MOSCOW, Oct. 4, 2017 -- INS, a new global project by the founders of Instamart grocery delivery service, today announced the initiative to build a decentralized grocery shopping ecosystem based on blockchain technology. Having declared the non-binding memoranda of understanding with Unilever – a leading FMCG company – INS plans to raise $60,000,000.
INS is disrupting the largest consumer retail market in the world. According to Persistent Market Research, the global grocery market will grow to $8.5 trln in 2020. Online sales of groceries are expected to reach over $300B by 2020.
"The grocery industry in its current shape is inefficient and controlled by retailers. For example, in the UK, there are over 7,000 manufacturers and 25 million households dependent on 4 key grocery retailers controlling 76% of the market. INS will adopt blockchain to cut the middleman – wholesalers and retail stores – to help consumers save up to 30% on grocery shopping," says Peter Fedchenkov, INS co-founder and CEO.
INS builds a scalable blockchain-based platform enabling consumers to buy groceries directly from manufacturers. Online decentralized platform powered by a self-regulated community of shoppers and suppliers eliminates the retailers from the purchase process. Smart contracts help both parts to facilitate trade and reduce risks and costs. Any manufacturer can list and sell products, gain customer feedback, and reward loyal shoppers. The first memoranda of understanding is signed with Unilever – one of the world's leaders in FMCG. In addition to savings for customers, INS will put manufacturers in full control of product pricing and listing.
About the Company
INS [ai æn æs] is a decentralized ecosystem that enables consumers to buy directly from grocery manufacturers, bypassing retailers and wholesalers, at prices up to 30% lower than in supermarkets. INS facilitates the order fulfillment process and allows manufacturers to join it, publish their products for sale, carry out promotion and loyalty campaigns, and get feedback from consumers, enables consumers to order those products and vote for new products and manufacturers.
INS Ecosystem - the first scalable blockchain-based platform that enables consumers to buy groceries directly from manufacturers at lower prices, with convenience. The INS ecosystem has been validated by consumer interest and has received strong support from manufacturers. Our team has developed the roadmap to execute on this vision.