Gate.io AMA with SHPING-Shop Like a Boss

2023-02-17, 06:58

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![](https://gimg2.gateimg.com/image/article/167661645211.jpeg)
**<font size=4>Sep 19th, 2022, 12:00 UTC
[Gate.io](https://www.gate.io "Gate.io") hosted an AMA (Ask-Me-Anything) session with CEO of SHPING, Gennady Volchek in the [Gate.io Exchange Community](https://t.me/gateio "Gate.io Exchange Community").
Official Website: http://www.shping.com/
Twitter: https://twitter.com/shpingApp
Follow SHPING on [Twitter](https://twitter.com/shpingApp "Twitter") and [Telegram](https://t.me/ShpingCommunity "Telegram")
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**Guest**
![](https://gimg2.gateimg.com/image/article/167661658012.png)
**Gennady Volchek — CEO of SHPING**

## Q&A from Gate.io
### Q1: What is Shping?
**Gennady**: Shping is a first-of-its-kind shopping companion app, which removes intermediates like Facebook and Google and redirects brands' marketing budgets directly to the end consumer, while taking the customer shopping experience to the next level.

Rather than spending budgets on the traditional web or social media campaigns, brands can redistribute their marketing budget directly to the end consumer, in order to create a direct channel of communication, where they can reward them for their interactions with products and influence purchase decisions.
![](https://gimg2.gateimg.com/image/article/1676617039123.png)
Shoppers, on the other hand, use Shping App to compare prices, manage their shopping lists and gain access to the information they need, while also being rewarded every step of the way by brands for their interaction and loyalty.

### Q2: How many people have downloaded the App already?
**Gennady**: Since we launched our services in  Australia in 2018, we have passed the mark of 300,000 App users already, and this is mainly organic growth as we have just started to ramp up our marketing activity.

### Q3: What is your USP for brands and can you give some examples of brands using Shping to engage with their customers?
**Gennady**: Shping solves one of the biggest challenges faced by brands - it is the ability to discover and build relationships with their end customers.

To put things in perspective, brands usually know their distributors and retailers, but have no visibility of who is buying their product in-store, this is why brands, joining Shping, quickly realise the effectiveness of this disruptive technology resulting in seeing almost 100% conversion from pilot to paying brand customer.
![](https://gimg2.gateimg.com/image/article/167661700413.jpg)
We have many great brands who utilise Shping platform and Shping Coin to power their marketing efforts - Asahi, Pepsi, Twinnings, Heineken, TipTop, and Schweppes, just to name a few. Let me also share this image with our brands here as well.

### Q4: Can you please explain the Tokenomics of Shping token and its growth potential?
![](https://gimg2.gateimg.com/image/article/167661697114.jpg)
**Gennady**: Brands on average spend around 25% of their turnover on marketing, just in Australia around US$3.71bn will be spent on social media marketing this year. We see Shping becoming the universal token of reward where brands acquire Shping coins in order to reward shoppers for their engagement and by that create the demand, while consumers can trade their earned coins and by that create a supply. Shping platform is fully integrated with exchanges to facilitate both sides of the transaction via API for brands and consumers removing any complexity and technical knowledge prerequisite to prepare Shping for mass adoption.

### Q5: What is next for Shping?
**Gennady**: We are at the point where we have tested and are comfortable with the current state of the ecosystem, and, while we continue our work on further enhancements, we have already begun our growth phase here in Australia with soon-to-follow global expansion.

## Free Ask from Gate.io Community
### Q1: Are you a global project or local project? At present, which market are you focusing on, or is it focused on building and growing to gain customers, users and partners?
**Gennady**: Shping is a global project but will start our global extension soon, at this stage our App is only available for Australian users and we work only with Australian brands.

We hold Shping reserve, it's a pool of tokens that has been put aside to enable us to reward those consumers who are engaging with a non partner brand. For example if consumer has written a review about the product that we do not have relationship with, coins from Shping reserve would be used to remunerate that consumer for that engagement, this way we provide consumer with consistent experience across all products, but at the same time make our platform more appealing for that brand to join as we already hold lots of valuable data like product reviews analytics etc.

### Q2: Do you guys feel satisfied by seeing your progress and achievements till now, when you look back to the day when you have started this project?
**Gennady**: With any new project that starts with the vision is to see that vision turning into a practical solution that delivers true value to the parties involved, Seeing brands and App users benefiting from something that started with just an idea is mind blowing and rewarding for every one of us.

### Q3: <a href="/uk/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> fees have been skyrocketing lately. Does Shping any plans to lower fees and move to a layer two solution to help with Scalability?
**Gennady**: We have deployed offchain and onchain transaction bridges  and are able to bulk transfers in daily batches which has solved the high cost of gas fees for us.

### Q4: What is PROJECT's revenue model? In which ways do you generate revenue/profit?
**Gennady**: Every engagement event is billed to the brand in fiat and at the same time also generates a purchase of Shping coins by the brand which are then paid to consumers who have initiated such engagement.

If you are in Australia, feel free to download the App now www.shping.com  and start shopping like a boss. Guys outside Australia, while you waiting for Shping to become available in your region you are welcome to join our telegram community  https://t.me/ShpingCommunity  and follow us on Twitter https://twitter.com/shpingApp

<div class="blog-details-info">
<div>Author:** Rio Fu.**, Gate.io Community
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
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