The Association of Certified Fraud Examiners has estimated that the average company spends around six percent of its annual revenue on fraud prevention. Automatic checkout bots and Add-to-Cart services have been draining product inventory for too long, especially for unique products with highly anticipated, limited drops. The brand’s image can be damaged when true loyal fans are prevented from showing support in these exciting times. Customer relationships may be negatively impacted, affecting the Life-Time-Value (LTV) of customers.
SHOPX is bringing e-commerce brands and Web3 together with an elite suite of tools designed specifically for businesses looking to take advantage of all that the blockchain world has to offer. These tools remove the need for complicated coding or different platforms, providing an “all-in-one” solution for your Web3, e-commerce needs. ReserveX is one Web3 tool by SHOPX that solves the problem of checkout bots and returns trust, transparency, and loyalty to the customer experience.
Brands can mint their very own branded NFTs using ReserveX, one of the simplest ways to increase brand loyalty. Building trust with fair and transparent product distribution. ReserveX offers brands additional revenue streams with these improved customer experiences for long-term growth and sustainability.
Increasing Customer Loyalty
ReserveX offers fair product distribution for any product and even rewards your most loyal customers, increasing retention rates and LTV. The approach is offering a simplified way of guaranteeing access to limited drops, high-demand products, discounts, events, communities, and more. Companies utilize the tool to create NFTs, specifically for their brand. Those NFTs will be ReserveX NFTs, allowing customers to easily see how much product is left, how many NFTs were released and how much product is allocated to each NFT.
A transparent and fair way to drop products and stop checkout bots, while rewarding your most loyal fans. ReserveX NFTs are not only branded to each company’s style and design but also come with customizable options. This includes using a tiered structure with different benefits, an annual membership, coupons, single item drops, and more. These options help guide brands in their Web3 approach, whether it’s for a single sneaker or an entire watch collection.
How Does It Work?
ReserveX provides “members-only” access to limited drops and essentially “holds your place in line” to purchase something. The company can determine how many products are purchasable by each NFT. This simplifies e-commerce and enhances the customer experience.
Customers can opt-in for the opportunity to become eligible to either buy or receive an NFT. Later, those who opted-in are entered into a raffle for eligibility to either purchase or receive it when it comes time for the release. These NFTs are then airdropped into their cryptocurrency/Web3 wallets. This wallet and NFT inside would then be verified by the shopping platform and approved. Customers can see how many products there are or how many NFTs were released to the public. Blockchain technology is notoriously transparent, and that is exactly what SHOPX is utilizing with ReserveX NFTs. Post-approval, customers are able to purchase their products without interference. It is that easy, and the best chance brands have at stopping checkout bots from depleting their inventory.
NFTs utilize smart contract technology regarding both transparency and utility. Smart contracts are computer protocols that are designed to automatically execute, control or document something that happens on the blockchain. These SHOPX NFTs live on the Ethereum blockchain, and more specifically are utilizing the Polygon layer two blockchains currently to improve gas fees and transaction speed. The Ethereum blockchain was the first to properly introduce smart contracts, and the network is entirely decentralized.
Additional Revenue Streams
Royalties are forever; products only sell out once. The global secondhand market (resale, apparel) is worth around one hundred billion dollars. Companies are messily trying to enter the resale market by establishing their own secondhand stores, without realizing that there’s a much easier way to participate. Royalties from the NFTs tied to previous sales introduce a brand new, lucrative revenue stream that comes with very little overhead.
The first revenue stream offered by ReserveX NFTs is the NFTs themselves. They can be airdropped or purchased, allowing the company to set the price. If a brand sells 500 ReserveX NFTs for 0.1 ETH, it could bring in 50 ETH in a very short time frame. That brand can also set a royalty on the NFTs, allowing them to create long-term income every time the NFTs are traded or sold. An average royalty could be around 10% of the sale, and with the brand’s growth, the NFTs will rise in value.
Yeezy sneakers, and other high-end or designer brands, often drop a limited amount of products at one time. Typically, eager customers are selected at random to get a chance at ordering a specifically set amount each. These are very often plagued by fake traffic, fake clicks, and Automated Checkout Bots. These cause the sites to crash and force loyal customers to purchase the product at extraordinary resale prices. With ReserveX, a random group could be selected and airdropped the NFTs. These NFTs would be verifiable by the website, and the checkout button will not appear unless one is verified. This process could be done by raffling the NFTs or selling them as well. Each NFT holder would then be able to receive the specified amount in the smart contract without problems.
Businesses can sign up by contacting SHOPX here and can gain access to their suite of tools from ReserveX and to MintX, which is used to tokenize existing products, and CommerceX, which is revolutionizing affiliate marketing and sales. The suite of tools offered is undeniably helpful in simplifying and solving some of the biggest problems in e-commerce today.
