The $100 billion market you may never have heard of – Ditch-it

As the user base of Ditch-it ICO escalates past 1 million active users, investors and entrepreneurs continue to be thrilled over the ICO. Ditch-it is an ‘OfferUp’ app for the cryptocurrency community where users can buy and sell any second-hand products available in the local market and accepts Electroneum (ENT) as payment.

Global communications predict that in 2018 consumers will sell outright or trade smartphone which will approximately come up to 200 million; generating more than $55 billion. The number has increased from 80 million smartphones which were traded in 2017 with a value of $20 billion.

Ditch-it provides its consumers a platform with amazing rewards to sell a device instead of keeping it as spare or giving it to a family member or throwing it away, in addition to the simple ease of selling on the platform.

Michael Anthony, the CEO & Founder of Ditch-it says,

“We expect to be a significant variation in the practice of trading-in smartphones on our platform.”

A market research conducted by Ditch-it shows that, as of mid-2016, approximately 12 percent of consumers sold their smartphones and out this, two-thirds sold their smartphones outright and one third sold them through an operator or manufacturer. Only about a quarter of used smartphones were traded-in in Singapore. Whereas, in Norway, Italy, Russia and Finland only five percent were sold or exchanged for cash. Based on the research conducted, Ditch-it expects that over time, most markets will see a steady increase in local trade-in.

The mobile re-commerce is growing rapidly. According to forecasting firm, eMarketer, smartphones re-commerce sales are expected to exceed $100 billion this year in the U.S alone. A study shows that, by 2021, smartphone retail sales will generate more than $333 billion and will sum up 80.5% of all retail e-commerce purchases in the U.S.

Ditch-it has designed a unique identity data available on the Ditch-it app, which reduces anonymity and connects friends of friends who live nearby, which in turn will create a local marketplace apart from the other retail sites.

Michael Anthony adds to his previous statement and says,

“Ditch-it is people-based re-commerce; there’s real identity, you can see mutual friends. This is really different than what’s out there – We’re connecting human beings to people.”

Ditch-it’s local marketplace app makes it possible for its users to quickly browse items nearby or create for-sale posts/ videos on-the-go. Ditch-it connects its users in accordance with their brands via encrypted chat and allows payments to be made through Electroneum (ETN), Fiat and Pay-Pal. Ditch-it even enables the users to share one’s location or send a voice or video clip, boosting convenience. Michael described the local marketplace’s user base as “broad”, cutting across demographics.

Ditch-it mainly focuses on improving search, safety and expanding product categories. In order to ensure user safety and prevent the sale of illicit or offensive products, Ditch-it’s artificial intelligence tools scan each post/video that is shared in the local marketplace. If the community members flag a post/ video a trigger is set for a manual review.

In regards to this, Michael says,

“What we look for is: are people selling used, buying smarter and connecting; we want to connect people who might otherwise not meet. That’s what we invest a lot in – how do we drive more connections between people.”

Ditch-it found the inspiration of creating a local marketplace on the blockchain from observing that a significant number of people were organically using platforms like OfferUp or Letgo to buy and sell products in groups based on their geography or interests. The Ditch-it local marketplace is free for both buyers and sellers and users can now join the live ICO and invest in their preferred brands.

Ditch-it is providing more standalone categories in its app such as tickets and jobs which is aimed to help small businesses find employees, unlike other local marketplaces which tend to have only popular products like household items, furniture, clothing and children’s products.

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