It is not easy to find a platform where shoppers are given complete control of their personal information and helps retailers target customers more effectively.

But now, by using the Shopin app, each shopper can create their profile, set their shopping preferences, and decide who gets to see their purchase history. Customer information stored on the Shopin blockchain is shared with authorized retailers, delivering AI-powered product recommendations. Even retailers win by getting to know their customers better. Shoppers win by receiving highly relevant product suggestions, along with incentives and rewards.

The making of Shopin or the story of how it originated is undoubtedly an interesting one. The original idea arose due to common frustrations that many of us felt when we heard about our information being stolen or how people are constantly harassed by irrelevant ads and spam calls.

Despite all the technological approaches that are out there these days, we still can’t control our data privacy. Do we know what is being done with our data? Why can’t we manage this in any way? Why are we not getting any value from this?

Also, read – Blockchain May Prove To Be An Excellent Solution For Shopping Behavior Amidst Covid-19!

These questions needed definite answers, and the deeper the team dove into this spirit of inquiry, the clearer the need for a concept like Shopin became. Eventually, a need and shape of a solution emerged, which became the concept of Shopin.

Using next-gen A.I. and blockchain technology, Shopin enables retailers to understand better and serve their customers. It aims to unite retailers and customers through personalized data intelligence for an unprecedented shopping experience. They are creating a more sustainable retail economy where retailers become stronger by working together, and shoppers get rewarded based on the value of the data they fully own, control, and share.

They wish to revitalize the retail industry with a new data economy to increase transactional conversions. They want to help retailers better understand customers based on a complete view of their purchase history, style, preference, and pricing. They also wish to give back to the Ethereum community for continued and sustainable growth.

Shopin is reinvigorating the retail economy by streamlining the entire shopping experience. By deploying blockchain technology to store value, purchase, and profile data, they are scaling to facilitate a million transactions per second. This, in turn, empowers retailers on the open web to provide a decentralized Amazon-like experience with recommendations powered by A.I.

Also, by using the blockchain to store value and data in a decentralized fashion, the shopper controls their data. Eran Eyal, the founder and co-CEO of Shopin focuses on revolutionizing the customer shopping experience by putting individuals in control of their data. Eyal is an investor, advisor, and award-winning entrepreneur with over 20 years of experience in the crowdsourcing, e-commerce, and retail markets. 

He and his endeavors have earned several achievements, including the United Nations World Summit Award for Innovation. Shopin also won best ICO at the North American Bitcoin Conference (where Ethereum launched and won) and CoinAgenda. Previously, Eyal has founded companies like iDea, evly.com, and Springleap.

At Shopin, Eran Eyal and his team look forward to using next-gen artificial intelligence and blockchain technology. Team Shopin had always wanted to use customer purchase data to personalize their shopping experience, all while keeping that data secure and encrypted on the blockchain, out of the hands of hackers. With Shopin, retailers and brands improve sales conversions while customers receive better shopping recommendations and maintain complete data control.

Benefits of using Blockchain Technology in online shopping

Security has been improved 

Ecommerce retailers are concerned about data leaks and fraudulent transactions. According to PriceWaterhouse Coopers’ annual Global Economic Crime and Fraud Survey, 47% of businesses experienced fraud in the previous 24 months, resulting in a loss of $42 billion.  The highest level of security for customer databases and CRM systems is provided by blockchain technology, which allows for trusted identities to be confirmed by multiple trusted parties.

Cost-cutting

One of the most significant benefits of blockchain technology is that it enables shops to merge services such as payment processing, inventory management, product descriptions, and so on, reducing the cost of purchasing and maintaining separate systems.  There’s no need to go via banking systems because Bitcoin may be sent directly peer-to-peer. This reduces the fees that banks charge for issuing or obtaining funds and the costs that credit card issuers charge for processing payments.

There are no delays in payment processing

Blockchain transactions are almost immediate and do not go via traditional institutions. Customers will benefit from speedier order fulfillment because purchases can be made quickly. 

Business processes have been improved

Transactional data can be stored on blockchains and many other things too. They can keep smart contracts (also known as smart properties and chain code), which can automate processes like automatic payments and inventory management based on predefined rules and if-then expressions.