RedCloud Announces Expansion of its Open Commerce Marketplace
RedCloud has announced the availability of its open commerce platform, a decentralised market for B2B buyers and sellers, in Argentina, Brazil, Peru, Nigeria, South Africa, and Mexico. The platform, accessed via the Red101 app, now has a pipeline of one million merchants, with over 270,000 merchant downloads to date.
Designed to ensure frictionless trade, RedCloud’s open commerce platform was developed after years of research into digital solutions to address financial, operational and logistical pain points experienced by FMCGs, distributors and local merchants worldwide.
RedCloud found that for brands, local supply chain infrastructures are inadequate or too hard to access, meaning that a typical FMCG company will only ever reach a tiny fraction of prospective merchants.
RedCloud’s technology enables any brand to connect its distributors and local sellers through a single API. Using the Red101 app, brands and distributors can see where their products are going and how they are performing.
Justin Floyd, co-founder and CEO of RedCloud commented, “We are providing a frictionless platform where any brand in the world can connect to any seller. That is what open commerce means. Every supply chain is broken. Trade is dysfunctional and chaotic and marketplaces like Amazon are not trusted by brands or sellers. Our aim is to help the world’s FMCGs, their distributors and sellers, grow their business on their terms, by connecting them directly anywhere, at any time.”
The platform enables merchants to build up a digital trading profile, so they can carry out all trading digitally and upload their physical cash at deposit outlets or ATMs. Also by gaining a clearer picture of how each merchant’s business is performing, RedCloud can provide inventory and asset financing via the Red101 app.
RedCloud’s open commerce platform operates a transactional model, charging 4% commission on all products sold via its platform. There is no fee for payments and RedCloud does not charge transaction fees for payment processing.
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