Built on the latest blockchain technology, QuuBe is Asia’s first online marketplace where all transactions must be made using a new digital currency - Q*Coin (∯).
Since its launch in January this year, more than 1,300 retailers have come onboard QuuBe, offering more than 2.2 million products for sale on the new online shopping space.
To date, it has 70,000 registered users, with daily transactions peaking at 2,500. One particularly encouraging statistic is its average cart size. QuuBe checkouts are worth US$70 on average – about 2.5 times more than Qoo10’s average cart size of US$40.
“Since we started on QuuBe, our sales have grown exponentially in just a few months. Our month-on-month growth has been growing at a rate of 250 per cent and reaching out to new overseas buyers is really a big bonus for SMEs like us. Though it’s a relatively new platform, the risks are minimal to us,” says Mr Fei Yee Tan, owner of Emperor Brand Birdsnest.
If you already own an online business or planning to set one up or intend to expand to regional markets, then QuuBe is the marketplace for you.
How does it work?
To understand how QuuBe works, you have to first understand blockchain technology. A blockchain is a distributed ledger system that records and stores transactions made between digital wallets that are safeguarded by tough-to-crack blockchain algorithms.
QuuBe is created on the Ethereum-based private blockchain platform that uses the smart contract technology to verify and settle payments between merchants and consumers, making cross-border payments and settlements more secure.
New users will have to first register on the QuuBe website to set up a digital wallet that is needed to store the new digital token or currency - Q*Coins. One Q*Coin is pegged to US$1.
You can use credit and debit cards to pay for your Q*Coins, which are stored in your digital wallet.
You can then convert Q*coins earned from selling an item in QuuBe as a seller back into your local currency.
What are the advantages of listing on QuuBe?
Online sellers listed on QuuBe will not need to pay the seven to 12 per cent service fees they incur when listing on Qoo10.
Since data stored on a blockchain is recorded digitally and has a common history which is available for both merchants and consumers, this eliminates the need of any third-party or costly IT system to store and maintain the data.
The lower costs translate into higher profit margins for sellers. Alternatively, they can pass on the savings to their customers in the form of lower prices. In the e-commerce sector, prices play a key role in maintaining a retailer’s competitive edge.
For existing sellers on Qoo10, you can easily port your products over to the new platform at no additional charge.
What additional features to keep your money safe?
Apart from the use of smart contracts – an automated feature that verifies transactions between sellers and buyers – QuuBe also features fingerprint scanning as an extra authentication step before the purchase order goes through.
QuuBe’s additional Escrow feature secures and temporarily holds buyer’s payment and releases payment to the seller only when proof of successful delivery has been presented. This not only helps to safeguard the interests of the buyers, but it also benefits the sellers in the long run. Over time, retailers will gain the trust and loyalty of their customers.