Introducing Splyt
A Decentralized e-Commerce Platform
E-commerce’s Explosive Growth
For decades, e-commerce sales has dominated the internet and makes up of most monetary transactions made online. In 2020 the estimated e-commerce sales value went up to a whooping 3.914 trillion [1] and is expected to have a sturdy grown rate year by year. No doubt e-commerce will continue to dominate physical forms of shopping.
The Problem
Because of the growth of e-commerce and it’s centralized system scaffold from the beginnings and the huge amount of money in the market, it becomes a potential honeypot for bad actors. Many types of fraud pertaining to e-commerce surfaced throughout the years.
E-commerce fraud can be categorized into seven main types. Identity theft, friendly fraud, clean fraud, affiliate fraud, triangulation fraud, merchant fraud and more international fraud [2].
One of the most common fraud in the space is affiliate fraud. The affiliates market is huge. It has a estimated market spending estimates of about 12 billion[3].
For Amazon, as big as 6% of its online visit comes from affiliates. Bad actors are attracted to exploit shortcomings in the current system to claim commission illegally. Globally, affiliate fraud costs an approximate 1.4 billion in 2020 alone [4].
On top of frauds, there are other problems such as items that cannot be fulfilled or erroneous are offered.
The Solution
Trust solves a lot of the aforementioned issues. Blockchain removes the need to trust third parties and is the perfect solution to incorporate into e-commerce.
Through the evolution of blockchain over the years, we now have the tools required that we didn’t have before.
That is where Splyt comes in for the e-commerce space. Splyt introduces a platform that leverages on latest technological advancements to improve current processes and solve many of the issues in e-commerce.
For example, Splyt allows sellers to tokenized their inventory into NFT assets. This opens up the opportunity for sellers to offer rewards and bounties for affiliates in a open and transparent way.
On top of that, the ability for the sellers to set a predefined incentive for affiliates, solves the issue of affiliate fraud as incentives, purchases and payments amounts are written into the blockchain for verification.
Payment are made directly to the seller, cutting away hefty middleman fees.
By introducing an escrow during item listing. It solves the issue where fraudulent actors list items that are fake or cannot be purchased.
Adoption
Adoption is key and the team knows that. To ease the onboarding process and increase adoption. The team at Splyt released a Shopify Plugin that makes it really easy for any sellers with an existing Shopify store to adopt Splyt. The demo is a really good introductory for many of Splyt’s capabilities. It can be viewed by clicking here [5].
Conclusion
This is only the tip of the iceberg to what Splyt can achieve. With the team’s vast experience and the unchartered waters in the space, Splyt is definitely a company worth watching out for.
[1] https://www.emarketer.com/content/global-ecommerce-2020/
[2] https://www.information-age.com/seven-types-e-commerce-fraud-explained-123461276/
[3] https://saasscout.com/statistics/affiliate-marketing-statistics/
[4] https://www.cheq.ai/dark-side-of-affiliate-marketing
[5] https://www.youtube.com/watch?v=gOur7pm6yl0
