In the last few years, the eCommerce industry has grown very quickly. Insider Intelligence says that by 2022, eCommerce sales in the United States will be more than $1 trillion. A separate report says that 13% of retail sales in the first quarter of 2022 came from online shopping. To keep up with current trends, the eCommerce industry will likely undergo a big change: Web3 in eCommerce. A decentralized eCommerce platform can shake up and change the eCommerce business because it solves almost all of its problems.
Key characteristics of Web 3
1. Semantic web
Web 3 is semantic because it lets users create, share, and connect content through search and analysis by understanding words instead of numbers and keywords.
2. Artificial intelligence
Artificial Intelligence and machine learning are used in Web 3. When these technologies are combined with NLP (Natural Language Processing), the result is a smart computer that understands what the user wants and can tell the difference between different kinds of information like a human can. This makes the computer faster and more relevant.
3. 3D graphics and spatial web
Web 3 is based on the real world, as shown by using geospatial worlds to bring more people into virtual spaces. Similar things have happened in video games, virtual tours, and online shopping. It is also known as the “Spatial Web” because it blurs the line between the real and digital worlds.
4. Ubiquity and decentralized systems
Web 3 also has features like ubiquity and decentralization, which means it is everywhere. With more and more IoT devices, Web 2.0 will move to the next level. Semantic data lets Web 3 users connect to the internet anytime and anywhere without needing a computer or mobile device.
How can Web 3 benefit eCommerce platforms?
With technologies like NFTs and cryptocurrencies at its core, Web 3 is already affecting eCommerce and will continue to do so for the foreseeable future. Blockchain use cases are growing because businesses are developing new ideas faster. Here are some real-life examples of how Web 3 can affect online businesses:
Greater web accessibility
As the Web becomes an open-source network, websites, including eCommerce sites, will be affected. This means that all users will have access to the source code, will be able to make improvements, and will be able to form a community where everyone is welcome. This makes the community of users, sellers, and customers more creative and open.
Improved user experience through semantics
Web 3 is also called Semantic Web. This is because it uses machine learning and artificial intelligence to improve the user experience. Users will see more relevant information when these technologies are used. This will allow eCommerce sellers to show their content to the right people and fill their sales pipelines with good customers.
Diversity of asset ownership
Soon, eCommerce sellers will be able to own the assets that are important to their business. Photos, videos, reviews, and other types of content are some of these assets. At the moment, these may be part of the eCommerce platform being used, such as Shopify. But when Web 3 comes out, sellers will own these assets, and their digital storefront will really be theirs.
Improved transaction safety
Blockchain technology is inherently safer than the systems used by most platforms right now. When people shop online, they leave behind a lot of information that could be used to find out who they are. With blockchain, this information is kept much safer. This makes sure that all customers’ identities are always secure.
Shopping in the Metaverse
The Metaverse Development lets eCommerce businesses make shopping experiences that are personalized, fun, and have no limits on what they can do.
With Metaverse, your customers can try on clothes as if in one of your stores. AR/VR glasses let customers try on clothes, accessories, furniture, and home decor before they buy them. Customers will be more likely to interact with your Web3 eCommerce site if it has metaverse experiences.
Make shopping fun
You just have to put your toes in the water to get a younger audience interested. With NFTs, you can open up parts of the shopping experience. This makes it more interactive and draws people in without making it look like traditional advertising.
Blockchain technology makes all kinds of transparency better. Customers will trust sellers more if they see more of what they are doing. Vendors and suppliers will also be more open with sellers, making it easier for them to talk to each other in a business setting. Suppliers, sellers, and customers will all be able to see the details of the brand’s warranty policies. This will make it less likely that there will be confusion.
Using blockchain, stores can easily store and manage information about warranties. Everyone could see this information, including customers, manufacturers, and retailers. So, the warranty information can be checked correctly and without any confusion.
Better inventory control
Using blockchain to keep track of inventory will let retailers reduce the number of SKUs, just like they do with standard shopping carts, and order more stock when certain levels are reached.
Because of Web 3, the eCommerce industry is going through big changes. Because blockchain and other technologies are being used, shopping will be easier, more personal, safer, and clearer for customers. Online retailers will also know more about the vendors and other professionals with whom they do business. Also, they will own their media and other assets, not the platforms that hold them.
Blockchain technology can help customers, sellers, and suppliers in different ways. To take advantage of these benefits, eCommerce brands should learn about new technologies and how to use them. They should involve their team before adding the latest technologies to their existing channels and strategies. With the help of the best Web 3 eCommerce website development company, you can get even more out of this chance.