Therefore, the amount of cashback premiums paid out is proportional to the amount of data generated by the users participation in the platform. According to the company, Repay is the worlds first marketplace that makes payment through its own coin possible.
Market analysis by the coupon marketing company Valassis shows that 90 percent of all consumers, even those with a high monthly income, want to save money on shopping through coupons and other discounts. The fact that consumers check their price via price comparison sites before buying an article in online trading has long been an established procedure that almost every consumer has already used. The loyalty to a certain dealer or online shop must almost always give way to the savings.
The existing bonus and coupon systems are rarely satisfactory. The company has recognized the potential for optimization here and integrated it into its business model. Repay simplifies the premium concept many times over. Because existing bonus systems often only work via external links, unlike Repay, they are not directly embedded in the sales platform. It is hard to find coupons and they do not always work reliably. Often, the cashback premium is far too low to trigger a real buying incentive. Common systems rarely offer rewards for used products.
On the other hand, Repay offers direct access to the rewards system and, most importantly, all products offered can potentially be purchased with up to 100 percent purchasing advantage. This refers to the purchase of used items as well as offline purchases in the participating stores. The purchasing advantage can be paid out both in euros and in utility tokens. The own coin enables all participants, ie customers, dealers and advertisers, to pay in real time. The use of REME coins is made more lucrative for advertisers by being able to pay for specific, target group-specific advertising types exclusively with the marketplace-specific coin. Also interesting for advertisers: REME coins could be purchased as part of a pre-sale and they are tied to a fixed value of advertising.
Repay combines the advantages of established marketplaces. Particularly noteworthy is the international focus and the possibility of purchasing advantage to 100 percent on all products. Repay is not limited to specific product groups. It covers all product areas and areas. Repay is already available for launch in several languages. The high willingness and openness of the consumers for a change speak for the success of Repay. Repay is currently targeting 3.5% market share of the worldwide online retail volume. It is expected to be $ 2.77 trillion by 2018. The company is planning a viral media concept and expects revenue growth of approximately $ 10 million in May 2019, with a total user base of approximately 500 thousand registered users.
Todays trend towards a trade that allows more customer focus becomes apparent in a comparison between Amazon and Walmart. Online trading is much more flexible for everyone involved, because changes that are tailored to customer requirements can be implemented much faster. Also, we have seen through Google, Facebook, WhatsApp and Co. several times, how fast online companies can develop from unknown startups to market leaders. Repay puts its customers in the center of attention, just like Amazon.
The cashback market
The cashback industry is currently expanding very fast. Estimates of the cashback market amount to approximately $ 84 billion. The largest cashback companies are from Asian countries such as Japan (Rakuten), India (Flipcart), China (Snapdeal). Consumers worldwide are interested in new ways to save money on shopping. However, these paths should be simple and time-saving, customers are less interested in shopping when shopping, which require several steps and promise only a small discount. In addition, there are no incentives to write reviews or make recommendations to friends and family, even though it is known at the same time that consumers rely heavily on customer reviews. Traditional systems such as Payback provide little benefit to the customer and mainly help the merchant to identify audiences and buy behaviore valuate.
This is where the great potential of Repay lies. The cashback system is simple and transparent. The funds are transferred in real time. There is no longer the possibility that bad or expired coupons are in circulation. About 70 percent of customers are, according to Statista, interested in cashback products. 90 percent of households use online and offline coupons. The use of coupons seems to be a matter of principle for 96 per cent of consumers and they would continue to do so, even if they were to win a lottery prize. The potential for saving time is also given. The group of 18-36 year olds spend over 2 hours a week looking for discount coupons. This data, combined with the high willingness of 80 percent of consumers around the world to replicate, confirms the $ 97 billion target market for Repay.
By increasing ease of use, the company expects to gain an edge over the competition from other cashback companies. Among other things, the reward system on the Repay platform encourages users to write customer reviews, take part in surveys, and invite new users. No products are excluded from cashback. Offline businesses can also participate in the platform. The REME-Coin allows a quick withdrawal of the collected funds within 24 hours. Each user has their own wallet, which can also be accessed via a wallet app. The search for coupons in the run-up to shopping is eliminated.
Not only does the dealer margins determine the level of the cashback premium in each category, so too can Repay distribute higher cashback contributions in categories that otherwise have low cashback ratios (for example, technology). On average, Repay charges much lower platform fees than other online marketplaces. This leads to better prices for the end customer. At Repay not only a premium is initially distributed, but continuously. Any customer activity that results in sales or advertising revenue is remunerated. In addition, consumers can actively participate in the growth of the platform by inviting and benefiting from other online and offline shops. The cashback bonus can also be easily donated to charitable and charitable organizations. About the donation can be subsequently reported in the social networks. So other users can be encouraged to participate.
Goals of the company
The publishers of the REME-Coins have set themselves some ambitious goals. The company also seems to have a good starting position to achieve these goals. First and foremost, the coin should reach a worldwide acceptance. Already, the Coin fulfills all legal requirements. Furthermore, the REME-Coin seeks the status as a means of payment on other platforms. Also, the current legal conditions are more conducive to this, because operators of marketplaces can accept Fiat money from end customers only under specified legal conditions. A crypto coin would increase the scope for traders. The company has set itself the goal that its Coin should reach the status as standard for cash back payments. The stable value of the coin results from the fact that the value is covered by user data. Demand for user data is expected to continue to grow very rapidly in the 21st century. However, since the amount of coins remains unchanged after the pre-sale, it is expected that their value will continue to grow.
The marketplace is based on the ICS suite of Intershop AG. ICS is used among others by the German Telekom, BMW and Edeka. The main task of the developers of Repay is to extend the functionality of the Intershop Commerce Suite in such a way that a relationship between several buyers and sellers is made possible in parallel, in contrast to the traditional model, in which the relationship between shop operators and end customers was designed as a one-way street. Traders operate on Repay as a user and offer their products on the platform without the platform operators themselves providing products. The messaging system allows direct communication between users. An evaluation function is embedded in the messaging system itself. The creation of shipping profiles, order management and data maintenance can be done easily from a single interface.
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