Can This New Market Try and Dethrone the Kings of Online Retail?

Photo by Jezael Melgoza on Unsplash

This post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Long have the e-commerce giants Amazon.com Inc. AMZN and eBay Inc. EBAY reigned. They rule as the two dominant online marketplaces, each with a different model. Amazon brought in an eye-watering $386.07 billion in revenue in 2020 according to Statista.com while eBay earned over $10 billion in the same period. 

The entire e-commerce industry facilitated $4.2 trillion in transactions in 2020 by over 2 billion customers, marking a 25% jump in a single year. The rapid growth was largely driven by the pandemic, which accelerated trends long at play. For years people have moved away from brick and mortar retail, attracted by the ease, convenience, and savings online shopping provides.

But as the big markets have cornered much of the industry, many pain points reportedly remain for consumers and sellers. Fees, especially those charged to sellers on the back end, abound and make it hard for many smaller mom-and-pop retailers. 

Ethair Market believes it can provide a better experience for buyers and sellers by reducing fees, allowing customers to purchase items with cryptocurrencies, and introducing a reward system that incorporates its own Ethereum-based token, Ethair Token (ETHR).

Even as cryptocurrencies like Bitcoin (BTC), Dogecoin (DOGE), and Ethereum  (ETH) have taken off and achieved greater levels of adoption, users may still have trouble actually spending them on products. Buyers on Ethair will reportedly be able to use their cryptocurrencies to purchase items on the platform by using the secure escrow system within the platform. The funds are released to the seller once the item is received and is confirmed to be in proper working order. 

Ethair reports that it has also introduced a reward system for both buyers and sellers. When a transaction occurs, the seller is awarded 25% of the Final Value Fee (FVF) – already a fraction of that charged by eBay and Etsy Inc. ETSY – while the buyer gets 12.5%. These points can be used to purchase items, pay for fees, or exchange for ETHR, Ethair’s native token.

ETHR can then be used to reduce FVFs charged (a 10% reduction for those who hold 100 ETHR or more), reduce advertising costs by 15%, gain access to special advertising spaces or eliminate settlement fees charged by payment processors when paying with the token (2.9% when paying with a credit card). Holding the token allows users to vote in the governance of ETHR.

If you’re interested in learning more about Ethair Market, check out https://www.ethair.com/.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.