Company's Fluid Commerce™ Technology Integrates Earning and Spending with Fraud Prevention Into Ecommerce Networks, and Eliminates the Need for a User to Have a Credit Card or Bank Account
NEW YORK, NY / ACCESSWIRE / June 16, 2022 / Evvio, a next-generation ecommerce technology company, today underscored the need for innovation in ecommerce payment technology as U.S. ecommerce sales over the past 12 months neared $1 trillion, according to the Department of Commerce. The Company's patented Fluid Commerce™ technology streamlines earning and spending in ecommerce networks and meets the industry's growing needs in areas such as the metaverse, sharing economy, online games and super apps.
The demand for disruption is also apparent due to the rapid rise in person-to-person or social commerce. According to Statista, social commerce is expected to grow more than 5X from 2020 to $2.9 trillion worldwide by 2026. Evvio's Fluid Commerce technology integrates earning, spending and fraud prevention into ecommerce networks, including social commerce networks, and eliminates the need for credit cards, bank accounts and third-party processors for users to participate in ecommerce. This technology addresses current flaws in payment systems caused by payment processing taking place externally to digital marketplaces, as opposed to being fully integrated into them.
"Today's ecommerce payment systems were developed for an earlier era of merchant-to-consumer commerce. For the rapidly-evolving ecommerce space, they are now inconvenient and introduce unnecessary transaction fees, delays and exclusions at every step," stated Adrian Jones, Co-Founder of Evvio. "We launched Fluid Commerce to meet the gaping need for frictionless ecommerce for all. Our technology allows anyone anywhere to participate in ecommerce and earn and spend using any form of currency or stored value. Fluid Commerce brings the delight of instant ecommerce to users and platforms. Recent reports and statistics highlight the need for our patented technology to make ecommerce frictionless."
Additionally, according to The FDIC Survey of Household Use of Banking and Financial Services, 16.1% of unbanked households cited "Don't trust banks" as their key reason for not having a bank account. Since users do not need bank accounts to be able to use Fluid Commerce technology, it creates a larger addressable market through inclusion of the unbanked and underbanked.
The patented technology also elevates ecommerce conversion rates by eliminating cumbersome steps. This is especially important as millennials and younger generations have grown up in the digital age and expect transactions to be instant. In the next few decades, $30 trillion in wealth will pass from baby boomers to millennials and Gen X. This means that ecommerce systems need to adapt quickly to these digitally-savvy generations.
"This is an exciting time for ecommerce with a lot of areas that are growing quickly, from person-to-person commerce to the metaverse to super apps," stated Brad Albright, Co-Founder of Evvio. "Our technology expands ecommerce opportunities greatly and we believe users will quickly appreciate the seamless experience and elimination of fees that it brings."
About Evvio
Evvio is an emerging ecommerce technology company. The company's patented Fluid Commerce engine provides frictionless ecommerce transactions and eliminates delays and fees and the need for a user to have a credit card or bank account. It allows anyone to earn and spend securely and includes verified metered services to prevent fraud. Fluid Commerce is inclusive, giving the unbanked and underbanked greater ability to earn and spend. It uses any digitally-represented currency and provides broad applicability across a range of marketplace types. The technology also expands ecommerce revenue by increasing the number of participating buyers and sellers. For more information, visit www.evvio.com.
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SOURCE: Evvio