In recent years, blockchain technology has gained increasing attention and adoption in various industries. One area where it has shown potential is in revolutionizing the way physical products are bought and sold. By backing a physical product on blockchain, we can keep an immutable record of the product’s composition, material origin, authenticity, and ownership history that can be accessed anytime through the microchip embedded on the product. We caught up with Vivien Zhang, CEO of The Spot Room to explain how her company has managed to create a seamless retail commerce experience that bridges the gap between web2 and web3.
The Spot Room is leading the way to prove ‘phygital’ concepts by using technology to secure the 1:1 link between the physical and the digital twin, which means that customers can own the digital twin on the blockchain, without dealing with the complexity of Web3, such as creating a wallet or obtaining cryptocurrency. This technology offers a seamless and familiar shopping experience for customers, while enabling them to access the benefits of blockchain without any hassle. The company has already implemented and collaborated with fashion brands on the market such as Ilona Song and high-end jewellery, such as Freeman, and their Limited Edition Phygital Harry Potter™ Collection, and Kaveras.
To make blockchain transactions work just like our everyday commerce, The Spot Room has created a smart contract that can accommodate all real-life shopping scenarios. This means that both brands and consumers can simply enjoy selling and buying on blockchain with all the benefits of Web3 without changing anything. The smart contract allows for time for shipping, return and exchange, making it easy for customers to purchase products with confidence. The company’s suite of APIs, seamlessly integrate with a brands’ existing retail channels, enabling them with new revenue channels and richer data. The entire backend is fully on-chains with an easy-to-use Web2 interface, no wallet or crypto needed. Think ‘Stripe’ with a wallet for on-chain commerce! Another one of the most exciting applications of their technology is in the secondary market. By leveraging blockchain-secured data and smart contract, they are enabling peer-to-peer trading without a middleman. Authenticity and ownership can be verified on-chain directly by the buyer, and the smart contract will automatically resolve any dispute. This opens up new possibilities for customers and creates new revenue streams for brands.
Brands can also leverage The Spot Room’s tech to incorporate digital assets with physical products, creating a new level of engagement with customers. For example, when a customer buys a dress in real life, he/she also receives a digital wearable in the form of an AR filter or a digital skin in their favourite game or metaverse. This creates a more immersive experience for customers and adds value to the physical product. In essence, what is paramount is that this company has used their technology to become a powerful CRM tool for brands. Through the digital twin in customers’ wallet, brands will have an ongoing open channel with not only the first customer but also secondary owners for further CRM communication. Brands can also access resale data and automatically collect royalty from secondary trading. This creates a new revenue channel for brands and a more engaging experience for customers.
In conclusion, The Spot Room’s technology has the potential to revolutionize the way we buy and sell physical products. By leveraging blockchain technology, they can create a seamless and secure experience for customers, enable peer-to-peer trading, and create new revenue and data streams for brands. The possibilities are endless, and Vivien Zhang and her team are excited to see how their technology will shape the future of commerce.
ALSO READ: INNOVATIVE BRANDS ARE INTEGRATING BLOCKCHAIN TO BUILD PHYGITAL FASHION HOUSES, HERE’S HOW.
