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Credenza in 1-minute YouTube
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Hi and welcome to our project.
Our main goal is to make it simple for any online seller to verify the buyer and build the pre-sale interaction correctly.
The burst of e-commerce goes along with a bunch of new issues from the buyers' side: "friendly fraud", "wardrobing", and return abuse is a $24 billion problem. Online payment chargebacks fraud costs e-tailers an additional 1.8% of sales. Furthermore, the cost of return deliveries has increased by 75% in the last few years, reaching $550 billion! For example, on Amazon, the percentage of returns is 5-15%, and in the categories of clothing and electronics - up to 44%. Most returns are not salable.
These losses are absorbed by responsible
customers in the form of higher product prices.
But there's something unfair here: the buyer can see the rating and background of the seller, but the seller usually does not have the opportunity to verify the buyer. Large marketplaces (like Amazon and eBay) collect tons of information about the behavior of buyers, but use it for their own benefit, without helping their sellers in any way.
Our solution Credenza is like a "Trustpilot in reverse". It is a global crowdsourcing, data analytics, and fraud protection platform that allows retailers to store, share, and obtain anonymized consumer data. This data, which includes information on successful and unsuccessful transactions on various marketplaces, will be utilized to establish the unique buyer's rating (score) available to all vendors. Based on more detailed information, the seller can improve efficiency when the order arrives, for example, by offering advice to an unsure buyer, sending a sample and recommending a making review to a respectable buyer, and finding some legitimate solution (such as insurance and delivery against signature) for a buyer who is a likely abuser.
Screenshot of the software prototype - client (seller) terminal
What about numerous personal data restrictions?
To comply with regulatory requirements on personal data use, we have developed a technology that identifies the buyer based on accurate delivery data (name, address, phone, etc.) This data is allowed to be used by the seller for order processing, and it never leaves the seller's PC. The shared database only stores digital fingerprints and related data from buyer interactions. By requesting these, the vendor will be able to make an informed choice about the client. However, even if someone gains access to the database, no one will be able to recover user data from the signatures stored within.
Another frequently asked question:
While there are millions of e-commerce shops and Amazon sellers, there are way more buyers - billions. How to store and retrieve this really huge amount of data?
Our know-how in big data processing allows us to write and query millions of non-indexed records rapidly, still maintaining ACID, thanks to the original no-SQL database of tree-like architecture.
And what about the price?
Evidently, such a platform needs powerful servers, a good internet connection, and professional software development. But the more sellers use it, the less would be the subscription fee. We anticipate at least 1000 pre-orders (a tiny fraction of the more than 26 million eCommerce websites and more than 10 million vendors on marketplaces). With these pioneers, we may start with pretty moderate prices:
The cost of a monthly subscription to our service (€9.9 for
Basic, €25 for Elementary, and €50 for Enterprise plan) looks
reasonable compared to average sales (and losses from fraud).
To gain free access to the beta version,
kindly submit your email below or send us an email.
Enterprise plan users with a significant
amount of sales will have the option to purchase a special
version of software that generates separate ratings and
recommendations for both their own (local) and shared
(crowdsourced) data.
Premium plan users can choose whether or not to
contribute their data, so they can be non-e-commerce companies
or institutions interested in obtaining the buyer's credibility
score (for example, banks, credit score agencies, or insurance
and credit firms).
Our contribution to sustainability and environmental protection is the concept itself: because of our solution, there will be less unnecessary transportation (and thus less CO2 footprint), and fewer goods will be thrown into landfills because they are unsuitable for further sale.
Find more in our blog:
See YouTube videos:
Submit
your email, and get incredible rewards:
special prices for subscription;
invitations and early access to the beta version;
your name, logo and link to your website on the Thank You
page.
So, let's work
together to improve the market with Credenza!
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