Yuen Wong, the CEO of Galaxy eSolutions had a chat with us at ICOWatchlist about his project and this is what ensued;
Hello Yuen, can you briefly introduce us to the Galaxy eSolutions project?
Well, Galaxy eSolutions, or GES, is incorporated in Hong Kong and we are a hybrid ecommerce ecosystem on blockchain focusing on the refurbished economy. We are a business with impressive growth and traction. In only our first year of operation, we have achieved near 20M USD sales while reaching monthly operational breakeven point.
GES focuses on pre-owned and refurbished consumer electronics with mainly smart phones for now, such as Apple and Samsung, with mostly our own branding and packaging.
Why refurbished consumer electronics? Why not brand new?
The refurbished consumer electronics market gives higher margin than the new ones. Moreover, refurbished phone market is growing much faster than the new phone market, double digit percentage growth year on year to be exact.
On top of these, GES has the added competitive advantage as it has a refurbishment factory in Shenzhen bonded zone which has the license to refurbish Apple and Samsung products (in China, government license is required in order to be operating legally). This effectively makes GES a F2C model (Factory-to-Consumers).
Lastly, it is a green business that helps the world, so this is a bonus after considering the business potentials.
Do you have competitors on the blockchain space and how do you intend to stand out?
Frankly speaking we do not know any other who are doing the same, especially that we are adopting the hybrid model incorporating the centralized and decentralized model within our ecommerce ecosystem.
For our B2C own brand site, we will stick to centralized model since GES will only offer its own range of products here via the B2C/F2C model. These are the sites that are currently generating business for the company.
GES will however adopt the decentralized model for its C2B/C2C and B2B marketplace, as it believes the utilizing the blockchain will resolve issues such as high cross-border transactional fees, frauds, poor supplier or product quality, tracking on product movements, and trust and credibility issues. For more detailed info and explanation, please refer to our info obtainable from our site.
What is the market size for your industry and where do you see the Galaxy eSolutions project in 3 years?
The refurbished phone market alone will be $30 billion market by 2020, with refurbished consumer electronics market size many times of that, and GES aims to be the market leader in this sector via building a ecommerce ecosystem in 3 to 5 years’ time, exceeding a billion USD in sales.
Who are your current institutional partners and which ones are you in talks with for future collaborations?
GES will be partnering with one decentralized global P2P logistic company and one information processing company. The names will be announced after all details have been worked out and the time is right. Meanwhile, stay tuned!
Briefly run a newbie to ICOs through the process of how they can participate in the GES token sale?
Our ICO is run on the Ethereum network using ERC20 smart contract. Hence, it is pretty straight, simply send the Ethers from your ERC20 compliant digital wallet to the smart contract address and our GES tokens will be sent by the system accordingly. Our website has all the required info to guide you thru, including a video guide.
It was awesome having you Yuen, we wish you and the team a successful crowdsale and project.
Thank you too ICOWatchlist, you have been more than helpful.
For more details, follow the Galaxy eSolutions ICO here.