Over the past couple of years, the world of commerce has drastically changed; thus, businesses were required to adapt accordingly. They witnessed a shift in their consumers’ online purchasing behavior with record sales increasing by over 40% from 2019 due to the closure of physical stores. Now more than ever, more money is being spent on digital platforms and expectations are getting higher by the day. With more money being poured come new opportunities to get to wider audiences, grow faster, and increase the number of prospects acquired. As a result, brands must recognize and conquer their challenges to reach this success that satisfies their people’s desires.

3D Product Digitization and Commerce

Over the past couple of years, companies have been hurling to create immersive experiences for customers to improve their online shopping journey. The 3D product digitization is now becoming more and more popular among big brands who are taking commerce to a whole other level with it. Customers do not have to guess anymore about what their desired pair of jeans would look like on them or if the new fridge has the right size and fit well in their kitchen. Using augmented reality technology as such has proven to strengthen trust between organizations and customers and give the formers enough confidence to purchase whatever item they want to get.

Personalized Commerce Experience

A new trend we see companies making use of nowadays is personalizing not only content but an entire customer journey. Collecting data to target certain niches has been a tactic adopted by marketers for a while now; however, brands are looking to go even further and tailor one-to-one commerce journey personalization. Fortunately, they can now provide each consumer with a highly tailored and unique experience using machine learning, smart website features, and online monitoring technology. Therefore, from now on, companies are shifting their focus on conversion optimization to boost their sales and increase revenues.

Sustainable Commerce

Renewable energy, sustainable environmental practices, and long-term sustainable thinking are becoming increasingly popular among consumers and governments. Therefore, to build a more credible reputation and a stronger bond with their audience, companies have no other choice but to meet their needs and adopt green approaches in their commerce strategies. This method ascertains people prefer them over their competition; thus, they are guaranteed to witness instant increased profits.

Supply Chain Adaptation in Commerce

Instead of waiting for existing issues to be resolved, many brands are looking for solutions to enhance their supply chains, as supply chain disruption becomes the new norm. With major changes occurring in the past two years, Wassel expects to witness more development in marketplaces, usage of dark shops to assist solve last-mile difficulties, and expansion of drop shipping capabilities to help customers acquire the items they desire.

The Rising of Live Commerce

While live commerce is still not very common among brands and consumers, it is expected to make $35 billion of revenue by 2024 in the United States. Live commerce is the act of having products sold online via live video as customers engage with the company in real-time. This way, people can watch, chat, and purchase all from wherever they are in the world. This new type of commerce is set to create a sense of community that companies create and is provided through influencer and peer-to-peer engagement. This sales strategy allows high-value information to be spread to a large audience. It is also recognized for its capacity to build a long-term trust relationship with customers and prospects. There are three simple stages of live commerce:

• Online viewers may watch a product presentation and observe how it works in real-time, as well as learn about its benefits and key features.
• They examine the product documents to learn more about the pricing or technical performance, or they contact merchants directly via a chat solution to ask their questions.
• They place a purchase through an integrated link after being persuaded by the demonstration.

Internet technology has been at the core of billions of people’s everyday lives providing them with information to retain and make use of. The first World Wide Web (Web 1.0) was invented by Tim Berners-Lee in 1989 for the sole purpose of posting and sharing data between scientists and institutions. Users were exposed to a read-only service that they could only interact with offline.

Soon enough, Web 2.0, which is what we now most commonly use, was created to further develop the first iteration into a user-generated platform that allows people to not only consume but also interact with the dynamic content put out there. More discussion forums were accessible which allowed the rise of companies such as Facebook, Twitter, Uber, etc.

Even though these companies offered people many opportunities to connect, communicate, map addresses, sell, make profits, and be entertained, many flaws were pointed out . Users are highly dependent on the Internet. They can easily become victims of frauds and hacks since all of their personal data is exposed and can be accessible to anyone, especially by tech giants that exploit them for financial profits. This catalyzed the need for a technological revolution to create a new version of the World Wide Web that solves such issues: Web 3.0.

What is Web 3.0?

The original web inventor calls this next phase of the Internet the Semantic Web that is built on the concept that data is constructed to be directly read by computers. In other words, machine learning and artificial intelligence will be at the foundation of processing information and will provide a much more personalized, error-free browsing experience that allows users to have more control over their data.

In this article, we share the following key features of Web 3.0 you need to know of that will help you understand this new form of interaction with AI, machines, and websites.

Decentralization:

One of the main features of Web 3.0 is that information is not centralized in one single server as it is in Web 2.0, meaning users have more control over their data and can enjoy a secure and safe Internet experience. With big corporations such as Facebook and Amazon misusing people’s personal information, hindering economic growth, and easing spying operations, the need for a decentralized web forum that grants these large companies less dominance over users has been empirical. In that case, peer-to-peer connectivity will allow accessing content based on content stored in multiple systems simultaneously. Easy access to information from third parties will no longer be an option.

Permissionless and Trustless:

Apart from being decentralized, users will have the ability to use a permissionless and trustless Web 3.0 experience. This network allows people to engage and interact directly, both publicly and privately, without going through any third party that might endanger their data. In addition, producers and consumers of content will not have to get permission from a powerful organization that controls their Internet experience.

AI and Machine Learning:

Humans have been performing a tremendous job at reading and processing information. However, they have come to a point where they are now overwhelmed with its mass and need a more precise, practical, and faster technology. That is where artificial intelligence and machine learning come in handy. Servers in Web 3.0 will be able to process data and algorithm that works the same way humans do. AI primarily benefits the latest version of the Internet by embracing multitasking, fastening the execution of duties, easing the process of making decisions, and being free of any kind of interruption.

Connectivity:

In Web 3.0, semantic data, which describes this data’s values and concepts, allows the information to be much more connected and ubiquitous. Consequently, computers and smartphones will not be the only devices that can connect to the Internet, but new kinds of intelligent gadgets will be produced and developed due to the Internet of Things (IoT). This means it will be accessible anywhere and at any time.

3D Graphics:

The three-dimensional graphics on the Internet are already somewhat being implemented in websites and services and will become a phenomenal norm in Web 3.0. Users will be able to immerse themselves in experiences rather than just being passive observers. Product and eCommerce digitization , museum guides, geospatial contexts, computer games, etc. are all forms of 3D designs that will change the way we perceive things and services on the web.

Blockchain:

The whole concept of Web 3.0 is centered on ensuring the safety and security of users’ data, as well as providing them with full control over their personal information. Blockchains is a crucial part of it as they ease storing data in numerous copies of the P2P network. This makes it nearly impossible for hackers to access people’s information since they should break into countless houses around the world to get their hands on the data of a single house.

Crypto:

In the world of Web 3.0, crypto players will get the maximum attention. As mentioned, the third generation Internet depends on blockchain technology. Cryptocurrencies will play an integral role in helping tech people develop decentralized apps. Therefore, crypto goes further than financial superpositions to being directly connected to the Internet and will converge in a close relationship with it and blockchains.

Metaverse:

The blockchain-based digital 3D universe, also called Metaverse, enables people to create assets, socialize, play games, etc. One of the main roles of Web 3.0 in the Metaverse is to give users this platform to make, buy, and sell items such as NFTs . More than ever, the revolutionary World Wide Web will allow interoperability, push trading and communication, and interconnect websites for enhanced user utility.

Many of the worldwide leading companies are now on the run to create non-fungible tokens art pieces. Collaborations and releases of NFT works have been everywhere, and this is just the beginning. Back in December 2021, Adidas was able to sell its first-ever NFT for $23 million in Ethereum. The brand is not settling for anything less anymore and is now ready to take on the virtual world. For that, the sportswear manufacturer announced that its next collection, Into the Metaverse, will be merging physical and digital items. In other words, to match, these products will be available on both online platforms and the physical world.

Adidas X Prada NFT collaboration:

On January 20, Adidas and Prada announced a collaboration to launch a first-of-its-kind NFT project. It united fashion, design, and crypto creators to work together on a mosaic digital piece. The luxury house’s Re-Nylon collection, high-end athletic wear made using recyclable materials, inspired this large-scale digital artwork.

People have now submitted their unique anonymized photographs for free and still have full ownership of their art. Out of all submissions, Adidas chose 3000 randomly. Zach Lieberman, a creative coder and digital artist, featured these works in his larger NFT. Adidas and Prada also agreed on adopting the project’s results as their campaign image. Holders of “Into the Metaverse” NFTs by Adidas already guaranteed one-third of the spots. Another 500 spots went to people who failed to mint “Into the Metaverse” in the public sale.

This open-Metaverse NFT project was brought to auction on SuperRare, a marketplace for curated NFT works. 80% of the proceeds went to Slow Factory. Slow Factory is a non-profit organization that prepares historically marginalized individuals to become climate leaders. They do so through regenerative design, narrative change, and open education. The owner of the large-scale digital art Zach Lieberman got 5% of the proceeds, whereas contributors shared 15% of the total amount.

Top Brands NFT releases:

Adidas and Prada are not the first two brands to partner up on such projects. Many of the worldwide leading companies in many sectors and fields hopped on the newly emerging phenomenon:

–         Gucci and Superplastic: The two brands joined forces and dropped 10 exclusive NFTs on February 1 as part of their SuperGucci collection. Similarly to Adidas’s “Into the Metaverse”, the collection consists of digital and physical keepsakes.

–         White Castles and Doodle Labs: White Castles, a well-known hamburger restaurant chain, collaborated with Doodle Labs to celebrate its 100th birthday. They created a series of 5,000 NFTs and launched it on the Ethereum blockchain in December 2021.

A few other major releases that are worth mentioning as well are:

–         Mercedes: The brand chose 5 artists from fashion, architecture, real estate, graphic design, and music to create an NFT inspired by its G-class vehicle line. The NFT was released on January 23 on the digital art online auction platform Nifty Gateway.

–         Lamborghini: Mercedes is not the only brand in the automotive industry to join the NFT space. Lamborghini announced a new collection of NFT entailing 5 digital artworks as well. Interestingly enough, people can only access them through the ownership of real and physical keys.

–         Selfridges: The brand digitally created a unique NFT and is now selling it in its physical store in London. It is currently releasing at least 1,800 between January 28 and March 12. They will be available on multiple virtual platforms and prices will range from £2,000 to over £100,000.

To know more about NFTs, check out the frequently asked questions we have summed up for you.