Everyone knows the importance of E-commerce today, as for most of us it has become a convenient way to acquire many of our needs and wants. Needless to say, E-commerce has drastically grown over time and has become the now and future of buying and selling goods electronically over the internet. The process involves Merchants or retailers selling products through a platform like Amazon, eBay, etc. the platform acts as a middleman and thereby helping the buyer and the seller to complete a trade.
In a Decentralized E-Commerce, people can buy and sell products in peer to peer form. Users can register and list their products and become a seller or act as a seller. The buyer will be able to see the rates and track their purchases. It is the cost-effective way of trading for both parties as the trade is happening directly between the buyer and the seller. Here the platforms like Gokumarket would ensure the genuinity and smooth transaction of the process by making sure that both the parties trade fairly.
How Does It Work?
In a Decentralised E-Commerce primarily a seller gets registered and lists out the product with the Rates. A buyer places an order for the product and makes the payment. Gokumarket will escrow the payment amount until the product gets delivered to the buyer, and the buyer confirms the same. Gokumarket would then release the payment amount to the Seller.
In case the buyer has not received the product or has complaints regarding the product, a dispute can be raised to sort out the issue.
- Buyer Places an Order Successfully
- Buyer's Funds gets debited and is locked with GokuMarket.
- The Order status is marked as placed.
- Seller Ships out the order and updates the shipping information.
- The Order Status is now changed to Shipped.
- Buyer receives the order and can update the status as
- I received: Funds are credited to the seller
- I received a faulty product, I did not receive the product: Funds are not released and the order is classified as disputed