RainCheck: O2O Platform Aims to Change eCommerce World
As the data shows, about 85% of people prefer browsing online, but make a purchase in-store. People are afraid of bad material quality or that the thing may not fit. While just viewing goods, users are not particularly eager to click on “Buy” and purchase them online. Thus appeared a gap which the whole eCommerce is stuck in. It is RainCheck that can fulfill this loophole. So, let’s look deeper what RainCheck is and what use it can bring for customers and sellers.
What is RainCheck?RainCheck is an O2O Commerce Platform aiming at transcending the online and offline worlds. This platform is based on DLT, or in other words, blockchain, while the other instances run on the AWS Cloud Environment. The RainCheck platform allows sellers to track online product discovery to in-store sale. This platform doesn’t use Ethereum network, like many other do, it will be built using Stellar Network that works for non-complex applications through simple smart contracts. It means that all the transactions will be recorded forever in the Stellar Consensus Protocol. SCP has some safety properties that optimize for safety over liveness, it pauses the progress of the network until consensus can be reached. SCP simultaneously enjoys four key properties: asymptotic security, decentralized control, flexible trust, and low latency. This makes the RainCheck platform unique. Furthermore, the platform has already won several awards, including the Visa Everywhere Initiative and the Accenture Consumer Tech Award in Singapore.
What are the main advantages of RainCheck?By using this platform, users obtain the most updated information about the product presented at the right time and place, so that it will narrow the gap between online and offline shopping. All the products discovered online can be saved, moreover, the user will get notified information about the time when the product is available in nearby stores. The platform also includes such positive aspects as:
- gulping the product information data including stock levels from different eCommerce platforms such as Neto, Magento, Demandware, Shopify;
- accumulating the data of the product for the customer;
- allowing users to save a product item into the Cloud;
- involving backend integration to payment scheme API’s, PSP’s and banks;
- using Geo-fencing technology;
- analyzing hundreds of data points;
- offering a card-linking capability to users of debit and credit cards. The platform works closely with payment card schemes such as Visa, MasterCard, American Express, along with Payment service Providers (PSP).
- Shoppers - The user will be rewarded with reward points or even cash-back if the purchase is performed either online or offline.
- Retail brands - The data analysis function can measure digital marketing attribution to a landing page or website so that the sellers can find out all the information. The platform can track that sale all the way from the digital marketing call-to-action (CTA).
- Payment Service Providers (PSP) - They can set fees and/or make a commision from successful online payments, they are also in a good position to capture offline transactions.