In less than two decades the e-commerce industry was formed and rapidly became the standard way for a significant number of the global population to purchase items. 2000 was the year that a large number of businesses in the United States and Western Europe began to represent their services in the World Wide Web.

By 2007, in the United States, e-commerce sales were accounting 3.4% of total sales from traditional “bricks and mortar” stores that had also decided to offer their goods online. Within the 2000–2010 timeframe, they saw the offering of e-commerce services expand beyond just purchasing products, to being able to do online food ordering, media streaming, online advertising, e-commerce payment systems and online storefronts.

What it is Kartblock?

Kartblock is the provider of underlying blockchain technology to 27avenue.com An eCommerce marketplace operating since 2013 in India and Singapore. 27Avenue has exponentially grown from a single category online store to a multi category online marketplace with a seller base of 3000 merchants and over 100 thousand SKU’s. The Business at it’s peak has done a GMV of 1 million USD and global presence with customer base in US, Canada, UK, Europe, Hong Kong, Singapore and Australia.

With global operations and cross border payments; a need is arises to create a robust backend solution that can give a wider spectrum of operational excellence. Therefore the solution is a blockchain implementation to create a decentralized eCommerce marketplace, Faster transactions secured by the smart contract and tokenized payments. KartBlock will conduct an ICO to grow 27Avenue at its peak and create a large player in the industry competing with the monopolized and centralized existing eCommerce platforms.

Problems

So, they think e-commerce is great. But it could be better. The e-commerce market is backed up with the help of local vendors who take orders through web platforms and fulfill them through third-party delivery systems. This leaves a massive loophole for error in order fulfillment or intermediary corruption. With the increase in market inclination towards online shopping, these malpractices can act as a significant setback by turning off the interest of the target audience. Another challenge faced by the market is the lack of transparency between the vendors and the platforms. Merchants lack the valuable insights about conversion rates, bounce rates and source of traffic at their product site.

Ultimately it is the middlemen who are the main hindrance to the purchase process for the e-commerce industry. They are responsible for the rise of costs, as well as the slowing down of transactions. For payment portals accepting credit cards, some charge a staggering 2.9% in charges, above the checkout costs. These additional costs often cause customers to back out of the purchase at the final stage. Again, leaving merchants helpless while losing sales.

Decision

Kart Block revolutionizes e-commerce, Kart Block aims to solve the challenges e-commerce faces; minimizing errors and corruption, which in turn will reduce the volume of returns, while increasing customer satisfaction and, of course, revenues for e-commerce businesses. They do this through unique business model.

The Kart Block ecosystem combines the Kart Block e-commerce platform, digital wallet, and cryptocurrency reward mechanism. The simple yet powerful idea behind this ecosystem is directly rewarding the customers/users for their valuable contribution to the Kart Block platform, without the need for any middlemen. This reward is in the form of a cryptocurrency (Kart Block Tokens).

The components of this ecosystem are made up of the following;

Digital wallet: The digital wallet will serve as the entry of a user to this ecosystem. It will be used to store the Kart Block Tokens as rewards and use this cryptocurrency as required by the user.
Kart Block e-commerce: This component will be like any other e-commerce platform available today. Vendors and their products for sale will power the marketplace. The only major underlying difference will be that the customers, as well as the users, will be rewarded with Kart Block Tokens for their actions.
Kart Block Tokens: This is the native cryptocurrency of the Kart Block ecosystem. It is the standard ERC20 token and will be used to provide incentives to the users, merchants, and the customers.

Project and its features

Blockchain paving the way for the future of e-commerce E-commerce has been crying for a mechanism which enables them to crosscheck the operations and validate the procedures involved in an online sale and transaction. A customer-centric mechanism encourages the growth of long-term relationships with users, which in turn creates recurring sales and profits.

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It is the smart-contract feature of the Blockchain, which enables to legitimize the process and build credibility. Blockchain technology has already begun to change the face of the internet and online interaction. E-commerce in its current state is already wildly popular and successful. However, with advancements in technology must come continuous improvement and the elimination of barriers which only serve to reduce the value-experience for both merchants and consumers.

Through leveraging Blockchain technology, can give the e-commerce market the following benefits:

Elimination of middlemen that do not add value to a product or a service but only thrive on commissions; thus reducing transaction costs and boost user experience.
Increased transparency. Consumers and merchants will know how and where their money is flowing.
Rewards and incentives to the users of Kart block platform keeping them engaged and motivated through Kart Block Tokens.
Creating growth opportunities for the e-commerce industry by dialing down the razor sharp competition.
Creating a new dynamic in product advertisement and user engagement through clicks and referrals.
Unlocking the potential for other data-driven technology companies by providing clean and unaltered data.
Allowing merchants to run analytics on their audience-data which can help them to understand and engage with users more strategically.

Token financials

Token symbol: KART
Smart contract: Ethereum ERC 20
Token type: Utility
Token price: 1 ETH for 14,925 KART + applicable bonus
Minimum purchase: 0.01 ETH
Hard cap: 26,800 ETH
Token supply: 1 billion in two phases
ICO status: Private sale live with 60% bonus

Token Economics
ERC20 type tokens are deemed as Blockchain assets that possess value, and can be used for trade, transactions and investment like any other digital currency. Therefore, with the Kart Block token, the user can hold it, trade other currencies and assets with it or use it for transactions to purchase any other entity via the Kart Block platform.

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Team

Advisors

Conclusion

In summary, Kart Block creates a trustworthy online marketplace where customers can directly interact with the merchants and make purchases. Every user of this ecosystem will be rewarded with Crypto tokens for adding value to the ecosystem. They saw the need to cut out the middlemen, who notoriously slow and hinder the process, and in place through a borderless payment gateway, unite merchants and consumers across the globe.