Web 3.0 to transform the e-commerce industry

Web 3.0, also known as the decentralized web or the semantic web, is expected to transform many aspects of the internet and how we interact with it. It may surprise you, by putting content creation in the hands of the creators and not platform owners. It can help to improve transparency and trust between businesses and their customers by creating a tamper-proof record of transactions on a blockchain.

With a real-time view of the supply chain, customers can see where their products are at each stage of the production process. It is possible with the augmentation of Artificial intelligence, blockchain, and the Internet of Things (IoT) will be integrated to create a more intelligent, decentralised, and secure web.

With Web 3.0 could bring disruption to the e-commerce industry, with the users will have more control over their data, and transactions will be faster and more secure. It could significantly impact on how businesses interact with their customers, transforming how online retail functions. With the global Web 3.0 market poised to grow from $6.8 billion in 2020 to $48.3 billion by 2025, its greater involvement in online retail operations is imperative.

Here are a few ways Web 3.0 could change the e-commerce industry:

# Decentralized marketplaces: Web 3.0 technology enables the creation of decentralized marketplaces where buyers and sellers can transact without relying on a central authority. These marketplaces use blockchain technology to facilitate transactions, ensuring that they are secure and transparent.

# Enhanced privacy and security: Web 3.0 technology allows for enhanced privacy and security by enabling users to control their own data. With Web 3.0, users can store their data in a decentralized manner, and they can control who has access to their data.

#. Personalized shopping experiences: Web 3.0 technology can enable more personalized shopping experiences by allowing e-commerce companies to use data from various sources to offer customized recommendations and experiences to their customers.

#. Tokenized rewards and loyalty programs: Web 3.0 technology allows for the creation of tokenized rewards and loyalty programs that can be used across different e-commerce platforms. This could encourage customers to remain loyal to a particular platform, which could help e-commerce companies to build stronger relationships with their customers.

Going forward, Web 3.0 technology has the potential to transform the e-commerce industry by enabling more decentralized, secure, and personalized shopping experiences.

Finally, Web 3.0 technologies can help to improve transparency and trust between businesses and their customers by creating a tamper-proof record of transactions on a blockchain. With a real-time view of the supply chain, customers can see where their products are at each stage of the production process.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA