Despite the explosive growth of online retail there has been a slight trend back towards brick and mortar stores by consumers. Part of the reason for this is that physical retail outlets offer better consumer experiences. However the flow of information between physical retail outlets is restrictive with the result being that most merchants are not in a position of orienting their strategy to suit the perspective of the customer. Additional brick and mortar outlets offering a variety of products and services though the sharing of data is hard to achieve leading to information silos that are isolated.
For merchants on the other hand, they have many channels at their disposal through which to advertise as well as conduct promotions. However it is impossible to guarantee the effectiveness of promotions and this leads to the merchants incurring high overall cost in their customer acquisition activities. Consequently merchants end up requiring more promotions and the feedback loop continues.
Traffic sharing platform
While the centralized online payment platforms have the capacity to connect users, one of the disadvantages to merchants is that they are at the service of big players since they feed off the customers of retailers instead of sharing the traffic. To solve this problem the founder of CoinX, Paul Lewis, is proposing a traffic sharing platform for consumers that is decentralized. In this instance CoinX will act as a virtual asset of the blockchain.
With blockchain technology CoinX will be in a position of integrating both the service and retail sectors while breaking down the barriers that exist between stores. Retail outlets will thus be able to unify their own store value, loyalty cards, reward points and coupons in a referral system that is integrated.
Silicon Valley accelerator
Three years ago CoinX became an accelerator for global growth companies in Silicon Valley thus offering a platform through which growth firms and late startups could create expansion and exit strategies. One of the first events that CoinX hosted at the time was UI/UX conferences where teams were given a chance of showcasing projects to mentors, investors and engineers.