Solutions to serve needs
We showcase a startup that uses blockchain tech to support retailers and the environment, and a firm that aims to connect food and beverage providers with discerning clients
Tell us about klipit.
klipit is the world’s first eco-friendly, blockchain-based paperless receipt app – a product that aims to address two major challenges: reducing landfills and providing consumers with a comprehensive digital platform for receipt storage. A recent survey conducted by klipit also indicated that 76 per cent of GCC consumers prefer digital receipts.
By digitising receipts, klipit not only helps businesses reduce their environmental impact but also enables them to save costs, streamline operations, and gain valuable insights into market buying behaviour.
The idea to create klipit stemmed from a personal inconvenience, managing and organising an extensive array of paper receipts was a cumbersome task and it led us on a search for more sustainable alternatives. This also led to the realisation that there was a universal need for a more efficient, eco-friendly solution.
The company is presently financed through internal funding provided by my fellow co-founders Mohammed Al Bulooki, Asif Ahmed, Bilal Merchant, Ovais Merchant, and me.
Tell us about any upcoming features that users can look forward to.
The klipit app is designed to revolutionise the retail experience by offering a range of comprehensive features. One of its main functions is secure digital receipt management, which helps streamline the storage and access of receipts, making organisational efficiency much better. The app also prioritises data security, leveraging blockchain technology to ensure the utmost protection of transactional data. The app provides a business analytics functionality that offers valuable insights to help businesses optimise their operations and make data-driven decisions. Additionally, the app is user-friendly, simplifying transaction processes for both customers and businesses.
Looking ahead, klipit transcends its role merely as a receipt management system, envisioning itself as a transformative platform capable of reshaping customer engagement and refining retail analytics. Our trajectory involves the integration of additional features, such as tailored shopping insights and financial management tools, thereby positioning klipit as an indispensable facet of daily transactions.
Taking consumer protection to the next level, klipit also plans to introduce TRUklip, a blockchain-based AI and machine learning tool. The tool will enable brands to allocate unique QR codes to each of their products, which will allow consumers to determine the authenticity of the product at the time of purchase while flagging any counterfeit products. The tool will also be equipped with the ability to track the movement of products as they transit from warehouses and factories to retail stores which will further ensure a seamless solution to eliminate counterfeits from the market.
For instance, this revolutionary feature will make for a solid use-case for the pre-loved luxury market, as it offers consumers a unique NFT (TRUklip Certificate) while purchasing high-value fashion products. This will validate the proof of ownership and allow buyers to verify the product’s authenticity using the TRUklip scanner. By addressing these issues, klipit not only saves billions of dollars spent on non-recyclable paper receipts, but also significantly reduces the global production of counterfeit and fake products, estimated to be valued at over $1.7tn in 2022.
What is the percentage of financial savings expected to be achieved by using digital receipts apps such as klipit?
klipit’s digital receipts solution has been designed to reduce costs directly and indirectly, we expect medium to large-scale retailers to see up to 80 per cent reduction
in the cost in terms of printing paper receipts, apart from that the cost of storage space, time involved in logistics, procurement, waste management, and disposal. Furthermore, another indirect cost to highlight is the environmental cost, as most thermal receipts are non-recyclable and go directly into landfills and accumulate over time, causing long-run environmental issues. Hence, the cost of damage to the environment cannot be measured and the condition we leave our environment to our future generations is unimaginable.
Ultimately, solutions like klipit offer a sustainable alternative to traditional paper receipts, significantly reducing paper waste and environmental impact in the long run. By transitioning to digital receipts, businesses can eliminate the need for vast amounts of paper, thereby reducing deforestation and minimising the carbon footprint associated with paper production, printing, and transportation.