If you’re an affiliate or a small brand, you know the struggles of finding and maintaining new partnerships. Or maybe you’ve thought about curating your own store, but don’t know how to get started. Thankfully, Splyt simplifies this process into nothing. Creating your own niche market will be more of a creative endeavor than a business proposal.
Problems with Affiliate Marketing
Becoming an affiliate isn’t a simple task. Well-known brands aren’t interested in signing on hundreds of potential sellers, and small brands don’t have the infrastructure to accommodate a large influx. Unless you are an influencer with many followers or a mainstream marketplace like Walmart, it can be tough for the average person to get a contract signed.
And that doesn’t mean affiliate contracts are easy for the influencers either. Negotiations for big contracts can take a long time. Anything that involves lawyers will be a costly process. If you don’t have a huge following, you won’t be getting a great deal. Big brands have the power to set their own rates. You play by their rules or you don’t play.
Another problem is with payment. It can be difficult for brands to properly reimburse affiliates with traditional methods. Links and coupon codes aren’t 100% accurate. I might remember a website that a YouTuber told me about, but forget to click on their link or add their name after the “slash”. I could also forget to put their coupon code in the checkout cart. Brands can experience some risk as well; click-through bots can make traffic appear more frequent than it is, unfairly rewarding the affiliate.
Finally, affiliates have to wait until the end of the pay period to see the money that the brand decides to give them. This process is a bit of a mess. Even if you manage to become an affiliate, there is constant friction between the two parties.
The Frictionless Affiliate Market
All of this goes up in smoke with the power of the eNFT and a built-in smart contract. Frictionless, trustless, and 100% transparent.
When a brand lists a product, an eNFT is minted and added to the global blockchain inventory. During that listing process, the brand has the option to insert an Affiliate Bounty into the eNFT. This is a commission paid to any affiliate who chooses to list and sell their item. For example, the brand sets a 10% bounty (or commission) on a $100 pair of shoes. Brands also have the option to enable crypto through Splyt’s app, so that pair of shoes could be sold for 5 SHOPX or.025 ETH.
As an affiliate, I can browse the global inventory or the inventories of individual brands. If I see a product I like, I can list their eNFT on my store. Let’s say I see the $100 pair of shoes and want to sell it. Instead of calling or sending a message to the brand, all I have to do is click a button. No negotiation. I don’t even need to tell them “thank you”. If someone buys that 100 token pair of shoes from my website, I collect the $10 bounty automatically. At no point did I need to haggle for a good rate, because the rates are pre-determined and open for anyone to see. There’s no need to hope I got credit for the sale because it occurred on my website. I get paid as soon as the sale happens, not at the end of the month.
Now you can imagine yourself browsing various brands and inventories and picking out your favorite items. Maybe your store is a single page, a single “outfit of the week”. Fashion-minded individuals can come to you to find the perfect pre-made outfit, excited to come back each week to see what you have ready. Or you might have the best going-to-college selection of low-priced, high-value products that any young person needs to get started. The eNFT makes it easy and highly customizable.
On the brand side, the constant struggle of finding and onboarding new affiliates becomes vastly alleviated. New affiliates simply onboard themselves, and there’s no limit to how many people can sell your products. No need to worry about whom to pay, how much they’re paid as soon as they make the sale. All you have to do is to fulfill the order. And some influencer affiliates are put on payroll without clear ROI or accountability. Commission puts pressure on them to satisfy their end of the bargain.
