The future of commerce: how small businesses will change the game with Blockchain and AI
Blockchain and artificial intelligence will help your business reach an international scale and disrupt the way end customers interact with your brand, taking back control of your brand visibility. The key for success is being in the right ecosystem.
How will the future of commerce look like for small businesses? In this article and in the coming ones we will see how blockchain-based solutions and AI will reshape and expand global e-commerce, replacing banks and incumbent e-commerce giants, to the benefit of small businesses.
For starters, small businesses will be able to inexpensively reach an international scale of operation by embracing blockchain-based solutions. Some of these solutions are already dramatically lowering the barriers for entry to global trade, addressing typical pain points of e-commerce at a lower cost.
- Intermediaries are being replaced by platforms for managing risks at a lower cost – smart-contract escrow services and blockchain-based certification certification of goods authenticity are prime examples of it – resulting in much lower fees; for example, overall sales fees on the MT Market are about 1-4.5% vis-a-vis 8-20% of traditional marketplaces
- In the same way, smart-contract platforms are also providing a more accessible alternative to classical trade finance instruments, thus addressing a $1.6 Tn global trade finance gap, hitting mainly SMEs, with 56% of their TF proposal rejected
An unintended consequence of selling on traditional marketplaces is that end customers tend to be less engaged with brands. Blockchain-based solutions provide small businesses the opportunity to change the game and to disrupt the way end customers will interact with their brands, by:
- engaging new blockchain communities and inexpensively gaining global visibility by reaching new target markets globally
- taking loyalty to the next level by issuing loyalty blockchain-based tokens
- affordably repositioning their brand with blockchain-based certification of authenticity and supply chain tracking
Furthermore, small businesses can reinvent digital marketing with artificial intelligence, boosting sales and loyalty, with conversational commerce solutions, like the one which will soon be available on the MT Market, for example.
- AI driven solutions will enable businesses to automatically create all the conversation patterns needed to provide a rich and engaging experience to their audience.
- In this way, it will become easier for businesses to establish a direct line with their community via messaging apps, like Telegram of Facebook Messenger
- This can add value to every part of the customer journey, ranging from when a customer makes their first order to answering a product-related question instantly.
According to one of the ten commandments for the digital transformation in SMEs, it is vital to interact and collaborate through ecosystem. The key is choosing the right ecosystem, where it is easy and inexpensive to have all the required services for improving competitiveness and eventually changing the game. For example, in ModulTrade’s ecosystem:
- A business can gain visibility in multiple geographies to new potential customers with a high propensity to spend, experiment with innovation and with high technological skills, simply by opening a webshop on the MT Market, ModulTrade’s blockchain-based marketplace.
- A webshop can be set up in a very few clicks, for free or with a monthly premium subscription plan, and it enables a business to:
- Have its own online store 24/7 and multi-language
- Easily create its own marketing community
- Boost content reach and user engagement
- Establish connections with people, influencers, and many more globally
- Start selling authentic products even without a banking account
- With ModulTrade’s media and promo platform, a business can also educate end users and resellers to their product’s innovative features by sharing branded content.
- Besides visibility, the MT Market is also an additional very cost-effective trusted sales channel (1-4.5% vs 8-20% of the traditional e-commerce platforms), which