i-Synergy is creating new technologies to ride megatrends in digital ecommerce and marketplaces
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i-Synergy’s integrated platform of VTRAK and Rewalty, along with its Hybrid Marketplace, will capture the transformation currently taking place in digital commerce.
Affiliate marketing network platform i-Synergy (ASX:IS3) has positioned itself at the forefront of a megatrend that sees more businesses leveraging the marketplace model to grow their businesses digitally.
The result of the shift in the world’s consumer behaviour has seen millions of users transforming their businesses by using digital marketplaces.
Digitisation has accelerated rapidly on a global scale, with 40 per cent of consumers now buying more online than they had previously done.
i-Synergy’s offering of SaaS Platforms with Rewalty and VTRAK, along with its newly created R&D Lab, which is currently developing a new hybrid-based marketplace, will see the company ride the wave of this transformation.
IS3 platform VTRAK will be integrate with the Rewalty platform to create an integrated ecosystem for merchants, customers and affiliates that combines ordering, loyalty and affiliate programs.
This means businesses will be able to host on the IS3 Marketplace and offer products and services, as well as customised rewards for customers and affiliates for their contribution to the network.
There has been a significant continued growth in merchants and users joining the Rewalty platform, with the current focus being on the hospitality industry in WA.
However, IS3’s plan is to expand the offering outside of the hospitality industry, which the company has laid out in a three-staged plan.
The first stage will involve the integration of the Rewalty Loyalty Program into VTRAK, and to launch the offering in NSW and Victoria.
The second stage is to integrate the Affiliate Network and VTRAK capability in the Rewalty Marketplace, and launch in all existing regions and Malaysia, where VTRAK is currently based.
And finally, Stage 3 is to build one affiliate app and marketplace with digital product, service and asset capability, and run an independent sales platform with the integration of the affiliate and loyalty program.
This new hybrid platform will be launched in existing regions and will be offered to enterprise clients.
The Hybrid Marketplace will also allow businesses to create their own digital asset collections for multiple products and services in less than 60 seconds and exchange on the marketplace, in a cost effective and seamless manner.
“Businesses will be able to create digital representations of asset, products and services and store their information on a private blockchain whilst leveraging the value of the data,” says IS3 Executive Director, Kevin Coutinho.
This creation of new technology and offering is all part of IS3’s newly created R&D Panel.
The panel’s main focus will be on software development and patent creation (private blockchain and analytics tech), and making sure a commercial agreement is signed before the completion of development.
IS3’s new hybrid platform will collect social and technical data on markets and products, and store it on a private blockchain (for security and tamper-proofing). The platform will also run AI and ML analytics for charting and outputs.
IS3 says the benefits of this will ultimately be a better customer experience.
“We have identified a gap in the market segment with an absence of the social media sentiment and analytics tools, and are working on developing technologies for the changing needs and evolving technologies in the current marketplace,” said Coutinho.
The other new tech project for IS3 is building a Unified Digital Asset Standardisation Infrastructure (UDASI) for businesses.
This platform will give useful functionalities such as supplier payments, as well as the ability to integrate a global rewards mechanism, allowing businesses and customers to build and participate online.
UDASI will also enable businesses and customers to create digital assets and exchange on a marketplace, as well as create data and share value in a secure and an independent manner.
“If looking at payment systems for example, they have evolved over time and have also changed commercial experiences within marketplaces.
“They have progressed from e-commerce to mobile commerce, and the future is moving towards virtual commerce,” says Dr Ponnie Clark, Head of IS3’s R&D Panel.
“How consumers and businesses make and receive payments is changing,” she added.
“Based on an Australian government report, non-cash payments cheques have moved from 85% in the ‘80s to around 0.2% today and in the last three years.
“The trends will accelerate if we have the technology, given that payment transactions have become more disintermediated.”
Dr Clark says that because of this, there will be opportunities for i-Synergy Group and Ledger Labs to be part of the payments chain, and for research organisations to foster research in the area through industry collaboration.
IS3 believes that going forward, there will be easily accessible mobile apps to allow businesses and customers to buy, sell, and hold various offerings such as products, services and assets.
This means access to a mobile wallet to allow businesses and users to seamlessly hold and exchange assets across products and services.
Developers will also have an API option which will allow for other technology companies to use the API to integrate their offerings.
This article was developed in collaboration with i-Synergy, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.