JumpStart Global Trade with eZ-XPO and eZ-GPT & ChatGPT
According to the latest trade statistics from various sources, global trade has experienced mixed performance in 2022 and 2023, with merchandise trade volume expected to grow 3.5% in 2022, reaching $32 trillion. However, trade growth is projected to slow to 1.0% in 2023 due to geopolitical tensions and tight financial conditions. Small and medium-sized enterprises (SMEs) face significant challenges when accessing international markets and benefiting from global trade opportunities. These include a lack of knowledge about foreign markets, regulations, and local market needs, high costs and complexity of cross-border trade operations, and limited access to finance and insurance. These challenges hinder SMEs’ contribution to innovation, employment, and growth in the global economy.
Small and medium-sized enterprises (SMEs) are the backbone of the global economy, accounting for more than 90% of businesses and 50% of employment worldwide. However, SMEs face many challenges in accessing global markets, such as high costs, complex regulations, lack of information and trust, and limited network opportunities.
This article will discuss the three main challenges SMEs face in global trade and how the eZ-XPO – Virtual Collaborative Network via Global Trade 365 platform can help overcome them.
Key Challenges of Global Trade for SMEs
Challenge 1: Lack of Information and Knowledge about Foreign Markets, Regulations, and Local Market Needs
One of the main challenges for SMEs is the lack of information and knowledge about foreign markets, regulations, standards, customs procedures, and consumer preferences. This can make it difficult for SMEs to identify potential customers, partners, and suppliers and comply with the requirements and expectations of different countries.
Challenge 2: Cross-border Trade Operations’ High Cost & Complexity
Another challenge for SMEs is cross-border trade operations’ high cost and complexity. SMEs often face higher tariffs, taxes, and fees than larger firms, as well as more cumbersome documentation and administrative processes. They may also encounter non-tariff barriers such as technical regulations, sanitary and phytosanitary measures, intellectual property rights protection, and environmental standards that vary significantly across countries.
Challenge 3: Limited Access to Finance and Insurance for Global Trade Activities
A third challenge for SMEs is the limited access to finance and insurance for global trade activities. SMEs often face difficulties obtaining adequate and affordable financing from banks and other financial institutions, especially for longer-term projects or new markets. They may also lack sufficient collateral or credit history to secure loans or guarantees.
Moreover, they may face higher risks of payment delays or defaults from foreign customers or suppliers, currency fluctuations, and political instability.
How eZ-XPO will supercharge global trade for SMEs with eZ-XPO – Virtual Collaborative Network (GlobalTrade365) and eZ-GPT:
eZ-XPO’s Virtual Collaborative Network via Global Trade 365 offers SMEs a solution to overcome global trade challenges. With eZ-XPO, businesses can connect, collaborate, and promote through virtual expo marketplaces, transforming the trade show industry into a Virtual Network Ecosystem with daily organic traffic and leads. SMEs can host hybrid or virtual events with all partners and customers, allowing attendees to connect easily and engage with exhibitors through live chat. This partnership with ChatGPT provides a game-changing solution for SMEs to boost their global trade and competitiveness. With eZ-XPO – Virtual Collaborative Network and eZ-GPT (via ChatGPT), SMEs can:
1. Deliver seamless global trade knowledge using ChatGPT via eZ-GPT
Small and medium-sized enterprises (SMEs) face the challenge of accessing up-to-date market research and intelligence to make informed decisions about global trade. To overcome this challenge, they can seek advice and assistance from trade promotion organizations, industry associations, and other relevant stakeholders, as well as leverage digital platforms and tools to access and analyze market data, connect with buyers and sellers, and facilitate transactions.
eZ-XPO and eZ-GPT are two solutions that offer SMEs direct access to local trade experts and real-time ongoing knowledge transfer from multiple subject-matter experts. This is a game-changer for SMEs who need to stay up-to-date with the latest global trade information. Here are some of the key features of eZ-XPO and eZ-GPT (with ChatGPT):
- Direct access to local trade experts: SMEs can get the latest information regarding local trade commerce regulations, policies, and markets through direct connection with local trade experts. This means that information is no longer static historical data but a real-time ongoing knowledge transfer from all subject-matter experts.
- Multiple sources of information: Multiple stakeholders retrain, retest, and recheck information 24/7, virtually anywhere. This means that SMEs will have access to information from multiple sources and organizations, ensuring a well-rounded and comprehensive understanding of global trade.
- Virtual learning opportunities: SMEs can learn from experts and peers through virtual summits, training sessions, workshops, and contests. SMEs can stay up-to-date with the latest global trade trends and practices without leaving their office or home.
- Rewards for valuable content: Organizations that provide valuable content to facilitate global trade commerce will be rewarded with credit inside the Global Trade Network. SMEs will have access to high-quality and relevant information, while organizations are incentivized to contribute to the Global Trade Network. Learn from experts and peers through virtual summits, training sessions, workshops, and contests.
Overall, eZ-XPO and eZ-GPT provide SMEs with an accessible and comprehensive solution for staying up-to-date with the latest global trade information. With direct access to local trade experts, ongoing knowledge transfer from multiple subject-matter experts, virtual learning opportunities, and rewards for valuable content, SMEs can thrive in the global trade marketplace.
2. Deliver No Silos Boundaries – No Limit with eZ-XPO – Global Trade Network
To overcome the challenges SMEs face in global trade, they need to optimize their logistics and supply chain management and take advantage of trade facilitation measures such as simplified customs procedures, single electronic windows, authorized economic operator schemes, and mutual recognition agreements. With eZ-XPO – Global Trade Network, SMEs can save time, money, and resources on building their global trade business relationships within a Virtual Global Trade Network instead of wasting it on one-off trade missions.
By using eZ-XPO – All-in-1 Hybrid Event and Work solution, SMEs can overcome the barriers to global trade and reap the benefits of global trade, some of which include:
- Access to a Global Market: SMEs can host or join virtual trade shows and expos by city, state, country, or industry, 24/7 and 365 days a year, without traveling or spending a fortune.
- Supercharge Global Partnership: SMEs can host hybrid or virtual events (i.e., virtual summit/conference, trade show, training) with all partners and customers.
- Effective Personalization – With the eZ-XPO personalization engine, attendees can easily connect and engage with exhibitors in a virtual booth through live chat (text chat or video) chat. Exhibitors and sponsors can gain marketing analytics and insights on attendees and content.
- Increased Visibility: SMEs can showcase their products and services in interactive virtual booths with rich media content, such as videos, brochures, webinars, and live demos.
- Cost-Effective: SMEs can save costs on travel, accommodation, booth rentals, and logistics.
- Enhanced Engagement: SMEs can engage and connect with potential buyers and partners worldwide through group chat, voice/video chat, AI chatbot, and social media integration.
- Efficient Follow-up: SMEs can efficiently follow up with prospective customers during and after the event through built-in marketing automation. Schedule meetings before, during, or after the event with a smart calendar and reminder features.
- Qualified Marketing Analytics – SMEs can easily and quickly capture qualified leads and track their activities and interests with marketing automation and analytics tools.
- OnDemand GT365-GPT – Moreover, eZ-XPO offers a unique AI Chatbot feature that can create a new “Amazon Alexa” or “IBM Watson” by connecting all subject-matter experts, employees, partners, and customers to share insights and knowledge 24/7. Visitors can check in, leave a message and book a meeting virtually anytime.
In summary, the eZ-XPO – Global Trade Network provides SMEs with an all-in-one solution for building global trade business relationships, including access to a global market, enhanced engagement, and efficient follow-up, all while saving costs on travel and logistics.
3. Deliver Unlimited Access to Finance and Insurance options with Global Trade Network
To overcome this challenge, SMEs need to diversify their sources of finance and insurance, such as by exploring alternative options such as crowdfunding, peer-to-peer lending, venture capital, export credit agencies, and trade finance platforms. They can also improve their financial literacy and management skills, as well as their creditworthiness and reputation in the market.
With eZ-XPO – Global Trade 365 as the global gateway, every SME can:
- Access many different financing and insurance options with global partners worldwide.
- Explore new creative financing, such as NFT membership for customer loyalty programs.
- Get rewards prizes for winning Virtual Contests. Possibilities are endless because every SME will have more access to global financing.
With eZ-XPO and Global Trade 365, every SME can have more access to global financing, enabling them to expand their business and reach new heights. Furthermore, eZ-XPO and eZ-GPT are revolutionizing how SMEs can leverage the power of virtual events, virtual expos, and conversational AI to supercharge their global trade and growth. By creating a dynamic and engaging virtual environment that mimics the physical one, SMEs can connect, collaborate and promote their products/services anytime, anywhere, and with anyone.
In conclusion, if you are an SME looking for a cost-effective and scalable way to expand your global reach and opportunities, eZ-XPO – All-in-1 Hybrid Event and Work solution is perfect for you. Please book a FREE consultation meeting with the eZ-XPO team here.