How Will Blockchain and Web 3.0 Revolutionize the E-commerce Industry?

Web3 is the futuristic technology that has created ripples in the tech space. Integrating blockchain and other modular technologies have strengthened the relationship between businesses and customers. Large enterprises have implemented this innovative technology in various fields, such as healthcare, real estate, supply chain management, and entertainment. Apart from them, the web3 application is mostly acceptable in the e-commerce industry.

E-commerce is undoubtedly the most profitable market, solely in the US; it generated nearly around $1 trillion by the end of 2022, as per a report by Insider Intelligence. With the integration of web3 in eCommerce, this spectacular figure is bound to get multiplied. This is due to the permission-less and decentralized network that will gradually lead toward the eCommerce transformation. Brands are ready to use this emerging technology to empower their business. They will be able to control every aspect of sales, operations, consumer data, etc.

Roadmap To Be Followed By The Ecommerce Brands To Start Their Preparation For Web3.0

The eCommerce platforms in the web3 era sound interesting but require efforts to solve the complexities to be attractive enough for the end user. So, to avoid any complications, a standard work map needs to be followed

Use Of AI/Ml

Ecommerce companies need to focus on involving artificial intelligence in their platform to solve business-related queries and program redundant tasks. Automating several things like rewards/discounts and product recommendations is possible. It also helps gain insights into people’s preferences by analyzing their shopping patterns. AI development services, in a way, also encourages users to purchase the products, thus increasing sales. Subsequently, the recommendations related to making enhancements to the attributes of the products are also provided by this powerful technology by detecting consumers liking.

Incorporating The Decentralized Network

The futuristic ecommerce industry will rely on the decentralized network. The consumers use multiple online shopping stores, and the things that they check for are the design, features, interface, and, last but not least, the payment systems. The decentralized finance applications like Synthetix (SNX), Uniswap (UNI), Aave (AAVE), and crypto wallet integrations should be included. All these modifications are performed keeping in mind the preference of the customer. This provides an exceptional user experience tapped with ultra-security.

Gamification Inclusion

The sales are directly proportional to the number of consumers buying the products. The concept of including games-like characteristics in the marketing campaign makes the whole shopping experience incredible and unique. The attention of the customers is rightfully captivated. Essentially the younger lot gets hugely impacted by the animated characters and digits.

For instance, a beauty brand like Sephora used a promotional campaign like “Swipe It, Shop It.”This enabled the customers to shop for the items they liked. It is basically done to uplift user-friendliness and develop interactivity on the shopping platform.

Including NFTs

NFTs are in great demand and will continue to be in the forthcoming years. It includes avatars, art, and the latest fashion trends. Every product available online has its avatar. The role of avatars allows interaction of the users in the computer-based virtual ecosystems. The first step towards becoming a marketing expert is creating NFTs of the items set for purchase.

Big brands like Gucci and Nike have set their foot in the NFT marketplace. Nike, the luxury shoe brand, has launched NFTs of their sneakers. Similarly, Gucci, a luxury handbag company, has also released its NFTs in the metaverse that will add up to the company’s name.The notion behind the NFTs is to boost the popularity of the products.

Augmenting Metaverse

The whole concept of the metaverse is to provide a visually appealing experience to the users. The availability of distinctive stores attracts the consumer, and in online retail, the front-end look of the eCommerce platform fascinates and allures the user to perform shopping. Now, the implementation of AR/VR technology helps users to try on the products virtually before buying them. The brilliant part is that there are three-dimensional fitting rooms that give an amazing 360° experience of the outfits. The application of this marvelous technology applies to all sorts of shopping realms.

Space For Customization

Augmented reality (AR) and virtual reality (VR) have opened room for customization. The drawback of the present online retail system is the need for more personalized elements. But in the case of virtual shopping in web3, the experience is similar to that of the real world. The other advantages it offers are the ease of buying the items without leaving the comfort of their homes and not compromising on personalization and immersive experience. To make customizations, store owners can contact their customers through audio/video or chat in the metaverse environment. The impressive part is that even avatars can participate in metaverse-supported online shopping.

Incorporating dApps

dApps are known for eliminating third-party intermediaries for downloading the application. dApps in web3 enhances the customer-brand relationship by allowing rapid payment systems with foolproof security features. With the effective utilization of cryptocurrencies, there is no need to wait for bank clearance. The transactions will be processed in a jiffy. Web3 allows the execution of the codes automatically without any manual intervention.

Addition of Tokengated Commerce

The tokengated runs successfully on the public blockchain. It functions by accessing the digital wallet key for reading the data. Access is granted when you are holding the NFT in your wallet. An instant link between advanced technologies and the eCommerce convinces the users to not only buy an NFT but also make an investment in the brand to induce loyalty. In decentralization, the consumers also play an important role in the brand.

Applications of Blockchain In Web3 Commerce

Web3 commerce has its use cases in numerous realms, some of which are explained as under;

Inventory Management

Blockchain technology is used for managing inventory and storing sales while restocking when the stock has dropped off at a certain level. This is just as similar to the working of shopping carts.

High-Pixeled Platforms Photos

Top-quality images and videos are very important for eCommerce websites. They are purchased by the store owner at a high expense and will later become the eCommerce platform’s property. Blockchain successfully provides merchants with complete ownership of digital storefronts. This will include product videos, photos, and customer reviews.

Supply Chain Management

Blockchain technology has allowed eCommerce owners to track their supply chains, and the power of blockchain ecommerce marketplace solutions has made it completely simple and secure even to monitor the customer’s warranty information.

Business Benefits Of The Ecommerce Brands In Web3

It is well understood that the web3 eCommerce industry will benefit consumers, but it greatly impacts businesses. Enterprises are going to achieve big from this wonderful technology. Some of its advantages are mentioned below;

Affordable

Web3 provides a decentralized platform involving blockchain and smart contracts. The information is stored on the blocks that cannot be altered once written. Additionally, third-party intermediaries are completely removed, so no extra money is spent on them. This also lowers operating costs as it does not require fancy infrastructure. So, overall huge cost is saved, making the platform development inexpensive.

Effective E-commerce Brands

dApps are going to persuade the users to purchase the products. This will happen when immutable and trustless transactions take place with the help of smart contracts(self-executing codes). It will amplify the ecommerce business as a brand value by performing activities like minimizing fraud, providing returns on time, chargebacks, etc. Today, cryptocurrency is not used regularly, but in a few years, it will soon be used as a standard payment tool, just like credit/debit cards or even PayPal.

Loyalty Programs

Loyalty programs are meant to provide rewards or credit points to consumers in the eCommerce business. These play an important role in the NFTs. The credit points are redeemed through discounts or vouchers and, in certain cases, products. These points are not arbitrary ones but hold a predecided value that adds up to the brand value of the company.

Enhanced Security

Hacking and data leakage are the major problems on today’s web. The eCommerce platform is full of confidential user information. In web3, the chances of a data breach are quite negligible. It is impossible to change the data stored in the blockchain network. If somebody tries to hack the system, they need to change the hash value that exists in every block. The process will go on for so long that the theft becomes impossible.

Accountability

Blockchain technology involves the effective tracking of every transaction. This makes the companies more accountable for whatever steps they take while undergoing transactions. This makes the businesses aware of their decisions, and in case of any inefficiency, the onus is on the organization. So, to avoid hurting the brand value and building a positive reputation, a reliable relationship is built with the customers.

Superior Inventory Control

The implementation of the blockchain helps in greater inventory control. It helps retailers in lowering store-keeping points and directly commands replacement stocks when thresholds are met.

Warranty Management

Retailers can efficiently store warranty information in the blockchain network. The stored data is accessed by customers, retailers, and manufacturers. The warranty management validation is maintained at all levels.

High-Pixeled Platforms Photos & Videos

Creating high-quality images and videos is crucial for eCommerce websites as they help attract and engage customers. These visual elements not only showcase the products but also provide customers with a better understanding of the product features, size, and overall appearance, you can create eye-catching clips using clipmaker to showcase your products. As a result, customers are more likely to make an informed decision and are less likely to return the product due to misunderstandings

Development Cost of the Ecommerce Platform

The overall cost of the web3 e-commerce relies on the following factors;

A number of features involved Customization Technology stacks used Size of the development team 3rd party API integrations Here is a proper cost breakdown of the web3 eCommerce platform. The following table will provide you with a rough estimate.

• Number of features involved

• Customization

• Technology stacks used

• Size of the development team

• 3rd party API integrations

Here is a proper cost breakdown of the web3 eCommerce platform development. The following table will provide you with a rough estimate.

Factors	Cost
UX/UI Development	$500 - $2500
User Profiles	$600 - $2820
Authorization and Security	$1000 – $4500
Search and Filters	$1400 - 6000
Inventory Management	$500 - $2500
Admin Panel	$1300 - $5000
Shopping Cart	$700 - $2600

Build A Web3 Ecommerce Platform With Excellent Technology Partner!

Now, that you are familiar with all the benefits involved in the development of the web3 eCommerce platform and its development cost. So it's better to take the next step forward and connect with a reliable web3 development company like ours that will help you convert your idea into reality. You can even ask for customized specifications.

A top web3 development services provider will help you develop a personalized shopping platform that will include all of your requirements by meeting all the technical aspects. In addition to the marketplace development, you can also create NFTs specifically meeting the needs of your brand and expanding your revenue. Our experts will analyze the projects accurately by including user-friendly features and an intuitive interface.

We at Suffescom Solutions Inc. build fantastic eCommerce platforms that make a difference in the market. If you want to build a platform like this that is powered by the latest tech stacks, then you must give us a try. We have been working on projects related to Web3, blockchain, and the metaverse for years now. We are the doers and have successfully completed 150+ blockchain projects till now.

Contact our website and read our case studies for more information!

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