THE MODEL: A
chrome extension which allows shoppers to buy across websites using a single
account. Users can use this extension to buy from across websites using a
secure and encrypted service without incurring any costs.
STARTUP: Fastr
(Dutch startup)
WHAT I LIKE
Core Idea – One payment
checkout for online shopping.
Benefits to Users
– The tool is an extension which can be installed into the web browser. It
allows users to gather items from across websites and checkout from one place. Users
can also check and maintain the history of things purchased by them. The
startup offers user free shipping, easier returns and no hidden costs on items
purchased through it. The security of the transactions is ensured through
encryption.
Benefits to Merchants
– The startup offering easy integration using an API. Also other features
include an option to customize the checkout page, secure connection and data
ownership.
CONCERNS
Competition – The
payment gateway/wallet space is a competitive one and one which is difficult to
crack and sustain in.
Getting Merchants –
Since the product becomes useful for customers only if a lot of merchants are
on it, getting merchants to sign up should be the focus of the startup. A
string incentive will be required to compel a merchant to move away from its
current gateway.
