Our real time AI pricing engine generates more demand and revenue for your business.
We automatically offer the best prices, helping improve your business results.
When you set up products, we have enabled a pricing engine for you. This is our AI pricing engine that automatically lowers prices for your most loyal customers and raises prices during times of high demand. This price optimization and maximizes the value of your business and serves to retain your best customers.
The price at which a good is sold by our pricing engine, depends on the loyalty of the customer and their buying behaviors. This feature is just like surge pricing, where a customer pays more when there is high demand during rush hour for a ride share and less when it’s slow or they are very loyal. The pricing engine protects your margins and helps you make more money.
This feature is automatically enabled. When you enter a price for the product, it will calculate the minimum and maximum prices and show you.
We strongly suggest you keep this enabled and see how it helps your business.
This feature is coming soon.
This article explains editing, removing and making inactive products active.
To Add or Edit the products or services in your storefront, tap on the My Business Menu and select Products.
Tap on + Add New to add a new product through the Add Goods or Services screen.
To Edit a Product, tap on it to launch the Edit Product Window.
Here you can Remove the product from view (make it inactive) or Edit it by accessing the Add Goods or Services screen loaded with it’s saved information.
Products become greyed out, or inactive, when there is no inventory left or you have Removed it, as explained above.
When you add goods or services, you are required to enter the quantity available. Let’s say you added 10.
When you’ve sold all 10 items, the product in your storefront will automatically become inactive/grey. To make it active again, you just need to tap on the grey product, select edit and update the Quantity. It will be preset to the last amount you saved. You can change the quantity.
Once you update the quantity, the product will be automatically Active again.
Your location is important
You’re a local small business that serves local consumers. When you add your location, your business becomes a pin on the map for any local consumer using the Econic app to buy local.
Be sure to list an address that best serves the visibility of your business to your consumer base.
My Daily Progress
You are presented with all your current status of your business on your Home Screen dashboard. You can see an overview of all new orders, the status of the orders and your revenue.
Orders displayed in red are open, behind schedule or late in fulfillment.
Orders displayed in green have been fulfilled.
The Items displayed on the Home Screen are only the orders and revenue for the current day.
Buying from merchants on the map
Here’s how to buy from local merchants
Tap on the Pin Icon to access the Map.
Tap on any pin to reveal the name of the business. You can Zoom in and Zoom out, as well as move the area of the map to explore.
Tap on it again to explore the available deals they showcase in their storefront.
Tap on a deal to explore it in further detail and buy it
Tap on Buy Now to add it to the cart and browse the other products available at this merchant
When you are ready to make your purchase, tap on the Shopping Cart icon and proceed to the cart and your purchase.
Econic is about buying local, where both consumers and merchants support their local small businesses.
That’s why we put pins on the map.
We hope you enjoy your experience buying with Econic powered merchants.
How we use your data
In order for Econic to create personalized buying and selling experiences, we need to connect sales and purchases to locations and people. This is why we ask your permission for a number of the functions on your mobile device. Econic’s AI loyalty, pricing and sales functions will not work without access to these features.
For business owners especially, you can use your device camera to take and upload pictures of the goods and services you are selling in your Econic shop.
Hours of Operation
We support two schedules for your business.
You can enter up to two distinct combinations of days and time to define your business hours.
For instance, if you are open from 8 am to 2 pm on Saturday and Sunday, but are open 9 am to 9 pm Monday through Friday. You can set these days separately, but you can only create one schedule per day.
You can edit these hours at any time to reflect your current or daily schedule:
Tap on the Hamburger Menu and select My Business.
In My Business Menu tap on Address & Hours to edit your schedule.
On the Address and Hours screen, tap on an edit icon to change your information.
Tapping on hours opens the Business Hours screen.
Supporting the Services you Offer
Econic’s digital service channels offer support for the services you offer to your customers. In some cases, you can add these services to your business offering now that we make it so easy for you to plug it in.
When your customers buy a product or service from you, they will be able to chose among any of these options if you select it here:
Selecting Delivery allows your customers to chose this option in the cart when they pay.
Selecting Pickup allows your customers to chose this option in the cart when they pay.
Selecting Remote Location tell your customers that yours is a business on the go.
Selecting On Site Services allows you to offer your on site services, such as plumbing, home or office repairs, on site physical therapies, etc.
You can edit or update your fulfillment options at any time.
Tap on the Hamburger Menu and My Business.
In the Business Menu select Fulfillment Modes
How your deals work
Econic AI identifies the best goods and services you can buy from your Econic merchants. They reward you with great deals that can save you money, rewards your loyalty and make it easier for you to buy the things you want.
The Four Deal Types
Daily Deals – also called Blue Deals – represent what’s on sale. These deals promote products or services that are available now. They can be Daily Deals, Spot Sales, Clearances, anything that will get you interested to check out the deal.
Local Deals – also called Green Deals – these are deals from the businesses closest to you. These deals should be of interest to you based on your purchase history.
Schedule Deals – also called Red Deals – this is all about you buying at your convenience. In this deal type you will find services to schedule, whether it’s an appointment for pick-up, take out or delivery, or events. You will also book services like plumbing, nails and haircuts from any local business.
Buy Again – these are convenient 1-Click Rebuys. Econic AI creates these deals based solely on your favorite products and services.
Your Econic powered merchants may change the names of the deals to reflect their business or specials.
Reporting a fake mobile business or problem user
Econic is all about trust and loyalty, so we take phonies or counterfeits seriously. Please report this immediately to Support.
Tap on the Hamburger Menu and then Tap on Support-Feedback.
Tap on Contact Support and Select Support Topic – Report Someone.
Choose a Fake business or a Problem user and tap on the blue Submit button. You will be contacted by the support team for more information.
Reports of improper activity help us maintain the Econic Community to the highest standards.
How the Map Screen works
The map represents the center of where you live, work and serve customers. This location-based view represents the buying opportunities that are available to you now from local Econic merchants. The Map, very simply, presents the sellers near you that have a good or a service that is available to you now. This is why local businesses place their pin on the map in the location where they interact with customers.
How to Search the Map
When you tap into the Search bar in the map screen, you are presented a variety of options:
You can search by Address or the Name of the merchant.
This type of search will display the business or address in the center of the map.
Or you can select a Business Identity Attribute, such as Women-Owned Business and see only businesses that self-identify as women owned.
The Business you are looking for will have a green Map Marker to highlight it on the Map if it is open.
The red pins represent sellers that are closed for business now .
The green pins represent sellers that are open for business now.
How to see the Business name of the pin
Tap on a pin once to reveal the name of the business.
Tap on the name to access the deals available from that Seller.
Understanding The Icons
Econic’s Community Guidelines
We’re glad you’re here. Please behave responsibly.
Econic is built upon a trusted network of verified local buyers and sellers that transact with each other digitally, and in the neighborhood, just like always. We are people that know and trust each other, say hello and care about each other. When we know and care about each other, we don’t commit fraud and post hurtful messages.
These Community Guidelines describe behaviors that are required or not allowed in Econic’s trusted environment. Violating any of these guidelines may result in loss of access to your Econic membership or the deletion of a buyer or seller account.
Econic’s 5 Simple Rules of Conduct
- Use your true identity Econic is based on real, verified identities. Fake buyers and sellers will be removed.
- Use valid payment methods Buyers are trusted based on executing successful transactions with payment methods that are current and in good standing.
- Buyers must receive Goods and Services purchased as listed Sellers guarantee the accuracy of the goods and services they have listed in their Econic store. Any item listed must be sold and received by the buyer as listed.
- Post Real Ratings and Support Concerns Buyers can only rate sellers after they have successfully purchased from a seller. You will honestly rate that experience. Buyers or Sellers who attempt to hack the ratings system or otherwise manipulate the ratings or the support system, will be immediately expelled.
- Do not engage in harmful activity Any activity that could hurt someone, whether physical harm, a scam or emotional distress, will not be tolerated.
Our members play an important role in keeping this a trusted community for buyers and sellers. Violating any of these guidelines can be reported in the Support-Feedback section of the app under Contact Support.
How you get paid
When your customers make a purchase from your Econic business, our processor handles the transaction. Normally, within two days, your funds are transferred directly into your bank account. We only earn from settlement of the cart.
In order to make these payments to you, your bank account information needs to be verified.
You will need to provide the Name on your account, the Account Number and Routing Number.
You can find this information on a check or in your banking app or website.
The Verification Process
This can take anywhere from 5 minutes to 48 hours. Please be patient. You can continue setting up your Econic shop meanwhile.
Econic Membership for solopreneurs, gig and freelancer workers
Most people who decide to launch a side hustle or a small business based on their expertise, want to create a sustainable business, while following their passion and controlling their future. At the same time, the smart money wants to limit the risk of failure.
Econic AI is a smart, data driven platform for the creation and management of a business, with no cost of ownership of the technology. The tech is free, so is the ongoing IT expense and maintenance. We let you be you and provide the launchpad for your future business. Use our Econic members to test your business idea or launch your new career without the risks usually associated with starting a business.
If you’ve recently left your job or want to improve your gig business, we’ve got your back!
Econic powered businesses support local
Econic powered businesses are local businesses. That’s why we place all the pins on the map.
As more local businesses are powered by Econic and bring their customers with them, our data driven matching engine finds the right customers to the right products from the merchants they are loyal to. Meaning, once customers become members, we strengthen the pull of local merchants to deliver more sales, more often, to their local customers. As the local Econic chapters gets stronger, more consumers enter and buy from local merchants, supporting their local economy
Our data-driven insights improve your business results
Econic AI identifies your best goods and services, and your most valuable customers. All of your data is located on your online dashboard.
As the Econic AI works, we help increase both the rate of transactions and the average order value. Econic engine does all this through automation while providing direct relationships to your customers and eliminating tech and marketing costs. We remove your risk by only charging your customers a small convenience fee for services the selected in the app.
How your mobile business works with your existing business
Your Econic digital business is a an extension or addition to any existing business you may have. It costs little to create a mobile business that uses data driven intelligence and dynamic pricing to sell your best goods and services to your best customers.
To set up the business in minutes just add your business details and some goods and services – then invite a bunch of your customers. See how they like it and how much more you earn from each dollar purchased through the app.
We take the rest from there, creating deals for your customers to buy and learning more about your business and customers over time. You can also create your own custom deals and notifications to maximize your customer engagement.
The more customers, goods and services you add to the mobile business, the more revenue we can generate for you. In a short period of time, the revenues and margins you earn through your Econic shop will make your entire business more successful and sustainable.
What you need to start selling with Econic
Any new or existing business that sells goods and/or services, leases space, creates events or even does baby sitting, can join through the Econic Partner Network.
All you need is pictures of your goods and services, preferred prices, and a description. It’s that simple.
If you have customers, you can invite them so we can start generating additional revenues for your immediately. If you are a new business without any existing customers, sales and revenues will take longer to generate, so get out there and sell with your new business. Nothing is stopping you from succeeding.
Signing up customers to your Econic app
There are several ways to invite customers to your Econic powered business:
- When customers enter your place of business, they can scan a physical QR code that you have positioned to make it visible and easy to access.
Customers can also scan a QR code the side of your truck, your business card, website, t-shirt and however you chose to display your QR code.
Your customers can scan a digital QR code from your mobile device that is attached to your account. You can find that QR code by tapping on the My Business menu
Then tap on QR codes to display the QR codes your customer or any referral can scan.
We are currently only supporting English. We will be adding language support soon.
Getting paid for your sales
When sales are made in your Econic mobile business, we collect the funds and remit, net of any convenience fee. Your sales are logged on the same day and the payment is made as soon as the funds clear.
Your Econic Customers pay by mobile
Econic is a mobile platform. The only way to makes sales is through a mobile device, making it easy, fast and contactless for your customers.
How to use QR codes
We provide business owners unique QR codes that allow you to invite customers to your mobile business. The QR codes can be printed as stickers for your doors, posters on the wall and point of purchase displays near your cash register. We also provide you QR codes within the app, so you can invite customers to your mobile business just by pointing your phone in their direction
Payment methods accepted with Econic
Customers can purchase your goods and services through ACH bank transfers, credit and debit cards. An updated list of payment methods are always available in the app. We collect all payments and remit funds to the business owner, so these payment methods only refer to sales made in the mobile business.
Econic and your existing POS system
All Econic sales take place outside of your existing business and the POS you may use. Depending on your business, you should find that you earn more revenue and can be more profitable with the Econic platform.
We offer any business to make a side by side comparison and see which platform actually helps you make more money – and put more money in your pocket at the end of the month. We believe Econic will win.
Your Econic membership is NOT ecommerce
Ecommerce is shopping, Econic powers buying. Ecommerce commoditizes people, goods and services and makes them compete on lowest price and how fast you can deliver, Econic relies on trust, loyalty and support for local merchants.
We help you recognize your best customers and reward them for their loyalty with good deals, the best stuff, and a loyalty plan. Let’s face it, your best customers should get special treatment and you should own your value, you earned it.
How payments are processed
At this time we are using established, secure third-party services, which are managed directly by our finance team. We assume the cost of payment processing within our fee structure
Connecting Econic to your ecommerce customers
Given the pace of digitization lately, it is safe to assume that many businesses have an ecommerce enabled website. From our perspective this is just another sales channel, and if it works well for you that’s great. The Econic advantage is once you capture sales from your website, you can invite these customers to your mobile business which will automate sales and will likely increase the amount of revenue you generate from those customers. Many businesses spend more money than they earn on digital marketing and IT fees to keep their website running. If that’s you, we can help.
How customers book services
When a customer decides to buy a deal for a service, they are directed to the service booking screen. After selecting the service, customers have three location choices in the check out screen: At Store, On Site and Remote.
Then they select month, day and time and Confirm the booking. At the checkout screen they are required to pay at the time of booking. They are provided a receipt that they can show you at the time of service for confirmation of necessary.
Econic helps you manage your schedule and sell excess capacity. We want you to maximize the time you have available to monetize your skills.
You own the data your business creates
We are committed to 100% transparency and data accessibility. All of your sales and financial data is available in your account. You can view it at any time in your secure web-based Econic dashboard. In order to fully protect the privacy of buyers, their data remains private.
Delivering products with Econic
If you have set up your business to offer delivery, when an item is purchased, the customer will be able to select in pickup or delivery. If they select delivery in the cart, you will be notified and can activate your delivery solution.
In-store and curbside pickup with Econic
In the cart, your customers can select pickup. In the event they do, you will be notified in the application. The customer will present their receipt as proof of purchase at the time of pickup.
Order and booking notifications
You will receive receipts for all product sales and service bookings through the Econic app. If anything is required of you to fulfill an order it will be included in your notification, that you can find in the online dashboard.
You can manage your Notifications and workflows in your secure online dashboard
Marketing your Econic mobile business
Your Econic powered business is optimized to service local customers you already know and who are up to 5 miles from your listed place of business. These are people you already trust to buy from you. Ask them to scan your QR code when you see them or when they enter your place of business. This is the easiest way to onboard customers.
Let people know about your Econic business by posting your QR code in your website, social media accounts and posting printouts wherever you can.
Our AI engine increases your value to each other and automates the sales process. As your local Econic Chapter grows, the engine will begin matching more and more relevant local customers to your business. We do not charge for this.
We want to help you grow your business the best way we can and help support your local economy. The best thing you can do is convert as many of your existing customers to your mobile business and when you are happy with your result, let your neighborhood merchants know. The more Econic members, the better for everyone.
Setting up your locations and business hours
When you set up your mobile business, you are asked to confirm your location and business hours. If you want to add a location or change any details, tap on the My Business Menu and select Address & Hours. On this screen you will be able edit, remove or add a location. You can also edit or add business hours per business location
Creating more than one business with Econic
Accounts on Econic are connected to your mobile phone number. To operate more than one Econic powered business, you will need to have a phone number and mobile device dedicated to each business.
Do I need to enter my payment details to sign up?
The first step in creating your Econic powered business is signing up with your personal details. However, in order to get paid for the goods and services that you sell, you will need to enter all your business details and bank account details when you set up your mobile business. We pay you, you don’t pay us. And your details need to be verified by our processor to make sure you are you.
So the short answer is yes, you will need to provide all your business and payment details to do business in Econic.
Can I cancel my account at any time?
Yes, you can. Any fees due to Econic for goods or services sold will be collected and the remaining balance will be forwarded to your bank account.
To cancel your account, tap on the My Account icon or menu.
Tap on the Personal Data button, which give you access to Delete Account. Tap on that and follow the instructions for deleting your account.
Is Econic PCI Compliant or PCI Certified?
Yes. We are compliant, all your data and customer information is secured through the Microsoft Azure cloud infrastructure. We do not store your payment details in our servers.
Who owns my data?
You do. There is no data lock in. You can access and download all your data at any time. More than that, as a data-driven business, we use your data to help you grow. Access data management by tapping on the Hamburger Menu. Then tap on Settings and select Data Management.
Verifying the business representatives
Business Representatives are individuals who own 25% or more of your company and can speak on behalf of the company. In most small businesses this probably you, the owner.
This information is required to validate that you can take payments for your business.
None of your personal information is stored in our servers and is only used for one-time verification.
It is very important that this information is correct to open the business account.
Submitting your business details
We are required to validate your correct business details so you can take payments for your business and collect those funds into your bank account.
These details must be accurate.
Your private information is securely passed directly to Stripe, the PCI compliant transaction processors we work with and are not stored on our servers.
Econic is a Microsoft certified application that uses the secure Azure Cloud.