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100 sats \ 1 reply \ @k00b 23 Mar 2022 \ parent \ on: @dooowta AMA: Kickstarting bitcoin circular economies worldwide, onboarding businesses, empowering local economies through ₿commerce. bitcoin
Thanks! It makes sense that the value to a business would be rewarding customers.
What does the future of e-commerce look like to you?
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1042 sats \ 0 replies \ @michael OP 23 Mar 2022
The future of Ecommerce is going to be wild. ₿commerce > Ecommerce in a million different ways.
One thing that I can't get out of my head is the fact that 85% of retail commerce in the USA is done in-store with cash or with the swipe of a card.
85%! Just 15% is done online. Of that 15%, Amazon and other major retailers dominate that market. In emerging markets obviously it's far less as many don't have access to financial services to send or receive online payments.
So what's going on? Why can't small businesses get involved in Ecommerce in a meaningful way?
  1. More expensive to sell online than it is to sell in-store.
  2. More friction for the customer to pre-order when they may be walking into the store anyway.
  3. Marketing efforts for small businesses are fragmented. Their own website, email blasts no one reads, competing for attention on Facebook and Instagram and social media networks as opposed to a local ecommerce marketplace.
  4. Creating and managing an ecommerce site can be cumbersome and expensive.
  5. Introduces more fraud into the mix due to chargeback risk.
Once businesses realize that ₿commerce is far superior to Ecommerce, and in-store commerce, things are going to get interesting.
  1. Cheaper to sell online for the first time EVER, without any risk of chargebacks or fraud.
We've really gotten away from the days where the businesses had the power - in a good way. If someone paid in cash, it was up to the business whether they wanted to refund the angry customer. The businesses have a reputation to uphold and it is in their best interests to keep the customers happy. Today, a customer can simply call up the bank and charge back the purchase, whether due to a valid concern, mistake, or because they're shitty consumers.
  1. We can create local ₿commerce marketplaces whereby incentives exist for consumers to pre-order or pre-pay for their local goods and services, saving the businesses money, while simultaneously rewarding the customer.
  2. If the incentives are right, I believe local ₿commerce marketplaces will sprout up that better serve small businesses, aggregating local deals and promotions giving them visibility all in one place, without customers having to stumble upon them on a variety of different platforms unfit for small businesses. Sort of like an amazon marketplace, except for local SMB commerce.
  3. Merchants around the world who have never had access to digital payments can now set up their online shop in minutes and begin promoting their business right away using tools like Oshi.
I'm seeing massive Ecommerce growth in emerging markets to the point where they actually leapfrog more developed nations in % retail ecommerce. This flips everything on its head. With that being said, it's not too early for business of the western world to benefit from it as well.
It's going to be beautiful.
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