- Vigorous developments in components of Web3 show great signs of E-Commerce escalation.
- The immersive nature of Web 3.0 is going to open new pathways of lucrative revenue generation, boosting E-Commerce
Web 3.0 is slowly and steadily propelling itself into an existing reality with the reformation and upgradation of various innovations like Metaverse and NFTs. E-commerce as of now has total dependence on Web 2.0’s restrictive interactive social media and multimedia experience.
Evolution Of Web From 1.0 To 3.0
The web has gone through several changes over the past few decades. During the web development era, which was the earliest version of the Web, Web 1.0 was launched, which allowed anyone with an internet connection to create and publish their own static website. Static websites were the most basic form of a website, with no interactiveness.
Web 2.0 brought new innovations like interactive websites and social media. This persuaded businesses to pivot their pathways entirely online from the retail industry. Web 3.0 is often called the next form of the Internet; indeed, it is. The digital content is going to get more immersive and the lines between the virtual world and real life are going to get blurred.
With the advent of decentralized computing networks and innovations like artificial intelligence, sensors, 5G cloud, augmented reality and virtual reality existing and flourishing as of now in the 3rd decade of the 21st century, Web 3.0 is going to map the physical world into digital and is going to pivot and transform the way we will be interacting with Web and digital content.
Components Of Web3 Propelling E-Commerce
Blockchain consists of decentralized ledgers, which means that there is no need for any intervention by intermediaries or third parties in between. A safe, secure and direct transaction cuts down on cost and its implications for e-commerce logistics are impeccable.
As of 2022, 300 Million people worldwide own cryptocurrency. A huge chunk of this, almost 40%, is investing and plowing money in cryptocurrency for the first time. It has been observed that the average order value is generally double the value of credit cards. This proves that cryptocurrency is indeed going to boost customer trust and confidentiality in the eCommerce market.
Metaverse, AR/VR and 3-dimensional AI are futuristic technology and given that all of them are downright possibilities, it’s anticipated that the integration of immersive metaverse consisting of VR hardware, AI and AR innovations with Web 3.0 is going to be a lucrative domain in itself with a huge market capitalization and investment.
NFTs have made it possible to give the ownership experience of digital assets to users, giving rise to a completely new segment and new opportunity. It is a sure-shot thing that NFTs are going to be the prominent currency in the Web 3.0 ecosystem, resulting in a massive boost to eCommerce.
Web 3.0, with its many innovative and enticing components, is all set to propel and boost E-Commerce to new heights. Web 3.0 deals with enhancing the customer experience with the product in its innovative, interactive and immersive ecosystem.