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Reckoon deploys blockchain in retail market
- February 18, 2020
Reckoon is using blockchain technology to create smart contracts that can provide a standard and universal way to fulfil shoppers wish baskets and execute a better outcome for retailers and shoppers.
The UK firm has launched its proprietary blockchain-based Global WishBasket Shopping Protocol (Glows). An initial exchange offering will be conducted to give early backers the opportunity to support Reckoon.
Since the advent of online shopping in the late 1970s, the commerce industry has experienced exponential growth, to the extent where current global market estimates are set to breach the US$28tn mark in 2020. While this growth has helped bridge the gap between shoppers and brands, a host of other problems still exist, including disconnected online and in-store shopping models, siloed marketing, and constantly shifting consumer behaviour. This worsens shoppers’ experiences.
Despite the plethora of existing ecommerce and online retail stores, the gap between retailers and consumer satisfaction only seems to widen as no single platform is able to offer sustainability for those in the value chain.
Reckoon has thus introduced a blockchain and AI-based global shopping platform as a service that dynamically connects brands, existing retailers and shoppers. The platform will seek to capture shipper behaviour and translate it to optimised unique experiences, while allowing consumers control over their data.
At the core of the end-to-end shopping ecosystem is Glows. It will leverage a blend of smart contracts and artificial intelligence to give the retailer a deeper insight into the intent of the shopper and will facilitate inter-retailer collaboration for a better outcome for both retailers and shoppers, thereby improving brand authenticity, sustainability and overall shopping experience.
“We believe the future of shopping will be driven by shopper’s intent and supported by technology that blends the online plus in-store shopping journey,” said Priya Vrat Misra, founder of Reckoon.
The platform features a decentralised shopping ecosystem with seamless integration of online and in-store shopping designed to fulfil the desires of the value chain participants – shoppers and retailers.
For retailers, Reckoon will reduce capital expenditures of a retailer and brands by providing a shopping platform as a service. It provides the opportunity to set off a chain reaction of increased customer satisfaction, sales opportunities and revenues, as well as improving online and in-store shopping exposure.
The system can apply streamlined marketing strategies to cater for trends and inclusion marketing, making shopping more personal to the individual shopper.
For shoppers, Reckoon uses AI to analyse the shopper’s intent based on their wish basket and suggests relevant shops, brands and products in line with trends with personalised effects. Shoppers benefit by having a single login for all their shopping activities with a personalised shopping experience via deals, information about local and global trends, advice, and geo-location services
“If online is great at social-discovery and validation with friends, in-store is supreme in serendipitous-discovery and instant gratification,” said Misra. “Reckoon is creating the ecosystem of shopping to leverage the social power of online with the satisfaction of physical experience”
Reckoon leverages the Quorum blockchain to establish a standard for retail and commerce for those on either side of the checkout.