When it comes to Blockchain technology,
investors are clamouring for proven, real businesses who are in a position to gain further market share by adding this distributed ledger to further expand and solve industry issues. This is just what Hong Kong based Galaxy eSolutions, a global cross-border eCommerce specialist, has been doing with its hybrid business model's full integration of Blockchain innovations that run both centralized and decentralized platforms for refurbished, pre-owned consumer electronics.
Current products include refurbished Apple phones and iPads, Samsung, HTC, LG, Google phones, and DJI Drones. The market for refurbished phones alone (currently at $25bn), where the need or desire to own 'the latest' phone has gone way down with the slow down of innovation cycles, is growing at five times the rates of new phone sales and will reach 170 million shipments or $30bn value in 2020. Galaxy eSolutions also helps advancing the sharing and circular economies to make high tech more sustainable and thus contributing to a greener world where the lifespan of electronics is extended to the point that electronics-related waste can become a thing of the past.
The company started in December 2016 and reached almost 2M USD monthly sales within 9 months their operational break-even point already in August 2017. With its current staff of 55, Galaxy eSolutions ships now around 200 refurbished phones a day and is active in over 30 markets. The entire business process from the sourcing of the phones, refurbishing and the sale through a range of branded websites is managed by Galaxy eSolutions. The company also offers a 13-month warranty on all consumer electronics which is unmatched for professionally refurbished electronics. The firm is on track making $120m in 2018 and wants to become a market leader with $1.2bn sales in 2022.
Co-Founder & CEO Yuen Wong says the Blockchain is ideal to permanently address four industry pain points of the refurbished consumer goods market:- Phone versions unclear / products not as described
- Potential frauds and scams
- High cross-border transaction Costs
- Insufficient documentation & tracking product movement and refurbishment details
Part of his solution is putting the IMEI (International Mobile Equipment Identity) on the Blockchain and offering a vast reduction of cross-border transaction fees & time savings by using cryptocurrencies such as BTC, ETH or even using Galaxy eSolution's own GES tokens.
Yuen Wong also speaks about market trends and demand drivers for pre-owned, refurbished phones, as well as Galaxy eSolutions' attractive ICO (not for US citizens or residents / Hong Kong citizens or residents). This ICO offers a wide range of token usage. The company has also committed to use 20% of quarterly profits for quarterly buyback of tokens from the market (and burn). In addition, Galaxy eSolutions offers a token value protection through additional buybacks if market price falls below listing price.
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When it comes to Blockchain technology,
investors are clamouring for proven, real businesses who are in a position to gain further market share by adding this distributed ledger to further expand and solve industry issues. This is just what Hong Kong based Galaxy eSolutions, a global cross-border eCommerce specialist, has been doing with its hybrid business model's full integration of Blockchain innovations that run both centralized and decentralized platforms for refurbished, pre-owned consumer electronics.
Current products include refurb ...more