November 15, 2022
 min read

Time for Change: How small businesses can jump into Web3

Web3 may not be the first place you expect to find traditional ‘mom and pop’ businesses.

Web3 may not be the first place you expect to find traditional ‘mom and pop’ businesses. But why shouldn’t it? With Web3 opportunities expanding every day, all businesses, both large and small, can benefit from it.

Small family businesses may typically be slower to adapt to new technologies. Many of these businesses may not have an in-house IT person, let alone a tech wizard to guide them into new technology or internet advances, like Web3. However, with long periods of Covid-19 closures around the world, many small businesses adapted and brought their stores online. They became open to new ways of selling and marketing using Web2 sales products and social media tools. 

Web3 is just a step further. Decentralized organizations, blockchains, and cryptocurrencies are all part of a larger web that is creating more transparent online interactions. With a more open and transparent online system, Web3 aims to give more ownership of data back to creators. Rather than being hosted by big companies' servers, data will be stored on blockchains and easily moved around by those who created it, or who own it.

When businesses can own and move their own data, they take a step away from relying on algorithms to distribute their content. Instead, their content is shared and seen by those who want to see it, when they want to see it. 

Here’s how Web3 could benefit a car dealership in a small town. 

Using NFTs, they could verify purchases and sales of large ticket items (like cars) on a blockchain. These cars could later be resold and traced without having to re-register them manually by the dealership. Registration NFTs could include personal data to identify the owner of the car, not just their NFT wallet. 

Dealerships could also order stock to be imported using cryptocurrencies to avoid exchange rate fluctuations. International purchases made with crypto would be easier to price out and calculate expenses on without having to convert exchange rates to see true prices.

Like any business, a car dealership could also use an app like the Award Pool widget to generate interest in their business and involve their customers. The data they gain from the widget would help them to see what their customers might need, their interests, and what they like to see from the dealership. All while actually rewarding their customers for taking part. The rewards for participating could include audio tracks, artwork, discounts, or even a free oil change for the customer who creates the most referrals.

Of course, with the Metaverse, any car dealership could also create their Metaverse dealership and buy and sell NFTs of their cars. Their customers could then also bring their cars into the Metaverse and show them to all the friends they interact with.

Okay, but what about a small retail business? They can also use Web3 to their advantage. 

A local, family-owned toy store could use Web3 to increase its market and add more features to the toys they sell. Inventory could be purchased from international toy companies using crypto. 

The toys themselves could be a part of Web3. Whether through NFT components that could be viewed or played with in the Metaverse, or by virtual reality (VR) components that let you test out a toy before you buy it. Imagine - you could access a toy shop website and try the toy out in VR, all from the comfort of your living room. The toy store could also have a VR station in the store where customers could try the toys.

Travelling and don’t have room to pack too many toys? The toy store could help you create a Metaverse toy box, where your kids could play with their toys virtually, saving you tons of packing space (and giving you a little time to relax).

It’s not just the toys, either. Using widgets like Award Pool could help stores to learn about customer preferences and create a space where customers are rewarded for interacting with and learning about toy store products. This data could help stores decide what inventory to stock, and how much. And seeing the products online could also entice customers to come into the store and purchase them.

Using community-building apps like the Award Pool widget could also help stores to build strong customer relationships. As they gather data, they could find out what their customers love the most, and get those customers into their store for special events for their favourite products.

Whether it’s a toy store or a car dealership, Web3 be used by all small businesses. The possibilities are endless, and it’s time to think about new ways of doing business.

Kim is creative, adventurous and giving. She joined the Award Pool team as a copywriter.

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