explicitClick to confirm you are 18+

How to sell products on Alternative Virtual Store Coinmall

Phoebe AurumJan 14, 2019, 8:20:47 AM

Here is an article detailing the ways (and reasons) for setting up a storefront on Coinmall. 

Part of the main page of Coinmall

What is Coinmall?

Coinmall is what I would define as an alternative virtual storefront. In many ways it functions like Amazon or Etsy where an individual sells a product for an agreed upon amount of money and said item can be a commercial item they are personally reselling, or something they've created for sale. The main difference is that the site is more designed for Bitcoin and Altcoin transactions than the standard Fiat transactions.

Why Crypto?

Coinmall was selected specifically for its option of having Crypto as a form of payment and that's valuable not because there's this huge interest in collecting and selling Crypto but because Crypto is the only currency that is immune to political deplatforming. At this time if you finance your business with fiat, any particular part of your processing service can be deplatformed. Stripe and Paypal can pull out, Patreon or various advertisers will stop financing you, and the banks can decide to no longer accept payments or decline transactions.

This is not based on whether or not you are breaking the law but it based on arbitrary elements often about (but not always involving) the current political climate.

Crypto circumvents that problem by not being centrally controlled by a bank. There is no one specific person or company that can stop you from collecting a payment for a service. Additionally, depending on the country, Crypto is occasionally Tax exempt when used under specific conditions (if it's even acknowledged as currency in the first place) this gives it a lot more flexibility for those who can't afford to make an income due to a dependency on welfare which toggles off when someone makes X amount of income even though said income wouldn't sustain them as well as welfare.

Why use Coinmall in conjunction with Crypto?

Now that you understand why Crypto might be used instead of fiat for a transaction you may wonder what the exact value is in using Coinmall specifically with Crypto.

One of the advantages is Escrow. When the buyer makes a buy that money is held for a set amount of time. During that time the buyer and the seller can communicate on the nature of the item purchased. During this period the buyer can cancel the order but once the seller has confirmed the transaction and delivers the item that was purchased the money is then automatically rendered to the seller.

This holding period helps make sure that Crypto is only rendered for a delivered service.

Another advantage is just having all your items for sale properly displayed with detailed information that is easily accessible well before a deal finalizes.

Traffic on Coinmall is rather light

Coinmall is just where your storefront will be, advertising won't take place on Coinmall, it will be on Minds and every other social media platform you own, direct users to your listings on Coinmall. With that said however, items are very easy to search for if you already know their name and category.

For buyers and sellers

Buyers don't necessarily need to have one but having one makes keeping track of purchases easier and also gives you a way to negotiate a dispute if the situation arises where something went wrong with an order.

Sellers not only need an account but they need a storefront. The storefront is the location for your listed products.

Buyers can buy products with Bitcoin, Litecoin, Zcash, Bitcoin Cash, and Ethereum and while it is advised that you deposit your Crypto into a dedicated wallet after purchasing it from an exchange, you can just buy the Crypto at the exchange and send the Crypto to the Escrow wallet that appears during a transaction.

Sellers have an on site wallet that receives the Crypto made in a transaction.

The following information will focus primarily on users who plan on or will consider selling things on Coinmall.

The side bar reveals seller and buyer options by clicking on the three dashes on the upper left corner of the screen.

We won't be talking about the Buying as it's only for buyers and it's very self explanatory but for the sake of information, Favorites lists the products you have favorited and purchases lists the items you have bought. 

Let's note some of the features!

Home: That will show you your sales revenue, total customers, and recent transactions.

Wallet: Your wallet page where you can see the Crypto you've earned from transactions as well as some security methods that you can adjust or activate at your discretion. You can also withdraw your Crypto into a personal wallet or to another exchange if you so choose to do so. Note that withdraws come with a fee so if you charge very little for your products it's advised that you wait for the amount of Crypto you've earn to double or triple the cost of the smallest withdrawal (having said that though the withdrawal fee is very affordable).

Messages: Similar to Minds there is an encrypted messenger that protects your conversations with other users and customers. You may want to use this if you want to discuss some details about a customer's buy. Alternatively you can visit your settings and enable Discord for this specific occasion.

Stores: This is where you create a store or check on your now existing storefront (clicking on the name of the store will take you to the storefront page). You'll have to agree to the seller rules which comes down to saying “Don't make a terribly obnoxious and crude storefront and try to have good customer service (you can however have rude stuff purely within the stuff that's for sale however).” You can adjust product visibility and the storefront for privacy purposes.

I believe you can create multiple stores but I don't know what the purpose would be for such a thing.

Sales: Gives you the status, time, and name of an order.

New Listing: This is where you will list your product. You will define what it is, present an image and/or video for it as well as list what it will cost, how much supply you have for it, what variations of it if it comes in variants, you will also adjust the method for product delivery and how long the escrow holds the customer's funds which range from instant to a week so I would recommend making the escrow at least an hour-long.

If you need to change something about your listing you can go in and edit it but you will need to send a change log for it before you can apply any changes.

Everything has to be filled out, even the changelog. 

The custom settings let you adjust the specific crypto you will accept, a minimum buyer rating, you can share a percent of your revenue with those that refer you,  you can set a bulk discount, you can link this product with other products that you have already listed, you can allow a user to pay what they want, you can set the item as an early release, variants switch out automatically if and when one runs out, and you can set download protection for your item.

My Listings: Your products will be listed here. You can visit them to see how they seem to customers or you can edit the listing to change something about it. You can also see how many times the viewed, favorited, and bought.

You can promote your products if and when you feel like the traffic going through the site warrants such an investment.

There are a series of advanced seller tools that will come in handy for those who really want to get the most out of their account on Coinmall. Some of these options are a bit technical but Email Marketing, Coupons, and Listing Import have particular potential in helping one manage their storefront.

Always employ the use of coupons carefully. It does encourage purchases but the profit margin can be made too slim. 

You can import listings from Gumroad, Payhip, Sellfy, Selly, and Selz

Beyond that you can look at who follows you and who you follow as well as adjusting your settings and looking at your activity which shows the views of the users observing you as well as moments where you log into Coinmall.

Users that follow you will be visible on your storefront. 

So that's it! I think the biggest hurdle for a site like this is just convincing people to buy and use crypto but as far as I can see, the hesitation in using it should be mollified by the fact that traditional options are being stripped away and all things considered, Coinmall is offering quite a lot of tools to very efficiently manage your products. 

You should genuinely consider listing your items on Coinmall if you haven't done so already and if you are in the interest of supporting artists, writers, and developers of digital products I would suggest that you consider prioritizing Coinmall over Amazon (if you don't want to do that I understand and I won't hold that against you). 

Oh and if you don't want to buy crypto at an exchange like Coinbase due to the mandatory bank linking and ID verification you can always use https://localbitcoins.com/ 

All right then! I hope this information serves you well! If you have any questions or concerns just ask me and I will answer!