The metaverse and web 3 will revolutionize eCommerce

[Santhoshzak]

If you are the owner of an online store and want to stand out from the competition, you should pay close attention to Web 3.0 and start establishing a strategic plan focused on positioning your business within the metaverse. Next, I will explain why Web 3 and the metaverse revolutionize eCommerce.

Are we facing the new internet?

The Internet has radically changed the way of trading. Who would have thought 20 years ago that it would be possible to buy a television with a 200-gram mobile phone? Nobody! In fact, you would have been branded crazy if you had said this. However, you should also know that the mass adoption of the internet did not happen overnight. For example, in 1995 the well-known American newspaper Newsweek wrote an article entitled: “The Internet?, Bah!”, where it was criticized that the Internet was going to bother and reduce people’s quality of life.

Surely now you are wondering: Ok, but what does all this have to do with the metaverse? Well, a lot since right now we are at a point of development similar to that of the internet in 1995. In fact, if you ask anyone about the metaverse, 99% will answer: “More technology? I have enough with the internet and I don’t want to waste my time in a virtual world”. As you can see, history repeats itself… I can already tell you that here it is not about being dominated by technology, but about evolving thanks to it.

Therefore, if you are an entrepreneur, freelancer or employee and you want your digital business to stand out from the competition, you should pay close attention to Web 3.0 and develop a strategy for positioning your brand in the metaverse. Here’s why:

What is Web 3?

To understand Web 3 you have to first understand Web 1, which marks the birth of the Internet, a decentralized Internet but accessible to few.

With the advent of Web 2 and the start of the platform economy (Facebook, Twitter, YouTube, Amazon, etc.) the doors of the Internet open to us through their profiles where we can benefit from many opportunities (such as , of E-Commerce). This phase is called the creative economy or the platform economy because users manage to monetize their content through platforms.

But… the owners of those spaces continue to be those platforms/companies and that is why we speak today of a centralized economy because power is highly concentrated and these companies benefit from our content and our data. However, with the arrival of Web 3 we have the opportunity to return to a decentralized economy on the internet, with wallets ( decentralized wallets that work thanks to blockchain technology ) we recover the power of our content and our data and we can say that the internet it is back in the hands of the users. This represents a very important added value for both the seller and the buyer.

What is the Metaverse?

Now that you understand the meaning of Web 3 a little better, it’s time to introduce you a bit to the metaverse development company, the new internet, which will be developed on web 3 and will be supported by blockchain technology.

In a very simplified way:​

The metaverse is the sum of the internet + blockchain technology .

In practice they will be virtual spaces where people can interact and do everything they do in real life. Imagine all the work and leisure possibilities that all this entails! Why would it be bad to have a more immersive digital experience? Instead of looking at a screen all the time, we will directly have a digital layer that will allow us to interact much more easily and much faster (with new devices we won’t need to look at a screen as we do now).

Here are some examples of recognized companies that are looking to adapt their e-commerce model to new technologies:

Zara

The fashion multinational made use of “Zepeto”, a South Korean metaverse focused on the mobile format, to create its first collection of virtual clothing.

In this world you can buy virtual clothes using the digital currency native to the platform and you also have the possibility of interacting with your avatar live with avatars from all over the world.

Tommy Hilfiger

The American multinational participated in March 2022 in the first Fashion Week in history organized within a Metaverse. It took place in the Decentraland Metaverse (first 100% decentralized metaverse in history and only accessible through Web 3). Customers through their avatars had the opportunity to buy virtual garments in the form of NFTs . And not only that, because it was also possible to exchange digital items for physical ones thanks to blockchain technology.

Shopify

The E-Commerce giant has recently developed an augmented reality and 3D shopping option within its platform , which will allow online store owners to design 3D versions of their products that they can market in the metaverse . Similarly, Shopify has also started building its own NFT marketplace with the goal of starting to build its infrastructure for the metaverse.

You are facing a great opportunity

For any online store, establishing a strategy focused on the metaverse could be an incredible opportunity to take your business to the next level. In fact, it is estimated that the greatest impact of the metaverse will occur in the e-commerce sector. According to McKinsey, the metaverse will have an impact on this sector of around $2.5 trillion in 2030 .

I leave this graph here so that you can visualize in a general way the estimated economic impact of the metaverse on a global scale for the year 2030 (in trillions of $):

Although we are still in a very early phase, you should know that the technology that supports the metaverse already exists and it is only a matter of time before the new internet reaches the masses. Therefore, you should ask yourself the following question: do you want to be one of the first in your sector to integrate a strategy within the web 3 and metaverse for your online business or do you prefer to let time pass and adapt when everyone is inside? What is clear is that great opportunities appear in markets with low competition.

Thank you for reading this article to the end. That shows that you are very committed to your online store and that you have an open mind towards innovation. If you have any questions about web 3 and the metaverse, do not hesitate to contact me, I will be happy to help you.
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