E-commerce Meets Web3 - How eNFTs Are Beating Counterfeits

It’s estimated that counterfeit products cost the USA around $600 Billion. Brands lose out on trillions of dollars in revenue globally due to counterfeit merchandise and apparel. These counterfeits ruin brand trust and oftentimes customer loyalty, leading to decreased revenue, retention rate, and Life-Time-Value (LTV) of customers. Counterfeits make it difficult for some brands to take advantage of affiliate marketing, a potential new sales strategy to broaden a brand’s reach and customer base that comes with a very little overhead cost.

SHOPX is solving these problems within its suite of Web3 intertwined tools, allowing businesses and brands to expand, and experience the journey of Web3 and blockchain solutions. Returning trust and transparency to the customer journey is one of SHOPX’s top priorities, and that’s exactly what they are doing with their tools MINTX and COMMERCEX. These tools help brands re-establish and grow their customer bases through brand loyalty, customer experience, and increased revenue.

MintX tokenizes real-world inventory, making life easier for the customer and business. Between tracking lifetime data for a product and offering a way to verify the authenticity, MINTX really does make the buyer’s journey simpler for everyone.

What Are eNFTs?

MintX uses eNFTs to represent real-world products. These tokenized products have several use cases, with the biggest being an anti-counterfeit strategy. Counterfeiting is estimated to cost businesses around the world trillions of dollars on an annual basis. The eNFTs are easily identifiable and also come with a transparent history of the product. Tokenizing a product on the blockchain means it will be verifiable by anyone, using a public ledger. This means consumers don’t have to worry about artificially increased prices anymore and counterfeits will be easy to spot when the product does not come with an authentic eNFT.

Authentication isn’t the only utility within an eNFT. These also provide universal product ratings. That means one product rating across all platforms and distributors or retailers. This builds trust with consumers seeing the same rating no matter where they shop. Purchases of Web3 eNFTs are public and transparent, and only real customers who made a purchase are eligible to leave a universal review.

NFTs smart contracts are deployed on a blockchain and have very diversified use cases. eNFTs are specifically built for online brand growth, success, and an improved customer experience. SHOPX is currently utilizing Polygon, the layer two protocol for the Ethereum blockchain while building out their own platform entirely. eNFTs can be kept in a SHOPX vault and these wallets can be branded to your logo or colors.

eNFTs And Affiliate Marketing

Affiliate marketing presents great opportunities for both brand supporters and the brand itself. Allowing your biggest supporters to become brand ambassadors through an affiliate program both increases the loyalty and the LTV of consumers. It also presents an additional source of traffic for the brand, leading to more revenue.

CommerceX is simplifying inventory and helping brands find reliable affiliates through an extensive network of eager participants. Through SHOPX’s affiliate network, brands can find loyal supporters looking to make some extra money selling their favorite products. The eNFTs sell through a website where information is automatically passed to the brand/manufacturer for shipping.

The platform not only automates and simplifies affiliate programs but also offers a trustworthy way for brands and affiliates to transact. Removing trust from the equation, the blockchain offers an effortless way to execute transactions between affiliates and the business. Smart contracts on top of the blockchain would be able to execute the transfer of customer information and data to the brand while instantaneously executing payment to the affiliate based on a percentage of the sale. Funds can be held in escrow until a product is shipped, cutting out expensive intermediaries and eliminating the need for communication between the brand and marketer.

Providing a personal opportunity for your biggest supporters to help increase your brand exposure is always a good idea and it has never been easier than with CommerceX. Affiliate percentages can always be changed, and marketers will be able to browse rates on the platform. The higher your rate, the more interest from affiliates you receive and this is a proven strategy, often with a higher Return On Investment (ROI) than trying typical (Facebook or Google) Ads marketing. Not only does this increase your exposure but will also drive brand sales, profit margins, traffic, LTV, and retention rate.

Improved Inventory Management

CommerceX streamlines the inventory process for affiliate marketing, using eNFTs. This solves the problem of ‘double sales’ and eliminates customer frustration when a system updates and tells them a product is out of stock after they purchase it. As a real-time inventory management platform all retailers, and affiliate sites, are synchronized with a public inventory on the blockchain. This makes it very simple for anybody from customers to retailers to distributors to see the exact inventory on hand at any time.

Tokenize your products today and put an end to frustrated customers and short retention rates. The SHOPX suite of Web3 tools is built for brand growth and immersion into the Web3 world. Assisting brands of all sizes in entering the blockchain space and in taking full advantage of all the opportunities that come with that. From branded cryptocurrency wallets to streamlined product inventory to fighting fraud and counterfeiting, SHOPX tools can do it all. Take your brand to the next level and jump into Web3, your customers, and your wallet, will appreciate it.

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