The retailers we've spoken to and the few who have tried out the Goodomy platform love the concept. And if conversion rates are anything to go by, users love it too. The problem for us has been that users only become consumers when they actually perform a transaction.
Transactions are where we are stuck at this point. It's a common problem of any multi-sided marketplace where each party has something that the other party wants. Although we've seen a number of transactions, there is no growth without marketing. Companies usually just throw marketing and promotion dollars at the problem for a few months (or years) and the problem transforms into a competitive advantage. We can't do that, at this point.
As we've discussed on our channels, in the current extended crypto bear market we have ceased our marketing efforts until the market improves. We don't have a 7-figure budget to work with like most ICO-based projects (or even 6), so every dollar is sure to be spent wisely.
That is why we will be making efforts over the next few weeks to implement a more cost-effective marketing strategy until the market improves. This means that we will be marketing the site as a consumer-to-consumer platform rather than a business-to-consumer one. Once the market improves and users are more comfortable performing transactions on Goodomy we will spend marketing dollars where appropriate.
Although our growth will be based on consumers who don't care about crypto and don't need to (and, thus, should be independent of the ups and downs of the market), our marketing budget is currently tied to the prices of Bitcoin and Ethereum. Spending it now is possible, but would be foolish.
We've always intended for Goodomy to be used for direct, P2P payments and have already built such functionality into the system. As retailers currently have no active products listed, we will use this as an opportunity to introduce categories that regular users would be interested to create their own listings for.
That means, for example, instead of us spending $50 in advertising to try to get 1 or 2 retailers to list their products, we will be using it to try to get 40-50 regular users to list something.
Our new, tentative categories will be based on the 'social exchange', a new concept, as well as more common categories such as personal and business services. (Note: You should also remove any category filters you have in order to avoid any potential issues not seeing new categories.)
This strategy can allow us to establish Goodomy as a viable consumer platform before we market ourselves more to retailers. Once real users become more comfortable with transacting on the system they should see more transactions themselves, and Goodomy can continue along its path of developing a stronghold in the consumer retail market.