Particl Announces Market Management Feature for its Open Marketplace, Allowing Vendors to Create Stores and Offer Private, VIP Product Offerings for Their Customers
Singapore, September 12, 2019 – Particl is proud to announce the upcoming Market Management feature. With the new administrative update, vendors will be able to create and manage stores as well as an unlimited number of marketplaces within the Particl ecosystem that they can then share to a specific group of their customers, allowing for a more end-user focused shopping experience.
Since the moment Particl’s decentralized marketplace, Open Marketplace, launched back in August, merchants have been able to sell products on a global scale and without any commission, allowing consumers from any region to purchase digital and physical products regardless of race, ethnicity or government oversight. With this latest update, merchants and businesses can create unlimited stores and marketplaces and then share the keys with their users either publicly or privately. Only users who have access to a market’s Market ID can access the specified marketplace, allowing merchants to create special marketplaces for specific groups of users. This update is a significant step towards reducing the barriers to entry for the Particl ecosystem, make user onboarding easier, and expand its potential.
With Market Management, merchants can now create personalized stores or markets on the Particl Open Marketplace and aggregate their products within a single environment. Stores can be promoted on Particl’s market browser, thus increasing sellers’ exposure. It also puts more confidence into the buyers’ mind as sellers can now prove ownership of their products by, for example, publishing their Market ID on their website or social media profiles.
One other use case example is a merchant offering special discounts on products for VIP customers. The merchant can create a private marketplace and only share the access keys with their premium customers, giving them VIP access to unique items and discounts that other users cannot buy or don’t even know exist. Alternatively, any merchant could create a store on Particl to sell their products. Not only does this gives them all the benefits of a regular online store, it also grants them all the benefits offered by Particl’s decentralized marketplace ecosystem such as privacy, data security, and near-zero fees.
To help vendors retain loyal customers, a new feature, adjustable rate escrow, is also planned for release after the Market Management update. Once this goes live, the escrow rate of these user created markets and stores will be negotiable between 0%-100%, allowing merchants to customize the user experience and strengthen their relationships with consumers they trust. This is compared to the current fixed escrow rate of 100% on the default Open Marketplace which requires both seller and buyer to front a security deposit worth 100% of the value of the item being purchased.
Market Management, combined with an adjustable escrow rate, is directly in line with Particl’s current goal of eliminating all the barriers to entry for its decentralized marketplace. It is a critical combination of components that will enable for the easier onboarding of sellers, especially those that have already built a reputation around their businesses. Incidentally, this type of seller might not require an escrow system, as they’ve already got a loyal customer base, hence why they might want to adjust the escrow rate to 0%, meaning neither seller or buyer would be required to front any security deposit.
Speaking about the release of Particl’s latest feature, Paul Schmitzer Particl Project Marketing & Strategy said, “By having the ability to create their own customized marketplaces, merchants can really begin using Particl as an integral tool in their business strategy to help shave tens of thousands of dollars in fees off their bottom line thanks to the myriad of customization options now available to them.” Schmitzer added, “It’s critical for merchants to be able to create “invite only” marketplaces for premium clientele and the power this gives them to target users and key demographics is an undoubted gamechanger, something that other platforms fail to provide.”
Over the next few months, Particl is planning to roll out a range of new features and announce partnerships that will revolutionize the way consumers interact with the OpenMarketplace. Each and every new feature is designed and tested rigorously, further adding to a truly private, secure, and personal online shopping experience.
Particl is a privacy-focused, open source project building software on the blockchain. It is composed of a privacy coin capable of untraceable/unlinkable transactions, a private, decentralized online marketplace where anyone can buy and sell goods and services for cryptocurrencies without leaving a trace, and finally, a platform on which various applications can be integrated and interacted with.
Particl uses a double deposit escrow system based on the MAD game-theory. Each party adds collateral (PART coins) into a smart-contract which is released back to both users, without any fee, once they both agree the transaction is complete. This is scalable, requires no staff and ensures a mutually satisfying transaction.