It began with a desire to bridge the gap in online payments, but Arcadier has since evolved into a market maker that aims to link all types of large and small businesses.
Established in 2013, the Singaporean company helped build more than 7,000 online markets in 130 markets, allowing all types of business owners to promote their products and services including candles, chocolates and even dancers.
The three founders left their previous jobs at PayPal in an effort to fill in what they saw was a gap in the online payment industry, where retailers working outside the Internet needed to help access these digital platforms.
However, when they started working with potential clients, they realized that there was an urgent need for markets, as co-founder and CEO of Arcadier Dinuke Ranasinghe said. His team has been publishing the company's payment solution for one of its early customers in Latin America, which also needs a market. So they helped build one customer and continued to demand market platform to grow, with customers connected from Asia and North America.
By 2015, Arcadia was no longer able to serve its growing customer base, so he looked at the cloud and launched his market solution on the SaaS model, Ranasinghe said in an interview with RetailTechNews.
He noted that this was a departure from other market solutions in the market, which were mostly proprietary and were built and designed from scratch. The company likened how Shopify succeeded in building e-commerce stores by creating templates, and said that Arcadier was "like Shopify of the Markets".
Ranasinghe said: "When we fired, we were overwhelmed by [different] Types of people who want to launch markets. This is when we saw the need for excessive markets in the domestic market and high concentration. "
He added that demand is moving away from large markets passing through several countries. Instead, business owners looked to serve their community, local geography, local jurisdiction or even the suburbs.
Demand for such markets also solves issues such as trust and delivery, he said, noting that service markets accounted for about 40 percent of Arcadia's work. These included professional services, educational services and sports training services. Sixty percent of its other businesses came from markets where products range from candles, to surplus manufacturing, clothing, liquor and chocolate.
All Arcadier solutions are hosted on the cloud and customers pay a monthly subscription fee to access different applications. Subscription fees are offered at four levels, based on the features that customers want to reach and the level of customization they need for their location. Features include inventory management, customer contact, website design, and language support.
Arcadier Microsoft Azure is used as a basic platform for the cloud, but it works on Amazon Web Services as a backup, says Ranasinghe, adding that the company is building its applications on the Microsoft .Net platform for web development, so running on Azure is the obvious choice.
Vertical business markets and online exchanges were promoted early in the first decade of the century, but did not take off. Asked about the reason for the increased demand for these platforms today, Ranasinghe said that the central models of the markets were popular at the time, leading to the emergence of "huge markets" such as Amazon, Alibaba, eBay and Rakuten.
These platforms were able to develop confidence, sell access to a variety of goods along with confidence, feedback systems, and ensure buyers.
However, the requirements for the business side (B2B) aggregation were different. This sector of the industry was not ready to consider e-commerce as an effective way of linking buyers and sellers because it was burdened with existing processes, such as procurement, sources and approval codes that needed time to be drawn up.
Moreover, years of trust and relationships between suppliers and buyers have been cultivated, and few of them are willing to risk these links to buy and sell online.
By comparison, B2C was simpler, with individuals making decisions based on what they saw, the cost of shipping, and whether they liked a brand or retail.
Over the years, the need for companies to increasingly digitize their operations has grown, especially in the midst of increasing competition in the market. "They had to be smarter about the sources and," Ranasinghe explained [implement more] Effective operations to achieve cost reduction in terms of operations. So they had processes they needed to improve and digitize them too. "
He said these different factors drove companies to explore markets online, and with technology from companies such as Arcardier, they saw a way to manage their inventory and reach customers more effectively through these markets.
Quality and trust can be created even in these online markets, which will only be granted to buyers and sellers who have been delegated only.
An online market to help countries improve their sources of medicines
This was particularly important for the electronic platform that Arcadier was developing for the United Nations Project Services Partnership (UNOPS), Defeat-NCD (Non-communicable Diseases). The organization was founded in January this year to combat non-communicable diseases, such as diabetes and high blood pressure, which kill more than 41 million people a year, or 71% of all global deaths.
Through the Internet market, the United Nations Office for Project Services (UNOPS) aims to help low-income countries to benefit from their collective purchasing power and demand a better source of noncommunicable disease sources, such as medicines, diagnostics and equipment, from manufacturers. The online private market will also ensure transparency and facilitate more efficient processing of the manufacturing and manufacturing chain, thereby lowering the prices of products and services.
According to Ranasinghe, only pre-approved suppliers and buyers, such as government agencies, procurement contractors and non-governmental groups, will be able to access the market to sell and supply supplies.
He revealed that the new system will be launched in at least six markets in Southeast Asia, Africa, Central Europe and the Americas. Azure's infrastructure will be hosted across distributed data centers, with centers in Singapore, Australia, the United States and Europe.
He said the ultimate goal was to spread the market in 100 resource-poor countries over the next five years, adding that Arcadier would provide training to help users access and market the market.
"The main objective is to provide greater access to these countries so that they can find better, cheaper and more accessible products from the open market," said Ranasinghe. "It is not about beating pharmaceutical suppliers, but about creating access to these countries, Access to only five suppliers, but can now reach 30 companies. [through] market."
He pointed out that poor countries, for example, may be able to reach a few suppliers of insulin because of its limited resources, but there are about 40 resources of this kind is available all over the world. Thus, by pooling their collective power as buyers, these countries can reach more suppliers at competitive prices.
The platform also provided suppliers with access to markets they had not previously had access to, but had to undergo a rehabilitation process.
Only vendors who were previously approved were able to participate and had to be examined before their products were listed on the market. "This has enabled the Office to ensure that the medicines and pharmaceutical supplies sold comply with international safety standards and regulations," Ranasinghe said.
When asked if there were any challenges in teething, he pointed out that the market would not work on donor funds and therefore had to operate on a sustainable business model. For example, suppliers would bear a commission on successful sales, adding that the development of a self-sustaining framework was one of the early challenges to which Arcadia, together with the United Nations Office for Project Services (UNOPS), had to resolve.
In addition, they had to ensure that the market was not only scalable but would also be able to expand rapidly, as the goal was to spread it across 100 countries in five years. This has had its own challenges, from an infrastructure perspective, as well as technically in terms of operational support. He pointed out that countries that lack resources, usually, will not have the necessary infrastructure to support the online market.
To address these issues, his company was working with the United Nations Office for Project Services (UNOPS) to identify countries that were suitable for initial deployment.
Arcadier develops a technology platform to manage the processes needed to maintain the market, including finance, logistics, drug testing and warehousing.
For example, Ranasinghe said he is currently exploring how the platform can track the drug testing process, so that it can be combined with the market and more efficient in the supply chain. Notifications can be sent, for example, automatically as you pass the property for each stage of the test and approval.
Arcadia is also exploring the use of blockchain to facilitate such operations and decentralize the elements of market operations to make them more effective, adding that his team is keen to use the blockchain components to improve the company's core technology platform.
"With a blockchain, we can decentralize the stock," said Ranasinghe. "Think of a seller joining a single market on our platform, and there's no reason not to make this product available to its products to be sold in other markets that operate on our platform. Networks ".
This was understandable he said he was keen to explore to extract more revenue for the thousands of markets currently operating on Arcadier. "Likely, why can not your stock [that you’ve made available on one marketplace] Are distributed to these thousands of markets? So, you already have the impact of the network in terms of business, "he said, adding that blockchain technology can be used to decentralize inventory and mark inventory across multiple markets.
"We do not give up the owner of that one market, we simply give them more inventory and access more suppliers and more content," he said. "This is what we think can disrupt the area of e-commerce."