In the same way that almost everything physical turned into a commodity by the industrial revolutions of old, the web3 revolution is innovatively making a commodity out of everything online it seems.
E-commerce has completely revolutionized how people shop and how economies operate but now it is ready to take the step up to the next level. NFTs, blockchain technology, and open-source, free information are about to completely change the online world as we know it.
Many of its proponents predict that web3 will revolutionize the online shopping experience for customers and offer lucrative possibilities to businesses.
How Will Web3 Make Things Easier?
Web3 has the potential to change so many things about the online world as we know it. At the moment, it is still ideas and possibilities that lead the way. It will likely be a few more years before we see which of them become widespread, concrete realities that benefit everyone online. However, just because we cannot be certain exactly how things will unfold does not mean we do not have a good idea of what opportunities may open up in e-commerce.
One way or another, it seems certain that blockchain technology is going to change the world in the coming years. The self-executing code that underpins this technology will completely change the idea of trust in commerce.
Until now it has seemed to be an ever-continuing struggle between new authentication techniques and the increasingly sophisticated world of malware and fraud. The never-ending battle means that even though the internet has now entered the majority of homes around the world, there are still many people uncomfortable with doing their shopping online.
There Could Be a Light at the End of the Tunnel
The use of blockchain will mean that transactions are out of any individuals’ or companies’ hands. At first, this may be a slightly jarring idea to the uninitiated. However, once people start to understand the technology and realize that every computer on the network monitors and conducts the transactions, the worry about e-commerce transactions will subside.
This could potentially accelerate the ongoing shift from brick-and-mortar shopping to online shopping. It will also make the e-commerce market itself more efficient with less money leaked through unproductive expenses like fraud and chargeback fees. Streamlining the financial administration side of things could potentially be a huge benefit in e-commerce that frees up resources for investment in other innovative areas.
More trust could also lead to more customers being comfortable signing up for subscription services. Working out how to integrate a fast, clean subscription service into your business will ensure you are ready to benefit from the possibilities of web3. Customers can feel comfortable that their transactions and the transaction information are authentic and anonymous. In other words, their money is safe during their shopping experience.
Rise in Popularity of Subscription Services Is Likely
It is not just the trust that makes a rise in the popularity of subscription services likely, though. NFTs seem like they could completely change how loyalty programs work and make the monetization of them a viable source for e-commerce stores everywhere. Customers with the right NFT could have their purchases more easily tracked (in an open and above-board way) to reward them with loyalty points and similar bonuses.
NFTs offer many potential benefits that classic loyalty cards do not. The marking of them on the blockchain gives customers confidence that companies note their loyalty and that no one else uses their earnings. NFT tokens with predefined values are likely to appeal to customers far more than arbitrary loyalty points once an understanding of the tokens is widespread.
Many customers may initially have small mental blocks to signing up for something long-term. However, if the path to doing so is easy and the assurances of web3 are present, then people’s worries minimize. Using a premier subscription solution can be a foundation for success in the age of web3.
Companies Are Taking NFTs Seriously
This potential route likely leads to a rise in e-commerce communities that will be monetized much more easily. Companies are likely to take this in many different directions in the first few years of web3. One particularly innovative approach that has made headlines is that of POAP or Proof of Attendance Protocol. This will reward attendees of events with an NFT that serves as proof of their attendance. Moreover, it is potentially a way to create communities out of shared experiences.
The world’s largest companies clearly take NFTs seriously with major brands like Coca-Cola and Nike getting involved with the market. Web3 has shown us that there are some great tools you can work with. Now, it is just about deciding what exactly are the best things in e-commerce you can create.
Do Only Businesses and Consumers Benefit from Web3?
Actually, individuals on the search for a career in e-commerce will benefit, too! Web3 also provides a possibility for the involvement of a whole new generation of ambitious and innovative digital experts with e-commerce. The culture of mainly free and open-source information that web3 is expected to foster will be fertile ground for collaboration, learning, and career progress to those offering progress to the industry.
In fact, the expected growth in web3 e-commerce is so large that job vacancies are popping up quicker than they can be filled up. It is an exciting time to understand or learn web3 and be at the front of a technological wave that rewards growth and individuality. It really is a prime moment to be involved with the digital revolution. Moreover, since there are so many avenues always opening, finding a path or opening in web3 that’s right for your career goals has never been easier.
What’s Not to Love?
One way or another it seems like everyone with an internet connection will end up benefiting from web3, the latest web revolution. Prepare yourself for new ways to build revenue streams, build e-commerce communities, and carry out safe transactions. There have never been so many possibilities!
