NEW YORK, April 18, 2018 /PRNewswire/ -- A team of retail technology giants has announced the Beta launch of the Bevite™ marketplace, the industry's first transparent commercial blockchain platform. The Bevite marketplace empowers businesses to sell or partner-to-sell products and services from a common pool of shared inventory, eliminating the single greatest problem facing retailers today: excess inventory.
By repurposing the blockchain for commercial use, the Bevite marketplace allows retailers to digitize their most valuable asset – physical stores -- into virtual storefronts to blockshare inventories with their sales partners for distributed mass sales. Merchants can offer wider assortments, better pricing, and more purchasing options. This in turn increases consumer trust through product transparency in the shopping process, eliminating the need to stockpile products or charge consumers convenience fees to thrive in the retail apocalypse.
In the Beta release, Bevite will open its blockchain marketplace to a select number of small, medium, and large retail businesses. Bevite will use these trials to gain feedback on its omni-retail shopping experience on its proprietary blockchain technology, leading up to its commercial rollout in 2018. The Bevite marketplace will be available to enterprise retailers as a privately managed marketplace and as a publicly shared marketplace for small to mid-sized businesses at http://www.bevite.com.
- Omni-Retail Shopping (Multi-Brand)
- Personalized Storefronts (Multi-Store)
- Partnered Sales (Multi-Distributor)
- Timed Sales Events (Multi-Customer)
- Customized Catalogs (Multi-Assortment)
- Shared Product Inventories (Multi-Product)
- Real-Time Purchasing (Multi-Payment)
- Proprietary Customer Ownership (Single-Customer)
"Our mission is to empower businesses of all sizes operationalize their omni-channel retail strategies," said Jamie Driver, co-founder of Bevite. "We've been very fortunate to work with some of the most iconic brands in the retail industry. This is the first time that Bevite's proprietary block technology will be placed in the hands of our user base, and marks a major milestone in the platform's development."
The company's leadership team is comprised of industry leaders such as Jamie Driver, Jayson Kim, Kent Anderson, Milton Pedraza, and Scott McNealy. They represent a cross-section of some of the retail's most successful multi-channel branded business ventures, including Macys, Barneys New York, Fossil, J.Crew, Nine West and Sun Microsystems.
The Death of Retail, Birth of Commerce
Traditional retailers today are forced to rethink their strategies, business and product due to new technologies. Thousands of businesses have closed up shop in recent years, with no end in sight. Despite popular belief, retail's demise is not due to the rise of Amazon. On the contrary, the retail apocalypse is a result of an irreparable flaw in traditional retail models: the inability of merchants to make real-time inventory adjustments in their businesses. With constant shifts in consumer demand (purchase behaviors) and production supply (order minimums), merchants are unable to minimize inventory investments in the absence of accurate retail planning data across their sales channels.
In most cases, a retailer's online sales will cannibalize their in-store sales without a clear understanding of how customers interact across these channels. The catch-22 is that retailers are then forced to buy more stock not to miss sales on the one hand then distressed to dump overstock on the other. This negative feedback loop results in massive excess inventory, not to mention a terrible customer experience for the brand. In this relationship, consumers waste time looking for the products that they love online while trying to overcome authenticity, counterfeiting, and pricing issues online, only to opt-out for the convenience of Amazon shopping, even as these products are available right under their noses.
"Conventional wisdom holds that online shopping is to blame for the retail apocalypse but nothing could be further from the truth," said Jayson Kim, co-founder of Bevite. "Today, most retailers are very complex, multi-channel businesses. They offer customers the same, if not more benefits, as shopping on Amazon, Alibaba or eBay. The problem is that their customers tend to overlap in these sales channels, resulting in an overwhelming amount of bad inventory that impacts their bottom line."
While the demise of retail makes headlines, businesses thriving in today's disruption are the midwives of a new era of commerce. Perhaps with Bevite, the omni-shopping experience these merchants deliver is something that Amazon can't ship to your door in the future.
Bevite, Inc. is a multi-national technology company that designs commerce software based on its proprietary blockchain, blockshare, and blocktrade technology for public and private sector retail industries throughout the world. Bevite's proprietary blockhain commerce platform is available to enterprise retailers as a privately managed marketplace, and as a publicly shared marketplace for small to mid-sized businesses at http://www.bevite.com.
Edward M. Yang
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