If you’re anything like me, furnishing an apartment can be a nightmare.
First there’s the problem of sorting through the massive number of catalogs from different stores and selecting a couch or table that both my wife and I like. Then There are questions of if it’s too big, too little, too high… Also, does it fit with the rest of the furniture or décor?
This problem is not new, but the people of Faradise.io think that they have discovered a great way to reduce the time, trouble, and, too often, arguments that go along with getting new furniture. Their innovation: AR (augmented reality).
As of the end of 2017, the people of Faradise developed a relationship with 200+ major retailers across Russia and published an IOS app. The app allows you to browse and select furniture from multiple retailers, and then using the camera on the phone and Faradise’s AR technology, virtually place the chair, shelves, or bed in your room to see how it fits with the rest of the décor.
Once you have found just the right piece, you can directly place an order from within the app.
Faradise may be a new company and new idea, but they have seen a huge amount of interest in their solution. So much so that they are setting their sights high: After getting a solid grounding in starting in Russia, they will quickly expand their services to North America, then to the UK and Western Europe, then to the rest of Europe, and finally to East Asia.
With such large ambitions in the works, naturally, Faradise will have to solve problems on a number of different fronts: They will have to manage a tremendous amount of data coming from the vendors, they will have to manage a tremendous amount of data from customers, and they will have to find a way to make the platform operable in multiple countries with multiple currencies.
To deal with the vendor, product, customer, and order information, Faradise is planning on using a blockchain. By using a blockchain, Faradise will offload the responsibility of maintaining an error-prone database and allow for instant verification of all product and order information.
One of the main features of the Faradise blockchain is transparency. A variety of data will be tracked, including transactions, unique characteristics of furniture, data and statistics (sales, active customers and other participants, average prices, etc.). All this data will be available for users to review. It will also help Faradise keep tabs on the development of the platform and make effective decisions as the platform grows.
Further, Faradise’s use of the blockchain will help provide a safer shopping experience as defective goods can be returned within 14 days for a token refund via smart contract.
With all this information at hand, the folks at Faradise also mean to take advantage of a huge potential benefit it creates: utilizing a learning AI that will be able to analyze customer profiles and then help select the exact-right piece from the enormous number of furnishings available.
Faradise already has an operational platform that is drawing a tremendous amount of interest, but in order to meet the goals they have set for themselves, they will need more capital. They have organized an ICO (initial coin offering) with the goal of building a full ecosystem of suppliers, designers, consumers, and other participants across three continents. The network itself will be connected, expanded, and bring value to all participants through the use of breakthrough technologies like AI, big data, and machine learning
All transactions on the platform will be made using Faradise tokens, which can be converted in the user’s account on the platform to and from fiat and cryptocurrencies.
Additionally, having certain amounts of tokens will allow users access to preferred services. For example, customers will be able to participate in periodic Dutch auctions using the tokens. Designers will be able to attract more customers, collaborate with other designers, or boost their ratings by using the Faradise token. Manufacturers will be able to work directly with interior designers and 3-D designers to promote their goods by using the tokens. The tokens will also be able to be used for loyalty programs and referral rewards.
Faradise doesn’t promise to save the shopper money or to be a discount marketplace. They aim to make shopping more convenient and to help the shopper find just the right piece of furniture for each nook and cranny. Though they may not make savings a priority, they will certainly save you the time and effort you would otherwise be spending looking through catalogs, going to stores, checking measurements, etc.
For those who might normally rely on a designer, there may not be so much of a need as by using the Faradise AR equipped app, it will be immediately clear how well any piece of furniture fits with the rest of a room.
Through a focus on new technologies and by having a truly-global vision, Faradise is positioning themselves rock the future of furnishings. If you’re interested in checking them out, you can find their site here and their app here.