How Is Web 3 Expected To Impact The Ecommerce Industry

Web 3 has revolutionized the gaming industry. But the latest phase of the internet is not all about gaming. The Future of Web 3 is hiding some unbelievable technological advancements that are still in the making. And the influence of Web 3 on Ecommerce is going to set another benchmark in the achievements of the new technology. Let’s find out how some new Ecommerce strategies are assisted with the power of Web 3.

Future of Web 3 and Ecommerce

The E-Commerce industry has shown rapid growth in the past few years, and it is expected to acquire a 22% share in global retail sales by 2024 with an annual growth rate of over 1%.
As the new technologies, web 3 and cryptocurrencies, are occupying more space in different industries, the figures related to the e-commerce industry will also increase. Therefore, Ecommerce brands must redesign their business models to scale their businesses.
Before moving further in this article, one of the key things to know is that brands who will completely understand the fundamentals of smart storytelling and customer value alignment and how they can be used to deliver an excellent community experience can only establish great business models in Web 3. Failing to identify the need for community building and how to shape the brand alignment will surely lead to bad customer experience.
The Best Part about the Integration of Ecommerce and Web 3 is that it will allow businesses to better understand their audience on a micro level.

New Transaction Modes with Decentralized Networks

The future is set to bring more developments in the field of online transactions as customer experiences and their options will continue to be the focus for brands. Ecommerce companies are bound to keep up their business models aligned with the latest developments and may start providing crypto as a mode of payment for their customers.
Businesses can also consider using decentralized finance applications or wallet integrations. But at the same time, Ecommerce businesses should design the improvements with the latest technology by keeping the end-user in mind.

Understanding Customer Interactions with Web 3

Ecommerce has already created a shift of customers from traditional shopping practices to buying everything online. Many businesses took their retail stores online, while many are emerging online first and then moving to establish brick and mortar stores to establish an extra point of connection.
The major benefit driven by Ecommerce is that it allows businesses to set up multiple customer interaction centers, allowing them to understand their customers in a better way.
Integrating Ecommerce with Web 3 will help businesses understand what touchpoints play the most crucial role in expanding their business and growing in a much more oriented manner.

India is Ready for Web 3

With the development of a UGC-based gaming platform by Zionvese and the great response shown by Indian users, it won’t be wrong to say that the Future of Web 3 will see a great application of Web 3-based services.
As discussed above in the blog about the integration of Web 3 and Ecommerce, businesses can get some clear benefits from using the power of Web 3. Enabling a better understanding of customer interactions and the focus on building communities are the key factors of how Web 3 can influence the Ecommerce industry.
While the technological advancements are due to become a full-fledged business practice, you can enjoy the progressive web 3-based gaming metaverse, Zionverse.
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