The Web3 Digital Economy Benefits Both Consumers And Businesses.

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By Degen Lipsa

With the advent of technology, Online shopping’s popularity has gained more and more attention. Virtual stores allow consumers to shop in the comfort of their homes. But have you ever thought of a world where online shopping is more than just browsing the products on a screen? Where, customers can get into avatars of their digital twins and walk through your favourite boutique stores, even if they’re in London and the store is in Paris ? Well, Web3 might help us experience these things.

We must analyze the web’s rapid growth over the past two decades if we are to comprehend the magnitude of what lies ahead in this new digital frontier.

After Google Search was introduced in 1998, consumers began making extensive use of search engines to quickly find the information they needed.Then, companies began recognising that being included on search engine results pages is more of a requirement than a fad.This encouraged companies to have an online presence by building websites that customers could visit and potentially buy products from. Rewind to the 2010s, when customers swamped social media sites and companies did the same. The next step in this trend is the Web3 digital economy.Therefore, companies will have little to no alternative than to enter this new market.

Early adopters frequently succeed when it comes to technical developments. What major benefits can businesses anticipate from this upcoming digital frontier?

Interactive Immersion

With Web3’s emphasis on human contact, consumers will have a substantially more immersive online experience.
Shoppers currently click through static pages of products they like. Online shops will develop strategies to mimic the real world in the future. Customers’ individual avatars will enter a virtual environment where they can shop and engage with other people, such as other customers and employees. Instead of communicating with a chatbot when they have questions, customers will speak with a live person who responds to them. This immersion will increase customer connection and retention by returning control of the customer support experience to company stakeholders.

Accessibility

The virtualization of commerce makes products and services more accessible to customers.Consumers will be able to virtually travel to another country, visit stores there, and then seamlessly get their orders in the physical realm without ever having to leave the comfort of their homes or places of employment.Customers save a lot of time and money that would have been used for actual travel by doing this. Additionally, it opens up more access to international cultures, products, and services that were previously exclusive to certain regions or inaccessible to specific demographics.

In addition, the McKinsey research “Value Creation in the Metaverse” predicts that by 2030, the virtual world would have a potential influence on e-commerce of between $2 trillion and $2.6 trillion. Therefore, companies looking to profit from Web3 will need to build a digital replica of their company in addition to their current static websites. Businesses can offer customers accessibility alternatives that suit their unique preferences, comfort level, and skills by implementing a hybrid arrangement of static online encounters and immersive virtual experiences.

Efficiency

Access to this virtual world will be as simple as opening apps, whether it is via mobile, laptop, VR goggles, or AR lenses. In order to increase accessibility and adoption, email and present Web 2.0 sites will also be turned into virtual worlds integrated in a single major virtual continent.

Businesses will be able to conduct their operations using a single platform rather than a variety of business software applications thanks to this connectivity that appears to be frictionless. Because all operational processes—finance, inventory, and project management, as well as KPI dashboards, CRMs, and other tools—will be in a single virtual environment, this eliminates information silos and boosts efficiency.

Businesses in the consumer and retail sectors will notice the consequences of this technological progress rapidly with this much acceptance and use case integration on the horizon.Businesses must put themselves in the best possible positions for success as Web3 approaches. Their capacity for change and success will undoubtedly have an impact on other businesses in the future and result in a robust virtual economy.

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