The current affiliate marketing scene is a burgeoning industry. Taking advantage of the nature of consumer trust, the industry pairs affiliates that is, online bloggers, celebrities, and spokespeople (publishers) with merchants who want to move product. This pairing has worked remarkably well. With nearly $6.8 billion (This is US market, global is around $13 Billion) in revenue, and a growing base of new affiliates, the industry is set to take off with real gusto.
However, cracks have appeared because of the nature of third-party middlemen. Under the current system, both publishers, as well as merchants, have no leverage over the middlemen, which causes a lot of problems.
Currently, the main issues are trust and tracking issues: Publishers are paid per sale but are not able to audit the middlemen in terms of correct registration of all clicks/leads generated, sales closed, as well as sales payments processed, there could be fraud or simply technical problems with the middleman. Furthermore, the middleman takes a rather hefty commission (between 10 to 25% and sometimes even half). Then there are problems with speed of payments via the middleman, the fact that they apply many restrictions in order for merchants to participate in affiliate marketing, and they also try to avoid publishers and merchants to be in direct contact with each other.
Attrace is a simple solution to those problems. By removing the middleman from the transaction and inserting blockchain technology, the company promises to clarify marketing connections for both sides of the transaction. The company has created a blockchain solution that allows merchants to hire publishers and to pay them, all within an open network ecosystem, and with a standardized token (ATTR) that removes international transfer difficulties (although payment in fiat currency is also still possible).
By removing the third party, Attrace guarantees that trust and tracking issues are also removed, which prevent affiliate marketing from getting a much larger piece of the total online marketing budget as a whole ($230 Billion) and as bonus adds a dramatic decrease in commission fees (-95%) which is another game changer on itself.
The launch will bring this kind of clarity to an industry that is sorely lacking it. According to founder Erwin Werring, Attrace is the first fully decentralized affiliate marketing platform. It is the only affiliate marketing platform with an entirely custom-made blockchain built from scratch, a fully open network capable of registering and auditing any advertisement click on chain sale or no sale which means insights and statistics which are impossible to manipulate.
With the industry continuing to grow, and the marketing world in need of better and more tangible solutions, Werring and the Attrace team have provided the most comprehensive solution to date.