WHY DO FUTURE BUSINESSES NEED WEB3 FOR SUSTAINABILITY?
“Do not evolve with time, and the trends will bury you for good” That’s a reality as far as Nokia is concerned which didn’t respond to the changing trends and ultimately perished despite being one of the most trusted mobile phone brands. The same goes for other industries which are still reluctant to embrace web3 in their modus operandi. At the moment, customers have turned towards ownership and data integrity which the Web 3 space promises.
For example, metaverse being built on top of the blockchain technology assures the customers and stakeholders that they do not need intermediaries to protect their data, at the same time, they can even claim the ownership of their data and monetize the same. However, there are various companies which are still skeptical about the world of Web 3 because they feel that it is too complex to understand and integrate. A major inability which has been shown by such companies reminds of General Motors, Xerox, BlackBerry, Nokia and Blockbuster who were reluctant to change as per the trends and perished as a result. However, as the proverb goes that the proof of pudding lies in eating and that will only happen when those industries understand how Web 3 can change their business process and drive more revenue and sales post integration.
1.How Web 3 Will Shape the Industries of the Future?
The new age of the Internet would focus on eliminating intermediaries and giving the power back to the community to drive a decentralized operation. That said, the need for trust will not be dependent on third parties and participants of the ecosystem would be entitled to get a fair share of the revenue stream that Web 3.0 will guarantee through its process. Due to these traits of Web 3, industries like e-Com and ticketing will change in the following manner.
Out of 150,000 orders, more than 25,000 orders are marked as RTO or Return to Origin on a daily basis for the ecommerce business. This causes significant losses which are very hard to calculate. Through the use of Web 3, the customers can buy products on the web shops using dapps which are triggered by smart-contracts. Since all the processes are self-executable, it will significantly reduce the returns since everything will be validated via validator nodes on-chain which cannot be tampered with at any point in time. With trust, which is the prive driver of e-Commerce business turning independent, it will significantly improve the business process and lead to better revenue generating by reducing the RTOs or Return to Origin.
Loyalty programs will have a very significant impact on the growth and development of e-Commerce and ticketing business. poap based NFTs can help build customer allegiance to a specific brand or service provider in the ticketing industry. Likewise, NFTs will help stimulate the e-commerce business by allowing customers to monetize their loyalty programs. Through NFTs, the e-commerce companies instead of giving arbitrary customer loyalty points can switch to a more incentivizing reward based NFTs which can be quickly redeemed at will. In this way, it can help in building a long line of customers who can show true allegiance to the brand.
Ticketing and e-Com can use POAP based nfts to build a long line of participants which can act like an asset for an event. In this way, it is very easy to build a community where the respective Web 3 products can be offered and the community can benefit by being an early investor or trust party for the event or the product. Hence it is a win-win situation for both the party involved and the protocol.
How Shifting To Web 3.0 Can Help Your Business Lead The Future?
Building Strong Customer Relation
CRM or Customer Relationship Management software allow tracking the customer’s data, but the data that is available to understand the customer has been limited. Through Web 3.0, businesses can get access to a wider range of data that can help them get a better understanding of the customer. In this way, the business can access more information and improvise the sales.
Improved Supply chain
Traditional supply chain is looking for a revamp since a lot of the data lie in silos. Through the use of Web 3.0 like blockchain which uses the Semantic Web, data can be accessed from anywhere and in the adequate manner to improve the products and services.
Data management will witness an overhaul when businesses can interoperate and use the data to improvise their products. Often customers are not comfortable sharing sensitive information. Once Web 3.0 is there to back them, they will be feeling much more secure to share their data. At the same time, various industries can interoperate with each other without the fear that their data will be compromised. Hence building a very efficient nexus between industries to improve customer experience. For example, airline companies can tie up with hotel & hospitality and transportation and provide a common dashboard for the customer to manage everything from one checkpoint.
2.How can SDNA help you in this journey?
SDNA has been active in building a new reality of the Internet which is Web 3. Their experts have exposure in Metaverse , NFT ticketing and Blockchain Technology. From design to POC to final full-featured products, they have created smartest solutions for the clients to build the next web3 space. With a team of dedicated professionals who are always ready to provide expert consulting on digital transformation through metaverse, NFTs and blockchain, SDNA Tech has been aiding businesses to thrive in the new age of technology.