Key Web 3.0 Trends You Need to Know As an eCommerce or Retail Business Owner
December 15, 2022 - 11 minutes readHow to navigate the web 3.0 age
The digital world is always evolving, and as a retail or eCommerce business owner, keeping up with the changes is vital to your ongoing success.
To help you do that, we’re going to explore the next big chapter shaping the way we interact in the digital age: web 3.0.
Web 3.0 and the metaverse are immersive innovations that will change the way we explore, interact, and, of course, shop in the not-so-distant future. By gaining a deeper understanding of web 3.0 and the metaverse, you can use this bold new landscape to your business advantage.
Ready to go on a journey into the future of online shopping? Let’s dive in.
What are web 3.0 and the metaverse?
Knowing more about the metaverse and, more importantly, web 3.0 will help you uncover and jump on technological trends as they emerge from the digital woodwork. Let’s break it down.
Web 3.0 explained
In the beginning, we had web 1.0—the original version of the internet—a ground-breaking innovation launched back in the early 90s. This publicly-accessible version of the web had limited functions, but it did form the building blocks of web 2.0—the fully-connected and extra personalized version of the internet that we all know and love today.
Web 3.0 is a bold new chapter in the internet’s legacy. It’s an immersive platform that will transform the way we perceive and interact with the digital world forever. This next-level version of the net is an extension of web 2.0, but it’s far more interactive and gives users more control over what they see, do, and share. Many say it’s a shift towards a safer, fairer internet for all.
As web 3.0 continues to pick up momentum, everything will start to become less centralized, giving users (and shoppers) the power to build their own pockets of the world wide web using technologies like VR, AR, and the blockchain. In this new, fully interactive digital environment, people will have an incredible level of control over their personal data, meaning they’ll potentially be able to use it as an asset or currency.
The metaverse explained
Now, let’s look at the metaverse. A phrase that was once reserved for off-the-wall science fiction literature, the metaverse is a futuristic digital realm where people can experience the net (mainly made up of web 3.0 tech and apps—hence the connection) in a far more virtual yet reality-like way, enjoying games, applications, platforms, and content as though they were right there in person.
The metaverse is the virtually-driven world that was once seen as nothing more than a futuristic fantasy—but now, it’s creeping into our everyday lives. In this futuristic new world, there is endless scope for retail and eCommerce business owners to interact with their target audiences (**link to segmentation article**) on a deeper level.
To help you visualize this, here are “the seven layers of the metaverse” based on this infographic from VR Vision:
Source (Jon Radoff via Creative Commons)
Essential web 3.0 trends you need to know
Now that you know the web 3.0 and metaverse essentials, let’s look at the trends you need to know as a retail or eCommerce business owner.
“Under the skin” marketing
As we hurtle towards a more interactive, immersive version of the world wide web at warp speed, virtual reality (VR) and augmented reality (AR) will become a critical part of people’s daily digital lives.
With this in mind, as a retail business owner, knowing how to get under the skin of your audience while giving them the tools to get up close and personal with your brand is essential.
In the age of web 3.0, shoppers will come to expect a three-dimensional digital experience that blurs the lines between the physical and digital worlds.
Take Ralph Lauren, for example. The fashion colossus partnered up with social networking avatar simulation provider Zepto to take charge of its commercial destiny in the age of web 3.0. To do so, Ralph Lauren developed an exclusive fashion range with Zepto, giving users a chance to try out items with their digital avatars to interact with their potential purchases by hitting the “buy” button.
World-famous gaming brands that currently operate in this space are Minecraft, Pokemon, Roblox, and Fortnite. The interactive nature of these platforms lends itself to interactive retail collaborations. And many of the most forward-thinking businesses are now looking to leverage under-the-skin marketing campaigns like Ralph Lauren’s Zepto partnership with the most digitally-savvy shoppers in mind—Generation Z and Generation Alpha.
Web 3.0 and the metaverse might be relatively new, but prioritizing immersive marketing campaigns and collaborations now will result in sustainable commercial success tomorrow. For example, Roblox hosted Gucci Garden, a space where people could try on and buy digital Gucci items to dress their avatars. Its aim? To move with the time and boost brand awareness among younger, digitally native shoppers.
Cryptocurrency and NFTs
As web 3.0 starts to become a part of everyday (online) life, a rising number of shoppers will use cryptocurrency like Bitcoin or non-fungible tokens (NFTs) to buy goods or services.
Right now, 300 million people use Bitcoin worldwide. There are countless forms of cryptocurrency, most of which hit peaks and troughs in value. But while this may be the case, by using cryptocurrencies to buy goods or services, people can shop or trade free from the rules and regulations of a governing body.
There is a lot to learn about cryptocurrency, but in the short term, all you need to know is: as we move into the age of web 3.0, accepting cryptocurrency payments will build trust and attract more customers to your business.
There are third-party platforms out there that can help you set up cryptocurrency payment widgets and offer advice tailored to your retail or eCommerce business. This is an avenue that’s definitely worth exploring.
In addition to accepting cryptocurrency, working with NFTs will give you a brand-boosting advantage in the web 3.0 age. To get you up to speed with what NFTs are, here’s a quick video explanation we hand-picked for you:
By selling your own NFTs or offering them as incentives (subscription sign-up rewards or competition prizes, for example), you will turn the heads of your target audience, accelerating your commercial growth in the process.
The likes of Nike, Adidas, and Louis Vuitton, for example, have all seen great success with the launch of their branded NFTs, selling items including virtual products or wearables, music, and art to a captive audience.
So, even as a small retail or eCommerce business, you can use a third-party platform to host your NFTs and offer them to your audience. Your NFT offerings can be as simple as an exclusive piece of content or digital artwork—as long as it aligns with your shoppers’ interests, it’s likely to be a winner.
Interactive apps
At this point in our journey, you’re probably tired of hearing the term “interactive,” but we can’t avoid it—it’s such a vital part of web 3.0.
This push towards interactivity means that, if you haven’t already, it’s time to consider launching a mobile app. If you do have an app, it’s worth looking at how you can make it more immersive by adding a few extra features.
Augmented reality apps like IKEA Place have proven wildly successful in recent years. In the age of web 3.0, giving your customers that extra layer of user experience will push you ahead of the pack.
Here are a few interactive app ideas for your inspiration:
- Incorporate virtual changing room options like Style.me
- Add games or challenges to the app browsing experience
- Share in-app links to interactive content or exclusive videos, including buying guides, behind-the-scenes footage, and brand stories
- Offer small quizzes throughout the app to unlock exclusive features or content
By investing in interactive app content, you will incentivize your customers to keep coming back for more while offering an experience that is deep, meaningful, and personal—a winning combination.
“Decentralization is the breakthrough of the new internet world and really already in this era.”—Mid Emb
The age of web 3.0 is dawning. If you want to keep up with the changes and use this exciting new digital playing field to your advantage, the time to act is now.
Follow these trends and stay up-to-date with the latest developments, and you will win on tomorrow’s commercial battlefield.
If you’re looking to upgrade your online store and attract more online customers, check out our range of forward-thinking retail and eCommerce solutions.
