April 5, 2018 Knowledge Center

All e-commerce is a dark net

There is no doubt, that to this day, e-commerce has the problem of trust.

Over 70% of online shoppers have the fear of buying on the net. No wonder. Millions of dollars are being lost when people get scammed or SNAD’ded (item or service Significantly Not As Described) in faceless commerce. But this is not the only similarity to the infamous dark net and the one that we want to talk about today is no less significant.

We want to give you an example of Uber’s impact on the taxi industry, which will get our point across clearly.

Remember the times when riding a cab was just another form of transportation? A way to get you from point A to point B? 9 years ago, taxi was a utility which was more of a form for getting around, rather than a trip.
But after Uber was introduced, riding a cab (or should we say, a peer giving you a lift), became an experience. Yellow taxis as we know them now mostly turned into a decoration of the city than a form of transportation.

But why?

Before Uber, there was no accountability for the driver. Only to drive you to the given address and receive the money. After Uber came, on the surface it seemed that the app and the technology was the main value proposition. But the significant change in the market happened from the introduction of an internal currency. That currency appeared in the form of a 5 star rating system and it changed everything. Uber passengers became influencers in deciding whether the driver is worthy of staying in the ecosystem or not. That’s where the accountability for a good customer service began. Cars were switched to cleaner ones, drivers – more professional, routes – more direct. Let’s not forget that through a two sided rating mechanism, the passengers had to become more friendly, too. Rating system began the transition from a simple ride to a unique experience and in our opinion this was the key to Uber’s success.

The example reminds us of the current state of e-commerce.
It usually gets the job done if you’re pleased with a dull and uninspiring trade, but if you care about the full experience including customer service (before and after), the tone of communication, accountability for precise shipping, it hasn’t become a default approach yet. The system is still full of old, outdated, barely functioning yellow taxis of e-commerce. Not because we like them, but because the “Uber” of online commerce hasn’tcome yet.

This is where our idea of online commerce evolution comes in.

“Monetha” is focusing not only on the buyer protection, trust, insurance aspect (this a default mode for us) but also one step deeper. Caring for our users is our top priority, but that is covered automatically thought a self-governing mechanism of that internal currency called ratings. When testing our technology, we discovered that there’s this magical threshold of a rating (let’s say for example over 4.5 stars), where it is not only a proof of safety anymore, but also a stamp of quality, a verification that you’re getting a frictionless experience that makes purchasing a pleasure.

And that is exactly what’s needed for e-commerce to fully bloom.
The whole e-commerce continuously suffers from the lack of competent customer service, unfair shipping rates/times and above all, inability to provide trust and customer
satisfaction where it’s needed the most.
With the power of Monetha’s technology and the people behind it, we know we are the ones who are going to make that revolution possible.