Today, I Own My Data (IOMD), has launched Node: convenient online shopping without accounts. The company says it is the first truly customer-focused solution. It makes transacting easier and more secure for both merchants and their customers. Node invites merchants to apply to its exclusive beta programme for white glove onboarding and early-access benefits to its patent-pending technology.
Node is an eCommerce app that attempts to put customers at the centre of the transaction. It provides full control over their information on any site and all within one app. The app represents a paradigm shift in commerce that brings merchants and consumers a new way to transact and interact.
According to Rohan Mahadevan, Node’s CEO, “Online shopping has had difficulty finding a balance between ease of use and safety. Asking customers to remember usernames and passwords that have to be stored on vendors’ servers generates a potentially unsafe situation. There are many companies devoted to tackling the range of issues of friction. These include areas such as password retrieval, form completion, risk evaluation, and more. We must change the system to eradicate the symptoms. Node requires no usernames and stores no personal information. It’s a whole new way to manage online transactions.”
Ubiquitous personal computing & advanced cryptography make it possible
Early eCommerce launched when most people shared computers, requiring usernames and passwords to authenticate identity. These days, most shoppers have a smartphone handy when they are looking to make a purchase. These devices have far more computing power and memory than the computers of the past.
Early online stores required servers to house all the personal and product information required. In addition to significant maintenance and management to keep them current. Over the past 3-5 years, a monumental shift in cryptography has allowed both businesses and individuals to trust information that doesn’t sit on their servers.
That new level of online trust, when combined with the ubiquity of powerful personal computing, makes Node possible. The company says it eliminates the need for usernames and passwords.
Backed by big players in shopping & payments
Node is introducing an ecosystem-level change, attracting investors who are experts in key elements of online shopping. These include platform development to customer acquisition, payments, risk management, security, and more. Node’s $2.75M seed investment was led by Neotribe Ventures, and also includes executives and founders from across current ecosystem leaders, including Bill Me Later, Boku, Citicards, Facebook, Magento, Meta and PayPal. Funds will support product development and go-to-market.
“Anyone involved behind-the-scenes in eCommerce knows how overdue we are for true transformation,” said Kittu Kolluri, founder of Neotribe Ventures. “Rohan and the veteran team behind Node are uniquely qualified to spearhead this change. This is because they know the pain points and challenges merchants face. From delivering a good user experience to managing risk analysis. There is a whole industry built around plugging gaps or smoothing friction in a system that no longer serves merchants OR consumers. Time for something new.”
Why merchants will benefit from the beta
- Premium guest experience: Guests receive a better experience than today’s account-holders, with a “one-click” repeat user experience similar to Amazon.
- Easy integration & lower costs: Node works with existing infrastructure, and can be easily adapted for future product developments. It eliminates all unnecessary infrastructure, experience and data privacy costs associated with accounts.
- Always up-to-date: All consumer information remains current. This removes the frustration of dated or expired information.
- Top-of-line security: Node eliminates transaction risks, fake accounts and sign-ups, updating payment information, password recovery and more. It provides instant compliance with GDPR, CCPA, PCI, and data localisation.
Interested merchants can apply for the beta program to receive founder-led white glove service and consideration to be featured in launch materials prior to the 2024 holiday shopping season. Selections will be communicated directly to applicants.
Enterprise Times: What this means for business
For decades, merchants have had to choose between introducing hassle to shoppers (username/password, CAPTCHA, etc.) and consistent connection that creates loyal customers. Node says it provides both while removing all the data privacy and storage headaches. And because of its consumer-centric structure, Node says it will deliver happy shoppers who can transact easily and safely. By modernising the eCommerce experience, Node says it provides a more secure way for consumers to purchase. Merchants have the opportunity to reimagine how they engage with customers. Every merchant’s dream!
