How Web 3.0 Will Change The Future Of E-commerce
Last updated on November 29th, 2023 at 03:36 pm
Web 3.0 is changing lives, and E-commerce is set to advance with the emerging trend of modern-age technology. Transparency on the internet can be one reason that signifies the development of E-commerce businesses over the last 2 decades. E-commerce is ready to adopt the changes, but the thing is how Web 3.0 is going to move forward the curve.
First, Let us discuss how impactful it was for e-commerce to be on the web in the past and how fruitful it seems in upcoming years. With the advent of Web 3.0, they don’t need a payment gateway like Visa, MasterCard, or any financial institution.
E-Commerce Evolution With Web
Nobody was even familiar with E-commerce before the Internet arrived, and of course, we cannot even imagine expecting it without the Internet. The web has put many industries online, and the numbers keep growing rapidly.
And now, the web is in an advanced form that provokes many organizations to hire a web3 development company to develop their e-commerce platform.
1. E-Commerce With Web 1.0
E-commerce continues to evolve and has undergone quite a few iterations over the last two decades. Earlier, we had Web 1.0-based E-commerce services where we saw how static websites were featured and, of course, the very first version of email services.
2. E-Commerce With Web 2.0
In 2005, the Web 2.0 platform was introduced to the world, eliminating the lack of communication gap between the audience and static websites. It improved several E-commerce businesses, many of which are on the perfect track with their sales and services. It also creates a demand for some platforms where the deals can be improved and improved in reach to the targeted eCommerce-based audience.
3. E-Commerce With Web 3.0
Web 3.0 arrived with a full pack of integrated and audience-oriented services that create a bridge between the audience and the responsive websites to cover more and more audiences worldwide.
Web 3.0 will enable users to interact with digital currencies like Bitcoins, Ethereum (ETH), Tether (USDT), USD Coin, Binance Coin, and virtual wallets. This will allow users to enhance their shopping experiences with modern-age technology and an opportunity to experience a brand-new shopping environment.
How Web 3.0 Will Change The E-Commerce
Undoubtedly, there will be a great impact of Web 3.0 on E-commerce businesses, which we will discuss in this article section.
The E-commerce industry is growing at the fastest rate and grandly welcomed Web 3.0 in 2020 because it has made them curious too. Nasdaq stated that by the year 2040, it’s expected that 95% of all purchases will be through E-commerce alone.
Integration Of Voice Assistance & AR/VR Technology
Web 3.0 is all set to deploy artificial intelligence and machine learning programs to enhance user experiences. This technology will include voice assistance, virtual reality, and AR/VR technology. Using such technology enables a completely new environment where the users can see what they are looking for.
Voice commerce, AI, and AR are three technologies transforming the eCommerce industry. Voice commerce will play an incredible role as it gives users complete freedom to make their purchases seamlessly.
The Global AR & VR In E-Commerce Market will witness over 25% CAGR from 2021 to 2026. With the advancement in technology and the use of different online platforms, the use of AR & VR is going to make revolutionary changes in the history of E-commerce.
Creating an Open-Source Environment
One thing that will surely impact the E-commerce industry is Web 3.0. It will make a commendable contribution to making the web an open-source network. It will facilitate the audience to create, edit, change, and develop a self-interest-based community. The open-source platform will help the E-commerce market to gain maximum profitability, enhanced features, and consumer retention.
Enhancement In The User Experience
Web 3.0, the semantic web, uses features like AI (artificial intelligence) and machine learning mechanisms to enhance the user experience. This technology helps interact with the refined search results relevant to them and hides those irrelevant searches. This is going to be very helpful for the E-commerce audience as well as E-commerce businesses.
Ownership of The Assets
Web 3.0 will soon create an environment where E-commerce sellers can take ownership of the assets they want for their businesses. It means Web 3.0 will be more significant and comprehensive to the companies and audience perspectives. These assets could be videos, pictures, press releases, or any other type of content.
Personalized Loyalty Program
E-commerce companies generally offer loyalty programs to encourage the audience. This program persuades customers to come back and buy more products. The use of Blockchain supports the Web 3.0 industry for personalized programs. The virtual wallet can be used for making purchases, having the history of customers, and being a mechanism for preferred customers.
Highly Secured Transactions
Blockchain technology is more efficient than the technology we have now. The preferences set by the users and the data of the customer’s history evolve in this technology that allows a web 3.0-based e-commerce platform to work with more choices.
Conclusion
The use of Web 3.0 will dramatically change the entire process of e-commerce. It encourages many companies to indulge in Web3 E-commerce development companies. Using Blockchains, Cryptocurrencies, MetaVerse, and virtual wallets, every customer could have their own shopping experiences. It will create an excellent atmosphere for the businesses and the customers.
It is also called a win-win situation for mutual benefits where the companies will get more sales, and customers will have more bucks in their wallets. Additionally, for every purchase made by the customers, they win rewards/loyalty points that they could redeem with their next purchase.
It will drag the shopping experiences to a new level enabling businesses to grow rapidly, securely, and transparently. Web 3.0 facilitates every user to have their own personalized shopping experience.
