RedCloud Technology recently launched Open Commerce to enable brands, distributors and local merchants to break free from third-party constraints, shifting power from e-commerce giants to smaller, more agile retailers.
“The first generation of e-commerce has failed small businesses, especially those that rely on quality inventory to serve their local and global communities,” explains Justin Floyd, CEO of RedCloud Technology. “Open Commerce is the second generation of e-commerce that gives small businesses limitless buying power.”
He points to the recent FTC lawsuit against Amazon for anti-competitive practices and maintaining monopoly power as evidence of the critical need for a transformative shift in the e-commerce landscape.
Additionally, with up to $4.5 trillion worth of counterfeit products sold annually, Open Commerce seeks to mitigate the risk of counterfeit product sales.
RedCloud’s Open Commerce equipped with AI tackles inefficiencies in trading on three fronts. One is by identifying issues: As businesses seek to understand pricing and inventory discrepancies, AI analyzes vast data to find inconsistencies and provide solutions, prevent stockouts, and detect counterfeit products. A second is through inventory management: Inventory distortions cost retailers $1.77 trillion globally in 2023. AI addresses this by improving the visibility and location of inventory to prevent losses. Third is by addressing cost of payments: High fees from credit card companies reduce profit margins. Open Commerce offers alternative payment methods, often free of charge.
Open Commerce offers businesses access to authentic, quality products at competitive prices via a trusted supply chain, building a thriving ecosystem of small businesses. This enables them to offer high-value products, ultimately reducing consumer costs. Says Floyd, “With Open Commerce, SMBs achieve an aggregate buying superpower that can eclipse the behemoths of e-commerce and democratize the way trading is done.” —
Did You Know: According to RedCloud Technology, Amazon constitutes 38% of all e-commerce sales in the U.S., 32% more than Walmart, the second-largest online seller, and the failure rate for third-party sellers in the first year on Amazon is 95%.
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