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Industry Challenges

MagnumMeta aims to overcome current limitations which have rocked e-learning, e-commerce, and other businesses, including but not limited to the following:

Data security

Data is the oil of the internet. The internet thrives on a vast amount of data, ranging from personal details, business details, sensitive details, and more. However, this comes at a massive cost as cyber-criminals have exploited several means to steal, change, and destroy data. There is a significant flaw in the traditional means of storing data which sees data stored in a central location controlled by a major party. Data is valuable, and cybercriminals are eager to steal as much information as possible online. According to statistics, over 4 billion records were compromised in 2019 from major banks, applications, and e-commerce platforms, such as the Amazon hack, affecting 106 million people. These hack cases have further proved that traditional payment systems are not secure as it exposes card payment users and other forms of online payment users to online theft.

The e-commerce sector is not spared from these online thefts and cybercriminals, and this has raised certain fears and concerns among buyers worldwide, such as:

  • The authenticity of a person or company
  • Trusting online vendors or sellers with personal and credit card information
  • How they handle your personal and financial data
  • Fear of being scammed - buyers are not certain goods or services ordered will be delivered or fulfilled after payment has been made.
These are all valid concerns for buyers across the world.

Payment Gateways

Payment gateways are crucial for every business, as customer payment is the lifeblood of any business. Traditional and existing payment gateways limit the ability of businesses to improve customer experiences, create restrictions and spending limits on certain countries, and impose high transaction costs and conversion rates, all of which are consequences of multiple middlemen and intermediary settlements. Existing payment gateways pose significant limitations on business customer reach as solutions are not provided for unbanked individuals, leaving massive e-commerce revenue streams untapped. Statistics show that 1.7 billion adults currently remain unbanked with no account at a financial institution or mobile money provider. This indicates both a huge market left unserved and a massive opportunity not yet seized.

Identity Verification

Ascertaining the authenticity of a visitor on your website is one of the many challenges e-commerce platforms face. For example, cash on delivery purchases made with fake information such as phone numbers and addresses can result in revenue loss on a massive scale. Lack of online identity verification for each prospective customer and product verification for each vendor results in a lack of trust and transparency in e-commerce transactions.

Supply Chain

Existing e-commerce supply chain structures do not provide seamless collaboration with key parties, which is the most crucial aspect of the industry. This leads to poor customer experiences due to poor product tracking inventory management. Maintaining an updated inventory is the most challenging task as the PnL of a business depends on it. Facilitating an e-commerce business requires maintaining a stocked inventory even when there are no significant product demands. This can negatively affect overhead costs as high-end inventory with short expiration dates leads to the accumulation of products that cannot be sold and low inventory. This clearly results in the loss of business. An inefficient supply chain can also lead to low customer retention leading to complete business failure.

Lack of Interaction

Uncertainty can arise in almost all areas of current traditional e-business systems. One of the most unrecognized impacts on e-businesses is a lack of interaction between customers and products on the website, leading to potential visitors leaving the site without making a purchase. Lack of interaction also negatively impacts students learning online as this disconnect between students and tutors can also lead to decreased motivation, accountability, low retention, and course completion rate.