The Dropship Unlocked Podcast

The Future of Ecommerce With Mike Michelini (Episode 80)

• Lewis Smith & James Eardley • Season 1 • Episode 80

Share episode

💻Join My FREE Online-Event: The Best-Kept Secret To A Profitable Online Shop: https://dropshipunlocked.com/online-event?el=podcast-80-future-ecommerce-mike-michelini

Learn more about the future of ecommerce with Mike’s new platform ➡️ https://www.loadpipe.com/ 

🗣In this episode, we are joined by Mike Michelini, an ecommerce seller, web3 marketer, and the organiser of the Cross Border Summit. 

We discuss the future of ecommerce and dropshipping, diving into topics like Web3, blockchain, and the evolving landscape post-pandemic. Mike shares his extensive experience and insights into what lies ahead for the ecommerce industry.

👉 Prefer to watch this on Youtube? Check it out here  ➡️ https://youtu.be/F2ZB13j_cYo

---------------------------------------------------------

Topics Discussed:

★ Understanding Web3 and Blockchain: Mike explains the fundamentals of Web3 and blockchain. Differences between Web2 and Web3, focusing on decentralisation and user empowerment.

★ E-commerce Evolution Post-Pandemic: Discussion on how the pandemic has reshaped the ecommerce landscape. Shifts in consumer behaviour and market demands during and after the pandemic.

★ Blockchain Integration in E-commerce: Overview of blockchain-based ecommerce platforms and how they differ from traditional platforms like Amazon. Potential benefits of blockchain for ecommerce entrepreneurs.

---------------------------------------------------------

Links and Resources Mentioned:

Pick up a copy of Lewis’ book: https://htabook.com 

Get Shopify for £1 a month for 3 months: https://www.dropshipunlocked.com/shopify 

Get a free trial with a professional phone line: https://www.dropshipunlocked.com/circle 

---------------------------------------------------------

Key Takeaways:

★ Web3 and Blockchain in E-commerce: Web3 and blockchain technologies bring decentralisation and greater user control to the ecommerce space.

★ Post-Pandemic Ecommerce Landscape: The pandemic has accelerated changes in consumer behaviour, creating new opportunities for ecommerce entrepreneurs.

Understanding these shifts can help new businesses capitalise on emerging trends and demands.

★ Adopting New Technologies: Embracing blockchain and Web3 technologies can provide a competitive edge in the evolving ecommerce landscape. Staying informed and adaptable is crucial for success in this rapidly changing industry.

---------------------------------------------------------

FOLLOW:

Thank you for listening to the Dropship Unlocked Podcast! Don't forget to subscribe and leave a review on your favourite podcast platform.

---------------------------------------------------------

★★★Dropship Unlocked - Lewis Smith★★★

🌏Watch Our Free Training ➽ https://www.dropshipunlocked.com/training?el=podcast-80-future-ecommerce-mike-mich

They were excited to welcome Mike Michelini to the podcast. He's a trailblazer in E commerce and web, three spaces and the visionary behind the cross border Summit. Mike's work in developing a blockchain based Amazon is revolutionizing how ecommerce operates, pushing the boundaries beyond traditional platforms. In this discussion, Mike really talks to us about the future of E commerce, and what we should be aware of for years to come in E commerce. And it's a fascinating discussion. He was actually at one of his summits that he organizes at the time of recording, which shows that he really is on the front line and the cutting edge of these discussions. So for anyone curious about web three, maybe never heard of it before, but you want to know about where the future of E commerce is going, and how that can benefit, specifically, Shopify dropshippers, which is what we're doing and why we're so fascinated than this discussion is a goldmine definitely is Yeah, expect to leave this episode after you've listened to it equipped with some cutting edge insights that could redefine how you approach e commerce in the future. We're going to explore the foundational aspects of blockchain. And we'll uncover why now is an exciting time for entrepreneurs to start or pivot their business strategies towards these emerging technologies. So let's dive in and uncover the future of E commerce with my. Welcome to the dropship unlocked Podcast. I'm Louis Smith, the founder of dropship unlocked and with me is our Client Success Coach James Eardley. Now, when we're not recording the podcast episodes, we're running our own e commerce businesses and helping aspiring entrepreneurs launch their own high ticket dropshipping businesses keen to build your own six or even seven figure business. My book, the home turf advantage is your blueprint for launching a profitable online store. Grab your copy at HT a book.com to date, and let's get you started. Now sit back, relax. And let's unlock your potential with the dropship unlocked podcast. Hello, everyone. Today I'm excited to be joined by Mike Michelini, who is an E commerce seller or web three marketer and the organizer of the cross border Summit. So we'll be talking today about the future of E commerce and drop shipping. So Mike, it's fantastic to have you with us today to share your expertise. Welcome to the podcast. Thanks for having me. Really pleasure. It's really nice. I like your setup here too. It's fun. Thanks, James. Awesome. No problem at all. It's it's great to see that you're out and about the boat, I know that you're actually at an event. So what is the event that you are at right now? So we are it's the global from Asia ecommerce meetup here in Shenzhen, China, in the south near Hong Kong. It's a it's a meet up for us ecommerce, lot of Amazon sellers, private label sellers, but also some drop shippers to network and have some drinks and make some connections. Amazing. Great. So you get connections with other e commerce sellers. And also I know that we spoke just before we hit record that you are based over that part of the world now in Thailand and China. So do you find that over in that part of the world, specifically Thailand and Chiang Mai, is there a bit of a hub of E commerce sellers over there that you can network with? Yeah, for sure. You know, I've been in Asia since 2007. And 12 years in China and about five now in Thailand. Thailand is is a great place for like yeah, digital nomads and ecommerce sellers, business online business owners. fast internet, you know, good, really low foster living, good lifestyle, but environments. Good people. So yeah, it's definitely a place I'd recommend to least this checkout, just saying I can see why it's popular for E commerce sellers. Obviously, the cost of living is one thing. But no, today, I'm keen to talk to you about like the future of selling online and E commerce. And specifically, we'll be talking about web three. And but yeah, tell me a little bit more about your journey with E commerce and how that has led you up to this position and what you're doing today. Sure. So there's still some skeptics about blockchain, you know, Blockchain still very early technology and odors. Some people still think of it as scams and cheaters and but I feel like it was like the early days of of the Gold Rush and in you know, before our times and early technologies, even the.com bubble and boom. So blockchain is still a really early stage technology. But I really, I've actually always been studying as Siva since the early days of Bitcoin for payments, cross border payments. And more recently, I loved NFT technology and the technology of using not just artwork and JPEGs but actually technology for or exclusive access and membership to, to your community to your buyers, right. So if people that studied NFT technology would understand you can get access to special discords and special, you know, access specific products. And as ecommerce seller I've been selling for 20 years, I see that must be used for, for e commerce. So for the last couple of years now, we've been really working hard to prepare a new way for E commerce sellers to use blockchain technology to buy and sell products natively on chain, awesome, we've got a lot to be excited about in the future. So a lot of people listening and watching this episode today will be ecommerce sellers, or soon to be aspiring ecommerce sellers, they'll be keen to see where ecommerce is going in the future. And but we'll start by defining some of these terms. It's a sort of the first time that we've really delved into these topics on the podcast. So could you start off by letting us know a little bit definition wise of like blockchain? And then how that is emerging in web three? Okay, sure. So blockchain is like it's basically like a public database or like an Excel spreadsheet that's public. So you're in the first one a bigger use cases people think of as Bitcoin for money. So the money is on the blockchain, and people can see what user is a wallet to another user, and how much and on the block height or the time or the date stamp. And I don't want to oversimplify it. But basically, that's it. That's really the core. And people are saying, why would I want something public on a blockchain? Right? So most of us are used to privates locked, private databases for ecommerce sellers, private data of your Amazon or your Shopify or your Facebook is all private was all is all private. So when it's private, and it's not a blockchain, but it's a database, centralized database, only that company, and you can see the transaction, so Amazon, Shopify, Facebook, only they can see what's happening. So they can change things in the blockchain, they could basically reverse a transaction, change something that they're doing. So he waits, whereas on a blockchain, it can't be reversed. It's public, everybody has a copy all over the internet all over the world. And that is, what makes it powerful. So I'm not sure if I'm being clear or not, I know, it's, it's still new. But essentially, by being public on a blockchain, other than in a private database, it can be trustless. So you don't need to trust somebody else with your data because your data is public. And not all your data, but certain parts of your transactions are public, that will then not need you to trust Facebook, or Amazon or Shopify, to host your transactions. And anybody can do business on the blockchain publicly. That's a brilliant explanation. Yeah, that really helps because it is a complex subject, but there that that really helps understanding that it's a decentralized data storage element is is sort of how I see it. And it's means that it is an open then to needing to trust others. Whereas behind a certain private barrier, the data that we're collecting, or the vehicle that we're using to transact with through is all public. So therefore, you know, you have a public database that we can all all look into. So let me know, Mike, if if my understanding there is correct, and let him let us know a little bit more about how having a blockchain would be beneficial to e commerce sellers. Sure. I don't want to put you on the spot, James. But I mean, I've had a few of my times where Amazon's question is, I'm, I'm more heavy on Amazon, but also, you know, I do drop shipping and ecommerce as well. But they sometimes will freeze my accounts will sometimes say a transaction is not valid or review is not valid. They'll read reverse reviews, or they will freeze my accounts or they'll ask for verification on certain transactions or products. You have no control of your data, you have no control of your you have no ownership, your user account your customer data, that product data, your photos is is that platforms. If you and listener believe that's a problem. And you want a solution, then the blockchain is a potential solution. And the way it works is it's not owned by anyone. It means it's owned by the community. There's something called a Dao a decentralized autonomous organization. And that is owned by the community of holders of the blockchain. So you can vote as a US. And you have a say. So if, if you are banned on this platform, first of all your data would not be censored, you would maybe not be able to transact on certain marketplaces that we're building. But you could also go to the Dow, or the decentralized autonomous organization, and raise a keystone, just like you open a case with Amazon or open a case with Shopify or open a case with eBay. But this would be on the blockchain, to the members of the DAO, which are the owners of the blockchain, and you would have your keys reviewed by the community. So this is a fundamental change, and then you would own your money, you would own your data, you would simply be removed from the marketplace in the protocol of the blockchain, because there's different levels, there's application layer, and there's the blockchain or protocol layer. So your data would still be yours, but maybe that marketplace, the application layer might ban you, because you still get banned, you can't do anything, you know, we can't, we're not gonna let you sell illegal products. And, and those items, it's fascinating, because it shows that there is an alternative where it's like, a democratic system. So the data that you you have that you're you give all your customers data, and also all of the platforms that we use. So the platforms that we use most commonly would be Shopify, in the drop shipping that we do. But also, Google ads is a big platform that we work within PayPal, obviously, Shopify payments, these are all examples out there of, of platforms that we're reliant on. So I'm keen to see how this will pan out in the future, if we can get a bit of an idea of where the world is going. Do you see web three and the use of blockchains and decentralized systems being inevitable? Or is there a case of having to really push for this to happen? I think it's inevitable, but I mean, we can't be complacent and just wait for it to happen. That's why I'm really trying hard to push it. So we need to build community owned and public blockchains that are global and interconnected, not not, basically, these governments blockchains that are going to be governments and borders, there gonna be like within a border. So that's, that's the best of fear, inevitable in terms of the software that's coming in the technology that's being built, because it's the best solution for the market. So ultimately, that would be the winner. But it's whether it is different types of that technology and making sure that it's a public one that becomes the winner, instead of a private blockchain, where we still then have the same issues with not being able to control our own business in a way or our own data. And they're the transactions that we that we do as well. And just to touch on something else, I think is fundamental as well, in terms of like, where things are going to want to tie into as well, is the difference from web two, which is the world we're still in now, to going into web three. So could you sort of talk to us about the main differences between what the current Internet is the web two that we use, and what web three is coming on on the horizon? Shore shore? So there's a few different parts of, you know, web to or E commerce, you know, e commerce or it's social media, or the internet. So maybe even back to web one, web one. Web one, I actually I liked it, it was. Me, maybe AOL, or it was, it was more website beasts. But basically, the quick and easy way is web one was read. Rep. Web two is right. Web three is own. So that's the core difference. When the first internet came out, it was hard for users to use social media, there was no social media, there was only like websites. So that means the only people that could write were the websites, the owners of the websites, and people could just read, read the website, web to Kim, Facebook, MySpace, you know, other platforms that was able to let the users be able to write to be able to contribute to posts, hotels to sell on platforms, and that's web two. That's Facebook. That's Amazon. That's Google. You know, that's all YouTube. But you don't own it. You don't own anything. So web three is Read Write own. So of course, you can read stuff on web three, you can write stuff, but you own stuff. You own your content, you own your identity. You know, it's not just about the money part. It's about your art your your photos, you work hard to take the photographs or write the descriptions of your products. You work hard to get your users and your community You and your followers and your customers, and that's yours that follows you on the blockchain. So if you move to another marketplace, because we're basically building up an ecosystem, so it'll be marketplaces, multiple marketplaces and platforms for people to buy and sell products. You know, I'm thinking 510 years in the future here, and I still think, a lot to do. But that's the core differences of web, web 123. Read rights. Oh, awesome. That's really helpful to have that simple Read Write own and the definitions of all the the web one and tier three. So yeah, I appreciate Well, we're sort of looking in the future now and predicting sort of 510 years in advance. But I mean, from what you're saying, it's exciting to know that we can own more of our businesses, and certainly not being so reliant on platforms with E commerce, because we are reliant on the tools that we use, and the accounts that we've got to continue generating the income that we are from our businesses. So I'm optimistic and hopeful that it does turn out in that way. And it's positive to make sure that we own more of our business, in the context of E commerce and the type of businesses that we run. And I'm keen to see how you sort of picture it. So I'll lay out what the majority of our audience have, or are building. So we have Shopify drop shipping websites, we'll use Google Ads primarily, to get customers that are searching for our products onto our website. And from there, we'll get customers that will place orders that will have their data, and we'll get customers leave their email addresses. You know, we get signup forms of clay, VO, you know, Shopify stores. And that's what we've got that sort of tech stack is is as you like, is Google ads, Shopify, PayPal payments, as well as Shopify. And then the email addresses that we collect. So we have creating our sort of our own audience or email list if you'd like. Do you see that all still being within Shopify in the next 510 years and within Google ads, or is that going to change fundamentally, so email is actually probably actually probably talked about this in your, your, your audience, but email is one of the best assets you can build. Because email is something you can kind of own, as you know, as just as people should be aware of. Email is, of course, a lot of people use Gmail now, right? So many people use Google Mail. But you don't have to use Google Mail, right, you can use any mail platform. And if you get a customer's email, that's the most valuable thing. I think for now, email list is the most valuable thing. And you can import that to different platforms you can sell to, you know, you can tell your, your subscribers to buy from you on different different places, so you can change. So email is actually almost original web one. And it's actually somewhat of a protocol. If you notice, when you set up your email servers on your like, maybe Outlook or on your phone, it's like p o p, i, m a p, if you know what those stand for is, it's a Internet Mail, protocols, those are on protocols, which are similar to blockchains protocols, similar idea of a blockchain. So email is one of the best assets you can have as a business owner. And I'll always recommend any business owner to do their best to build quality email lists database, because I think that will definitely be valuable for the foreseeable future. But that's why it's I don't feel as comfortable with like, you know, followers on Facebook, or followers on Twitter or on other platforms, because I'm really, if those plants this hard to move those, they're not really yours. And if that platform doesn't get to be as popular anymore, then it's, it's kind of dead, you can try to tell them to follow you on another platform. But it's really hard to move that data over somewhere else I see yet. It's the reliance on the ad platforms at this time. Yeah, so you're basically relying on most platforms. So what I usually tell people is the number one is rent, building a brand. I tell dropshippers every day, yeah, I started drop shipping, I dropship. But you want to build your own brand long term. Because I think brands will last the test of time. Brands. You can start drop shipping other people's brands or no branded products, but I would really recommend once you find your niche that's working, and you get your audience, you start to get your own private label brands. And that will be able to be brought any platform, you know, eBay, Amazon, Kickstarter, you know, web three, whatever I'm making whatever somebody else makes. I think brand is the most valuable assets. It will always have value. Yeah. And brands it has that stickability. It stays around it stays in people's minds. So if you have to change platform, if you've got a brand that that stays the test of time, then your customers can follow you then onto whichever platform or however you evolve in the future. So spending some time getting clear on your own being sent and what your brand stands for is key is crucial. And which I do want to touch on later. But for now, Mike, tell us a little bit more about what you're actually working on. I know you're pioneering a blockchain model for E commerce. So talk to us a little bit about that. Sure, sure. So the name is load pipe, l like Loa, D, and then pipe tip, as on a.com. We also have it in some various web three naming solutions, too. But essentially, that's the data layer for justice, we kind of call it the Justice layer where the disputes happen about what we talked about earlier, if you have an issue about your an issue about your product, or your delisted. So it'll be very minimal, where you can have your data hosted and hoarded across different marketplaces on the vertical. And then the second is we're building is the first marketplace, which would mainly be similar to like Amazon or eBay called Hamza Ha, MZ, a bit top is and Hamza is in test net right now. And essentially, it's a place for you to buy and sell with crypto as a buyer, and to sell as a seller. So your audience in the future, hopefully by later this year, we'll have it ready for sellers to list products by you would list and early adopters would be crypto buyers. So we have a database and a community of buyers that want to buy with crypto. But we believe long term, you know, mainstream users would also want to join this platform to buy because they'll actually own their data and there'll be rewarded. There'd be lots of different rewards for being a customer on the spot. So this is some some of the ways that we are building right now. But we also need a lot more to basically say Google AdWords, all these tools need to be built. All these tools need to be built on to this new ecosystem. And we want to build this whole new way of people doing e commerce. It's a massive, massive thing. We've made a couple of different alliances lately, and we're having more people building. But I hope that makes some sense. Yeah, absolutely. I can see the scale of the projects, looking to see into the future really to get get your head down and start creating that. A question that came up for me when you were mentioning it is an IF WE ecommerce that are right now with our Shopify store, obviously, we waiting for Hamza to be created. But if we decide that we want to be able for people to purchase our products with crypto currencies in the future, or even now, is the only way right now for us to accept crypto currency for our products that we're selling. is the only way to move on to a new platform. Where is there any way to accept crypto within Shopify? Or is it something that we need to need to look at new solutions for? That's a good point. Yeah. I mean, I think there are ways to receive crypto on Shopify and other shopping carts right now. So definitely people could start to do that. Right now. I'm not familiar of the current plugins, but one popular one I know is Bitpay. So definitely people can take that action right now and accept crypto. But the one I think one reason people are hesitant to use crypto to buy and that's what we're trying to solve this. The immutability of it. You cannot refund people. Of course you can refund. But there's no there's no mediation. Some people don't trust using it because if I buy from this drop shipper on a Shopify store, there's no dispute mechanism to protect the buyer in crypto now. So the core difference that we're doing now is having this dispute injustice system in our ecosystem. So that's, I just want to be clear the difference of that. But yeah, definitely people should accept crypto now. I mean, you accept Bitcoin accept major cryptocurrencies? I would strongly recommend it. I think there's more and more people in the in the world that are having crypto wanting to use it to purchase products, if that makes sense. Yeah, it does. Yeah, absolutely. I mean, I can see the the project that you've got ahead of you, but it's exciting to be really at the forefront of this for E commerce. And yeah, great that you've joined us today from over in China at one of the summits where you push push this across to people. So yeah, enjoy the rest of the summit that you've got might or would just wrap up this podcast episode. You mentioned load pipe, and Hamza. So just to finish up if people want to learn more from you, or perhaps want to find out about the tours that you are building, where would you recommend that they go? It's a great question. If they're really interested in this early web three is load pipe.com LOA d P i P e.com. And That's that's probably the best place. Best place to start. Amazing. Thank you, Mike, for joining us on the podcast today. Thanks for having me, James. Really a pleasure. Well, Louis, I really enjoyed that conversation with Mike there, some really in depth knowledge that he has on the subjects. And something that I think is clear to everyone listening, why it's so important to understand right now, and to have a feel, and a grasp on what's coming. And I think that can have a transformative effect on people listening today. Definitely, yeah, Mike's insights into blockchains role in E commerce was was amazing. It doesn't just broaden our understanding of it. But it also actually highlights actionable ways that Shopify store owners can leverage this new technology. So yeah, I was fascinated, I learned a lot. And it's definitely about staying ahead of the curve. I think that making sure we are listening to conversations like the one with Mike today helps us remain prepared for that shift towards the future, which sounds like it's going to be a more decentralized, transparent business model certainly sounds the way and by keeping our finger on the pulse, we can really keep an eye on that and be perfectly positioned for whichever way the market goes. So I really found that podcast enlightening, but there is more because Mike has also recorded a separate session with us which we are going to be releasing into our members area, which I'm excited to do very soon. Yeah, the members only training was amazing. So looking forward to releasing that soon as well. Now to ensure you're fully equipped to take advantage of these insights here what you've learned today, but the systematic approach detailed in my book at HT a book.com. It's about combining innovative solutions, like Mike's with solid business strategies to really maximize your success. So head over to H T A book.com. To get started on transforming your E commerce venture today, enjoying the podcast, we'd love to hear from you leave a comment or a review, and we might just feature it on an upcoming episode. Also, for detailed show notes and resources, head to dropship unlock.com. Forward slash podcast. If you found value from any episode of this podcast, please take just 10 seconds to leave us a quick five star review on your podcast app of choice. It helps us more than you could imagine. And who knows, you might just hear your comments on the show. Thanks for being part of our community. Your support helps us keep delivering a new episode every week. Now it's time to answer a question that we've had in from a listener of the podcast. And remember, if you want your question answered on a podcast episode, all you need to do is comment beneath the YouTube video version of an episode. That's exactly what Sana has done. So thank you so much for your question. She is us. I enjoy all your videos. And it's what I'd love to do. I'm currently reading your book Louis and following the video as and when I can. Silly question. But first steps are registering my company and creating my Shopify store. But how can I if I still don't know what I'm planning on selling? Therefore, should I focus on finding my niche first, as is the most important part? And then register my company? So Sana Yeah, to directly answer your question, yes, focus on establishing your business entity first. And you can set up your Shopify store remembered by doing that you don't need to have picked your niche already, you can just set it up, experiment, have a look around. And later on, you can do your niche research, and you'll know exactly how it can all fit together. So it prepares you legally and financially having your business set up and your bank account set up as a company. But it also gives you that mental clarity to fully focus on finding your niche once you've got all those foundations in place. And you can then overlay the other criteria like are you passionate about it? Does it have potential without worrying about all of the admin distractions and having to come back and do all of that stuff later? So hope that helps. Yeah, great question. Thank you. Sada. Thanks, Louis as well. It's important that we take the steps in that order, because each step leads on to the next so you're more prepared as you move through the process. So it's also time to highlight a recent comment that we've had beneath a podcast episode. So a big thank you to dev B. H. 596, for the YouTube comment. And they've said that starting is the hardest thing to do. procrastinating thinking the worst will happen. Nobody knows until they have taken the leap. learning from mistakes, makes one stronger. That thank you for your comments. He commented that beneath an episode where we were discussing the importance of starting despite that feeling of uncertainty, and it's clear that dev really understands that concept. Yeah, thank you very much for your comment. Deb, you definitely brought up a great point. And I felt that it was important for us to share it on today's podcast. So thanks for sharing that as we wrap up today. I have a question for you. Who do you know that could benefit from hearing this? Grab your phone, click share and send them a link to this episode on WhatsApp with a quick message like I thought you might enjoy this. That small gesture could be the thing that changes their life for the better. Thanks for joining us on this episode of The dropship unlocked podcast we hope you're walking away with insights and inspiration. to kickstart your E commerce journey. Grab a copy of my book The home of turf advantage at HT A book.com is a distilled guide based on real experience to help you build your E commerce venture. Don't forget to hit the subscribe button for more strategies and success stories. If you like what you heard a five star review would mean the world to us and you might just get a shout out on an upcoming episode. And finally, thank you for deciding to spend your time with us today. We can't wait to bring you more insights on the next episode of the dropship unwrapped podcast.