Sheldon Store has grown over the years, from a gift card only store offering just about 10 gift card options, we were able to expand and create a second gift card store for our European customers. We have since grown from offering just gift cards to selling actual physical products on Sheldon Store, which has exposed us to an entirely new experience as we were now faced with new challenges of selling and shipping physical products. We now have to meet the expectations of our customers and meet new requirements for physical goods shipping and delivery and having to deal with new responsibilities as we strive to offer the best possible service delivery. All these is a lot to handle and we obviously cannot do all of these with our current business model, thus the need for a new business model.
The Current Business Model
About five years ago, cryptocurrency faucets were the most common means of earning cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dogecoin and others. This brought about services such as FaucetHub, FaucetSystem and a few other platforms for earning cryptocurrencies through cryptocurrency faucets. This made cryptocurrencies a bit more popular as most people got to learn about cryptocurrencies through faucets, after all who doesn’t want to earn a little extra right? However, with cryptocurrency faucets and cryptocurrencies in general becoming popular, there also came a growing need to cash out and get real value for the coins people earn through faucets as we received multiple inquiries from some of our faucet users on how to exchange their earned coins for cash to buy things. This was a constant question we were presented with and we decided to do something about this. We decided to create a store for anyone who had the same question to be able to buy the things they want with cryptocurrencies and the way we could do this at the time was to create a gift card store, which we did – Sheldon Store.
Our business model so far has been centered around cryptocurrency users and gift cards as Sheldon Store was originally built to offer cryptocurrency users the ability to spend their cryptocurrencies through gift card. We choose gift cards as we could not offer any physical goods at the time. We also choose gift cards so people who wished to pay for services rather than physical goods could do so too. While this has been successful so far, we thought we could do more and offer physical goods alongside available gift card options. This has not worked well so far and has rather had a negative impact on our business. We encountered so many obstacles trying to sell gift cards alongside physical goods. We decided to add more payment options such as credit/debit card payments so customers who wish to pay with their cards for physical goods could do so, but we were rejected by every credit/debit card payment processors we approached because of our business model. Since adding physical goods to our store, we decided to start running ads on social media networks but could not do so either as our ads were rejected and a few of our Pinterest accounts suspended, still pointing to our business model as they claim our ads/some of our content violated their community policies. Like this was not bad enough, we also came to realise that even with the addition of physical goods, over 90 percent of our customers paying with cryptocurrencies still bought gift cards only. You can see this in the last published revenue report for August here.
We improved on our web store design and functionality at sheldon.store for the sale of physical goods and services, however custom development and hosting costs thousands in dollars. The only logical thing to do has now become a change in our business model as the web store we spent thousands in dollars to develop in order to sell physical goods was not selling much physical goods but gift cards. We are very passionate about cryptocurrencies, however, we must do what’s good for business, hence, the new business model.
The New Business Model
We are very passionate about cryptocurrencies and are not removing cryptocurrencies and cryptocurrency users from our plans, what we are doing however is creating two separate services, one to carter for cryptocurrency users and gift card buyers and the other to carter for credit/debit card users and physical goods buyers. These two services will still work together to offer the same services to both cryptocurrency users and credit/debit card users, gift card buyers and physical goods buyers but on two different platforms.
As of this time, gift cards will no longer be available on Sheldon Store (sheldon.store) but will now be available on our new store (Fast Codes – By Sheldon Store). Sheldon Store (sheldon.store) will now offer the sale of physical goods only. Also, cryptocurrencies will no longer be a means of payment on Sheldon Store (sheldon.store) for goods/services. However, customers will be able to buy Sheldon Store gift cards on the new store with cryptocurrencies and redeem towards the purchase of goods and services on Sheldon Store (sheldon.store).
These are just a few changes we have made to the Sheldon Store business model with more to follow in the coming days. As such, we have suspended activities at Sheldon Store for these changes to be effected.
The New Store
We have now created a new store specifically for the sale of gift cards, allowing customers to pay with both cryptocurrencies and credit/debit cards. Introducing; Fast Codes – By Sheldon Store. The new store will be launched on the 14th of December 2019. Kindly follow Fast Codes – By Sheldon Store on Twitter >>> here to stay updated on the development and launch of this new service.
Sheldon Store – EU Reopening
We have also been working hard over the past weeks to reopen our EU store and are pleased to inform you that our EU store (sheldoneu.store) is now ready to reopen. We will also be reopening our EU store on the same day our new store, Fast Codes – By Sheldon Store will launch, the 14th of December 2019. Want to know why our EU store went offline? You can read all about it in our blog post >>> here
Want to stay updated on what happens at Sheldon Store? Follow us everywhere, our blog, Twitter, Facebook, Instagram. Remember, you can always reach us with any avialable contact options with questions/concerns you may have and we will be more than happy to address them the best way we can.