Have you ever been exasperated by the endless loop of account creations, password retrievals, and unwelcome promotional messages every time you shop online? If so, you’re in good company.
Introducing I Own My Data (IOMD), the fresh face in e-commerce that aims to remove these pain points for consumers and streamline the shopping experience. Not only does IOMD offer a no-fuss online shopping experience, but it also ensures that merchants provide an accelerated shopping method on their sites.
Changing The Game: The Node Platform
IOMD’s game-changer, the Node platform, seeks to put the reins back in the hands of consumers. Rather than continuously inputting personal details across a myriad of sites, the platform enables consumers to manage, access, and store their online shopping interactions exclusively on their devices.
Rohan Mahadevan, the brainchild behind IOMD and former executive at PayPal, conceived the idea out of personal frustration. He was weary of the monotonous process of re-verifying his identity and setting up new accounts for each online purchase.
Rohan’s ambitious vision for Node is clear: provide a quick and secure method to transact online, without relying on centralized servers or external storage of consumer data. This approach not only speeds up the checkout process but also significantly reduces the risks associated with hacking and phishing.
With Node, your private information, like previous purchases and card details, remains safely on your device. This means you can complete transactions in a split second, whether it’s a click, tap, or touch. As Rohan aptly explains, “It’s like having the power of Amazon’s one-click purchase, but it’s universal – working across multiple merchants.”
The Big Picture
The e-commerce sphere is bustling, with many solutions merely scratching the surface of underlying issues related to data capture, payments, and security. The central problem, according to IOMD, arises from the dependency on storing information across countless servers. The breakthrough solution? Store all personal data right on the consumer’s device.
Recently, Node unveiled itself to the public eye, boasting a remarkable $2.75 million seed funding, supported by leading names like Neotribe Ventures and bolstered by industry stalwarts from giants like Facebook, PayPal, and more.
Currently, the 20-strong IOMD team is focused on integrating merchants into their beta program. There’s even a live app for users in the App Store. The recently secured funds are earmarked for product evolution and market entry, with an ambitious roadmap to go global.
Rohan envisions a particular affinity from merchants selling items like cosmetics, fashion, and specialty foods, noting, “Merchants catering to frequent but non-subscription based purchases will likely be our earliest champions.”
It’s vital to underline that IOMD isn’t diving into the payment processing arena. Their core ethos is information management. Rohan stresses, “Our primary goal is to store the said information securely on your node, ensuring instantaneous processes, devoid of server delays. Our tokenized email system offers an extra layer of privacy, deterring potential hackers.”
Gary Marino, a renowned name from PayPal, recognizes the transformational potential of Node. He highlights the emphasis on a direct and minimally intrusive method to foster trust between consumers and merchants, all while enhancing the shopping experience.
As the e-commerce sector burgeons, numerous competitors are vying for the one-click market, fueled by evolving consumer buying behaviors. Recognized names in the space include Ownit, Bolt, Checkout.com, and Rapyd, amassing significant investments. Yet, with the unique proposition and consumer-centric focus, IOMD’s Node seems poised to carve its niche.
