E-commerce has made its way to the blockchain, and the GES ICO is the latest evidence of this. Hong Kong-based GES, or Galaxy eSolutions, is a global e-commerce platform for refurbished goods, such as mobile phones, tablets, etc. Their ICO pre-sale ends today, and the crowdsale starts tomorrow in which buyers get 100 GES tokens for 1 ETH.
The startup has been around since 2016 and plans to begin selling refurbished Samsung phones as soon as January 2018. Their projected sales for 2017 are USD 20 million, and they forecast USD 1 billion in annual sales by 2022. The company acknowledges its "aggressive" growth forecast and plans to get there via some strategic partnerships coupled with the benefits of doing business in Hong Kong, e.g. a duty free port.
The main products on their current platform include refurbished Apple items and DJI Drones. GES lists Foxconn and Amazon Resellers as some of their key competition. The proceeds from the upcoming ICO will be directed toward lifting inventory levels, according to the company's white paper abstract.
Upcoming ICO: Where's the Blockchain?
While the initial milestone for the upcoming ICO is in Q1 2018, the subsequent development of the platform will take more time. They have targeted the end of Q2 2018 to begin development of their marketplace with a planned launch date of October 2018. The marketplace is a B2B and B2C platform for buying and selling refurbished items on the blockchain, and it accepts both fiat money and cryptocurrencies. Allowing traditional money to be involved should open up the marketplace to cryptocurrency averse users.
GES has a couple of blockchain advisors on its team, but the exact role that distributed ledger technology will play in the project remains unclear, based on the white paper. But according to a blog post in which GES touts the merits of the blockchain, the technology will be used for payments and smart contract applications.
The GES tokens that are purchased during the upcoming ICO can be used on the company's platform to purchase refurbished electronics and they say their tokens are secured by real value. Participating in the GES ICO will trigger discounts for the electronics on the platform.