When the lockdowns temporarily paused in Toronto back in 2020, I was very much excited to get out of the house and spend some time at my favourite, locally-owned coffee shop. For me, it has always been a place of reflection and congregation with new and old colleagues.
However, my motivation this time around was different. During the pandemic and initial lockdown phase, Small & Medium Enterprises (SMEs) took a heavy beating due to the lopsided rules and regulations that pushed consumers towards the bigger establishments. The bigger brands were able to deploy resources, pivot and adapt to the new rules whereas smaller, locally owned businesses were left at a disadvantage.
During this particular visit, I had the opportunity to meet the owner and ask him about how he was personally dealing with these ‘unforeseen circumstances’ and what were some of the challenges they were facing.
In a nutshell, running a business was getting tougher as their margins were being squeezed as consumer behaviour drastically changed and made businesses reliant on various intermediaries to continue operations.
Over the next few months, I continued the rounds of local businesses to learn more about their challenges and realized that:
- Almost all payments were made through cards as people opted for contactless transactions which generally resulted in a 3% hit right off the bat
- Popular food delivery platforms which once served as an additional source of revenue for businesses become the primary, and in some cases, only means of selling leading to 25-30% in platform fees or if seen differently, lost revenue
- Digital marketing was a big challenge for SMEs because it often resulted in spending $ on social media platforms in hopes of attracting new customers. Surprisingly, businesses rarely had access to data on their customers
After wrapping my mind around these issues, I thought to myself – there must be a better way and perhaps this is the best time to take advantage of changing consumer behaviours.
Why does it matter?
According to the Business Development Bank of Canada, “small business is big in Canada” and accounts for 99.8% of businesses in the country. They are the engine of the economy and their success is vital to Canada’s prosperity.
- The majority of private employment is provided by SMEs
- SMEs create 150,000 new jobs per year
- Small- to medium-sized businesses contribute to approximately 38.4% of Canada’s gross domestic product (GDP)
- 9/10 Canadians in the private sector work for a small- to medium-sized business
- Micro-enterprises (firms with 1 to 4 employees) represent 53.8% of all private employers
A secure, fast and rewarding payments & data platform:
- Helping businesses:
- Reduce transaction costs by 50%
- Access actionable data on their customers
- Build a digital presence without the headache and costs
- Helping consumers:
- Control and monetize their financial data
- Access exclusive deals from local businesses
- Support their local communities and be rewarded for it
- Helping local economies:
- Keep more money circulating locally
- Thrive in the digital age
- Increase the local tax base
- Support entrepreneurship and job creation
We are leveraging Blockchain technology to facilitate Peer-to-Peer (P2P) transactions between various entities on the platform and are working towards including other fiat & digital currencies for users to easily choose their preferred form of money when transacting.
We strongly believe that Crypto & Web 3 will be major drivers of innovation throughout this decade and our goal is to leverage innovation in this ecosystem to enable everyone with new ways of transacting, saving, spending & investing. Ultimately, our road map is focused on providing holistic financial services through our platform and partners.
At MetaVest, we are rethinking:
- Transactions: How we transact physically and virtually and its impact on our local economies
- Data Ownership: Who should own and ultimately be able to monetize our personal information
- P2P Financial Services: How can we empower individuals to become their own banks
Registration is now live and our mobile apps will be rolled out in Q1 2022.
Whether you are a business looking to reduce transactions costs and attract new customers or an individual looking for special deals and an opportunity to take control of your financial data, you can register on our website – www.metavest.io.
Moreover, you can refer individuals and businesses that would be able to benefit from MetaVest and we will give you 25% of all revenue we generate for 12 months after they sign up.
This is only the beginning. We have many interesting things planned which we will share in the near future. Overall, we are excited by our mission to enable individuals and businesses to earn and save more.
Join us and be the change you want to see.