The Web 3.0 e-commerce revolution
E-commerce, as we know it today, has been growing and expanding tremendously. According to a report by the U.S. Department of Commerce, e-commerce sales in the U.S. accounted for over 1 trillion USD in 2022 with an increase of 7.7% from 2021. Also, more than 2 billion people have reportedly shopped online at least once, and almost 20% of all retail sales are from e-commerce sales, with that number expected to increase to 95% in 2040.
The reason behind the success of e-commerce is actually not that complicated. Customers are able to buy products online with just a simple click, which means they have no need to leave their houses as they can get their purchases delivered right to their doorsteps. To summarize it in only one word, shopping online is very ‘convenient’ for both buyer and seller.
It is easy to understand why buyers would want to shop on their laptops or smartphones from the comfort of their homes, but retailers also benefit from the e-commerce boom. Both large and small stores have the opportunity to reach more people and expand their business opportunities by building a digital store.
As we transition to a decentralized internet, the chances of integrating Web 3.0 and e-commerce become more and more likely. According to the founder and CEO of LeewayHertz, Akash Takyar, having a Web 3.0-based e-commerce system “could eliminate most of the problems that exist within the current e-commerce system.”
This could bring several benefits to the industry. For instance, people can use cryptocurrencies as payment methods in community-managed markets that allow freedom of exchange, and give users complete control. Also, Web 3.0 facilitates virtual transactions, with blockchain technologies making sure that those transactions are secure and payments are reliable. Companies and stores will have the opportunity to create NFTs for loyalty reward programs and to build and monetize communities. And lastly, with emerging technologies such as AR and VR, the customer experience will be more fun and an improved experience while online shopping.
It is safe to say that Web 3.0 integration with the e-commerce industry will provide the best experience for both customers and brands. The level of connectivity and the potential for customer satisfaction is what any company is looking for with their clientele. And as for customers, Web 3.0 allows them to experience low transaction fees and a high level of security in every transaction on a decentralized internet.
Sources: www.leewayhertz.com, medium.com, www.census.gov
analyst opinion
Diego Kebork
The reason behind the success of e-commerce is actually not that complicated. Customers are able to buy products online with just a simple click, which means they have no need to leave their houses as they can get their purchases delivered right to their doorsteps. To summarize it in only one word, shopping online is very ‘convenient’ for both buyer and seller.
It is easy to understand why buyers would want to shop on their laptops or smartphones from the comfort of their homes, but retailers also benefit from the e-commerce boom. Both large and small stores have the opportunity to reach more people and expand their business opportunities by building a digital store.
As we transition to a decentralized internet, the chances of integrating Web 3.0 and e-commerce become more and more likely. According to the founder and CEO of LeewayHertz, Akash Takyar, having a Web 3.0-based e-commerce system “could eliminate most of the problems that exist within the current e-commerce system.”
This could bring several benefits to the industry. For instance, people can use cryptocurrencies as payment methods in community-managed markets that allow freedom of exchange, and give users complete control. Also, Web 3.0 facilitates virtual transactions, with blockchain technologies making sure that those transactions are secure and payments are reliable. Companies and stores will have the opportunity to create NFTs for loyalty reward programs and to build and monetize communities. And lastly, with emerging technologies such as AR and VR, the customer experience will be more fun and an improved experience while online shopping.
It is safe to say that Web 3.0 integration with the e-commerce industry will provide the best experience for both customers and brands. The level of connectivity and the potential for customer satisfaction is what any company is looking for with their clientele. And as for customers, Web 3.0 allows them to experience low transaction fees and a high level of security in every transaction on a decentralized internet.
Sources: www.leewayhertz.com, medium.com, www.census.gov
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