Web 3.0, Metaverse and blockchain to transform customer behaviour

Web 3.0 both emancipates the customer and provides a huge competitive advantage to businesses today. Moreover, it empowers customers to manage their data and avoid exchanging it with third-party organizations without using a browser.

  
Given long-prevailing concerns about how businesses use customer data, this could be a very positive development, restoring trust between brands and their customers and enhancing overall customer experience.   In a similar fashion, the Metaverse is expected to have a significant impact on customer behavior. 

 
Leveraging such next-gen platforms, customers will be able to access virtual storefronts, products and services from anywhere, at any time, without having to physically travel to a store. Aside from allowing customers to preview products in a way that is not possible in the physical world, it’ll allow for real-time data gathering and analysis, enabling businesses to offer a highly personalized shopping experience for each customer.

 
On the other hand, blockchain technology is reimagining day-to-day processes. When used the right way, blockchain is a next-generation technology that has the potential to unlock valuable data and revolutionize existing processes. Characteristics of blockchain, like immutability and decentralization, have made it attractive to the numerous industries where it has already been adopted.  

 
Consider the finance sector, for instance. Traditionally, recording procedures in finance have used paper. Blockchain replicates the nature of this paper trail in the digital domain, with a permanent, unalterable record. Since block history cannot be removed, ownership can always be traced. 

 
This sort of transparency significantly simplifies organizational processes and enables work to be done swiftly and without hindrance. Blockchain technology may also be able to eliminate the need for intermediaries in transactions, thereby eliminating additional fees.

 
In the future, a company's success, competitiveness, and profitability will heavily rely on its ability to adopt and utilize technological innovations. Embracing cutting-edge technology is crucial for the survival and growth of any organization, regardless of its size, but particularly for small and medium-sized businesses. 

 
The impact of innovative technologies is revolutionizing business operations across industries in dynamic ways. It is up to companies to leverage these advancements effectively and stay ahead of disruptive changes in their respective markets.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA