At the moment we have an extra step in the buy-flow where a buyer wants to buy something but gets stuck to wait for the seller to accept the bid. It is crucial for customers to have a click and success experience.
Idea
We can assume from a market economics perspective that the first bid on an item will be accepted as this is the intrinsic intention of a seller. The seller has no preference and is already protected by the escrow system. If the seller would be able to make his deposit while listing, we can go rid of the time-consuming and user-unfriendly-experience“wait for the seller to accept the bid”.
Problem
Consumers have to wait for a seller to accept a bid
Solution
Give the seller the option to pre-fill the escrow with the maximum amount that is thinkable due to shipping and release instant a part of that escrow if the shipping is cheaper than anticipated.
Valuation
What makes this idea good, where are the obstacles, what could go wrong?
Pro
list of resulting benefits and other positive implications
Accelerates the buy flow from a consumer perspective
A little bit more convenience
Can save a seller from running out of funds and selling products
Pre-filled escrow locks more supply of PART
This feature could lead to increased demand for a lending-service on Particl Marketplace
Contra
list of resulting downsides and other negative implications
Seller cannot list infinite products
Sellers with high liquidity get an advantage
Attention Points
list of things that need to be taken into consideration or need special attention
Functionality may need to be optional to give the seller the freedom of choice between liquidity, much listings and convenience in usage.
One of the inherent problems seem to be the non-available quantity management. Explanation: Currently, bids could be accepted on non-available products/listings.
Additional ideas
Additional ideas shall bring the original feature request to the next level by adding benefits of usage or other positive implications.
Virtual-escrow - Make the instant escrow available for multiple items at the same time.
Let’s say I sell product A for 3 PART, product B for 10 PART, product C for 25 PART. By filling up my“virtual escrow”(as soft lock, or on a second wallet, or on a kind of smart contract???) with 100 PART, four buyers could instantly buy product C or ten buyers could instantly buy product B.
So, once the seller knows that he e.g. has sold 1xC and 4xB and 3xA, he also knows that 74 PART of the“virtualescrow” has been used up, and that he has to refill it with additional coins to provide further the buying-convinience to bid and lock escrow at the same time.
Conclusion
What will be the overall risk/cost/reward ratio and what are the long term benefits for this idea to the Particl Project.
Convenience first approach
Actions to make this idea work
What are the next steps to be taken to make this idea work. Sort by chronological sequence.
Summary
Idea
Valuation
Additional ideas
Conclusion
Actions to make this idea work