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The ecommerce revolution is gaining momentum and is in line with the web3 evolution. Considering the peak of online shopping and the growing acceptance of web3, the mergence of the two is inevitable. And for good reasons too. Web3 can make online shopping better and more profitable for businesses. But why is this transformation necessary?
For the same reason why you evolved your business from a brick-and-mortar store to an online website.
Suffescom Solutions can help you upscale your business. With our web3 development services, get customized digital solutions and innovate your website for the web3 space. Have a Consultation Today!
The world can change in the blink of an eye. Take the instance of Yahoo and Google. Where Yahoo once dominated the internet space and had the chance to even buy Google for $1 million, Google soon surpassed the tech giant and became one itself. And this transformation has today paved the way for many revolutionary milestones, internet search being one of them. Now, it’s the dawn of web3 - an iteration of the internet that’s supposed to normalize ‘immersiveness.
It didn’t take long for people to move from Yahoo to Google or from static internet to interactive social media. And owing to the evolving technology, today we have reached the revolutionary web3 era. If your business hasn’t adopted this technology yet, you will soon find yourself one with the businesses that failed to innovate in time.
There’s no denying that a web3 transformation in online shopping is inevitable. The question is, how proactive are you in adopting it into your business?
Now, many may argue that 51% of consumers don’t understand the concept of web3. While this may be true, the equally important factor is that the CAGR rate of the web3 blockchain market is expected to grow by 44.9% by 2030. Plus, it’s an iteration of the internet that provides solutions for the shortcomings of web2 consumers and businesses face. Considering these factors, your ecommerce business must embrace web3 as soon as possible.
So, what does the web3 evolution specifically mean for shopping websites? Let’s get into the details.
Pave the way for monetizing your platform by facilitating online transactions. Our experienced web3 developers create customized Ethereum wallets with JS, Ruby, or Python like popular languages.
You may have to buckle up for a major change if your business involves online shopping. With web3 in the picture, certain additions and eliminations will change the online shopping experience for the users and major aspects of your business model.
Let’s get into everything that will change with web3 integration into your online shopping business.
With web3, the most prominent change will be the shift into blockchain-based ecommerce apps solution or, as most people call it - decentralized applications (dApps).
One of the biggest justifications for the acceptance of dApps is the fact that it operates autonomously. These applications are built on blockchain, which is automated by smart contracts.
Additionally, every action is made after a consensus by all your network participants. By applying this to your shopping website, you will start conducting business in crypto or other digital assets instead of fiat, which further removes the need for intermediaries in every space. So, no need for banks for transactions as every purchase can be made directly between the seller and the buyer.
Besides offering a space for safe and quick transactions, dApps simplify operations with smart contracts. It also helps maintain transparency and trust between your business and users with the help of distributed ledger and a codebase that is openly available for review.
Even today, the loyalty program is the most effective form of a customer retention strategy. Loyalty programs prove to have some use in the web3 space as well. While it will carry the ethos of the traditional program, it will not feature the same old loyalty points. With web3, your business can replace random loyalty points with NFTs or Non-fungible tokens.
With NFTs or crypto, you are monetizing loyalty programs. But that’s not all there is to NFT as loyalty points.
NFTs are rare and limited and offer token ownership. This creates a fear of missing out, which facilitates more engagement.
NFTs are cost-effective and can be generated using a simple algorithm. This way, NFTs offer an affordable way to increase brand awareness.
They help build long-term customer relationships.
Improves brand trust and reliability. For instance, providing an NFT of your product before the tangible item will create a sense of security and trust among your users.
Also Read: How Are NFTs Changing the DeFi Industry? NFT In Decentralised Finance
Web3 provides a more interactive space for the users. Using the power of artificial intelligence, virtual reality, augmented reality and blockchain, your ecommerce business can be transformed into a more interactive platform.
Web3 opens the scope of immersive virtual platforms. You can build an ecommerce store where users can not just scroll through your different products but also try them on without ever leaving their homes. For instance, the Alo Yoga store offers digital collectibles to its customers and allows them to do yoga and meditate.
Unlike the existing authentication systems where third parties are involved, authentication in web3 will be quicker and more convenient. Web3 enables ‘private identity management blockchains.
All digital identities will be connected to a digital wallet exclusive to the user and under their control. The owner of the digital wallet will authenticate and facilitate all transactions. Thus eliminating the involvement of banks and multi-factor authentication processes with OTPs.
Additionally, businesses can integrate advanced biometrics and distributed ledger systems, further improving security by removing the dependency on third parties.
Blockchain can store information of every transaction and purchase on the website. With its immutable distributed ledger, users and businesses can track the warranty of sold products and services easily.
Online shopping has a major dependency on logistics for timely and secure shipping and delivery. Despite the advanced technology we have today, there are some shortcomings that can create loopholes for malicious activities to prosper.
With web3, logistics will become more transparent and therefore, secure. Blockchain’s advantage lies in its immutability. So, every step of the shipping and supply process is recorded in a never changing ledger.
Now, this ledger is shared with every node in the network. This further improves transparency and traceability. Bockchain adds accountability and security to logistics.
For your shopping business, all of this will turn into an advantage. For instance, you will be able to find the exact reason for a product’s bad quality. This will further reduce the possibility of fraud, theft and returns.
Web3 is still growing with multiple possibilities. If it can change the way you offer rewards and connect with brands, it can also change the way customers provide feedback.
With innovation, it is possible to create a much better way than the typical 5 star rating to gather social proof. Web3 will create a way to identify the validity of reviews. For instance, it can match the reviewer with the service or product they purchased. Additionally, shopping businesses can use the reviewing system to its advantage by providing digital assets for every review.
The possibilities are endless. It is only with time and innovation will we know the full extent of the technology.
Artificial intelligence and machine learning in web3 shopping websites will build a personalized experience for the users. Considering how advanced AI is and how quickly it adapts to the behavior or the user, it can turn web3 bots into a concierge or personal shopper.
AI/ML powered bots will filter the products or services for the user and customize online shopping for them, thus enhancing user experience.
Give us a chance, our techies are ready to build a next gen solution with a decentralized blockchain network.
Launching a web3 shopping website is a lot of work if you do not have expert help. Web3 is an advanced technology that will require a team that’s familiar with the emerging technologies. Suffescom Solutions can help you provide the right help in this case.
Our web3 shopping development services are designed to cater to every industry and every project requirement. We customize the solution for you and deliver the output in time.
There’s no way to determine the exact cost breakdown of web3 shopping website development. With multiple variables involved in the development process, the final cost is never the same for two projects. However, we can provide you with a general breakdown based on the major development processes of a web3 shopping website.
Web3 shopping website development cost can start from $50,000 and can rise up based on the following factors-
| FACTORS | COST |
| UX/UI | $500 - $4000 |
| Development | $5000 - $12,500 |
| Testing | $1000 - $60,000 |
| Project Management | $2500 - $5000 |
NOTE: The table provides a general overview of the development process and its cost. The final cost estimation can only be provided by experts after project evaluation.
The cost can also vary according to the region of the client. Based on whether you are from the US, UK or any other region the cost can vary from $20 per hour to $100 per hour.
Get a cost estimation for your web3 e-commerce website development today. Have a free consultation with our developers and discuss your project.
Web3 is the latest technology with intricacies that only an experienced team can tackle. Suffescom’s industry expertise helps bring your project to fruition. By choosing Suffescom Solutions, you associate yourself to a reputable name in the tech industry and get access to the best services.
With a free consultation, you can discuss the details of your project and get a close estimation based on your project requirements. We have over 13 years of experience in the tech industry and 5.5+ years of experience in blockchain. We have the resources and the tech prowess to help you build a web3 shopping website that retains customers and delivers a futuristic experience.
Key Highlights of Our Services Are-
Our team of testors take great care at ensuring that the website is bug free and without any inconsistencies.
Using agile methodology, we deliver high end output within the agreed upon timeline.
We mold the development process according to your requirements and provide any customizations necessary to achieve the same.
Our team is available 24x7 to assist you anytime during the development process or after deployment.
Our team specializes in multiple blockchain networks including Ethereum, Binance, Solana, Polygon and Hyperledger.
So, do you think you are ready to make the shift into the web3 era? It’s an investment for your future. Don’t wait. Take your shopping business a step into the future with our web3 shopping website development services.
Fret Not! We have Something to Offer.