtual-market-3137984/

 

The MarketOrders platform will be an engine of innovation for gold jewellery retailers specifically and retailers in general SME’s as it will allow them to participate in international trade without the need to invest in their own technology-driven supply chain.

 

In the changing landscape, gold jewellery retailers and the entire industry needs to re-imagine and re-invent its position in centralised platforms and leverage its current strength in physical gold trade retailing to create a new digital trade.

 

 

Written by CEO & Founder, Ram Krishnna Rao

 

Why is the B4B model so important in today’s digital consumer world?

 

Mobile technology and the Internet have empowered consumers in a way that they are now more informed about market offers than the retailers trying to sell to them. Changing their minds or switching providers is now as easy as clicking a mouse. 

The combination of commoditization and the empowered customer makes it even more important to have a Consumer Centric Culture where the experience of purchasing is just as important as the product that has been purchased. (Check out the last post to learn more about the Consumer Centric Culture).

 

 

Therefore, business owners must be able to buy the products they need in order to customise their customer’s requirement and be able to compete effectively in todays ‘experience economy’.

 

photo credit: https://pixabay.com/en/computer-laptop-business-office-3246121/

 

From B2C to C2B

Today’s era is no longer B2C but C2B. The consumer drives the transaction. Therefore, the B2B concept of “Make, Ship, Sell” is no longer applicable and is instead replaced by the B4B concept which allows retailers to buy “On Demand”.

 

 

The B4B model encourages manufacturers to stop thinking about how they can sell more products and start thinking about understanding and actively working with retailers to arrive at a specific end result. Manufactures should be working for retailers, not the other way around.

 

 

Applying the B4B concept, MarketOrders built the platform to bring “visibility of supply and Demand” for both retailers and manufacturers by “Digitization” of the entire gold jewellery industry by centralisation. A central network platform will successfully help to map out customer needs and desires which will help retailers to practice and implement a customer centric culture in return.

 

 

MarketOrders will help retailers to discover what their customers want, create greater density with designs and selection, a transparent system and increase the ability to tap into global sellers directly and faster, which will allow speed to market.

 

 

Now, using the B4B concept, business owners will be surrounded with a customer-inspired culture. In today’s digital customer era, creating a customer centric culture is and should be a top priority for all businesses, especially independent small retailers, in order to thrive in today’s customer first world.

 

The future is centralisation

Centralisation allows data and insights to be collected from every transaction. These insights can help grow the business of the participant on the platform with greater engagement to their customer closer. The building of technology embedded on the MarketOrders platform is focused on customer experience and the customer focus is at the heart of the snowball effect.

 

 

When you add the B4B concept with a centralised network, we will help small businesses to be in better control of their success at scale.

 

photo credit: https://pixabay.com/en/jewelry-manufacturing-manufacturing-1381501/

 

Why does the gold jewellery industry need centralization?

By centralizing the supply chain in the gold jewelry industry, it gives both retailers and suppliers a greater level of visibility in terms of where to source the best products they need.

 

 

The B4B model allows the technology to be built around the customer and helps small business owners understand their customer needs. For once, there will be the ability to see buying trends within the gold markets and this data can be used to generate deep insights for retailers to help drive their business success through better decisions making. These data based insights will drive greater adoption for more business growth and ultimately lead in helping achieve targeted business outcomes.

 

What do you think of the rise of the B4B economy? Post your comments below.

 

Written by CEO & Founder, Ram Krishnna Rao