How does ShopNEXT work?
To understand how ShopNEXT works, firstly let's discover more about cashback. It is a new trend in the eCommerce business - on top of discounts it puts a certain amount of money in customer electronic wallets, which they can avail for further transactions. Cashback, in a way, spurs the customer to make future purchases itself. The process ensures that both the company and customers gain - the customer always has extra cash for purchases and the company can assure further sales. Today many companies and eCommerce platforms are using cashback as the most efficient customer loyalty scheme. Cashback helps merchants to win more customers and gain more value from them.
Similar to cashback in traditional business, at ShopNEXT, people can just use our mobile app to do shopping online or offline as normally and get cashback in crypto/tokens straight to their wallets instead of cash. So they can earn their very first crypto without any above-mentioned difficulty at zero additional cost. In that way, we can turn billions of crypto-aware people into crypto owners and solve the crypto mass adoption puzzle successfully.
Our business model is straightforward but efficient. From our app, users can select the merchants they like and shop. They will still receive all the current discounts from merchants as normal. The partners pay ShopNEXT sales commission (from 5% to 30% of the total value). We share 60-70% of this commision back to our users in crypto and keep 30-40% as revenue.
For in-store payment, the process is also similar. Users visit our partnered stores for the services they want. They will make all service payments through our mobile app and get cash back immediately on the app. They can convert the cashback to the most popular cryptocurrencies on the markets like Bitcoin or Ether to their wallet.
All the above things are not all we are aiming for yet. The crypto market is huge but discrete. A big problem for almost all projects is how to acquire new users. ShopNEXT will leverage our user base and introduce them to the most interesting crypto projects. These projects will reward ShopNEXT on our user activities and again we share those cashback to our users. This is a win-win-win model for ShopNEXT, partners, and users. For users, they do not need to go somewhere else, we will recommend to them all appealing activities in the crypto market such as DeFi, NFT, etc. And for crypto partners, the project can acquire more new users by having huge traffic from us. They can now have more time to build better products.
ShopNEXT Business Model
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