Beringer Tame Blog
Beringer Tame Blog
The world has changed and still many of us are not well versed in the emerging trends and tech that is waiting for us.
So what are the biggest five technologies you need to keep your eye on?
Some see Web 3.0 as the future of the internet - its natural evolution - but what actually is it? Essentially it is the third generation of the internet and a 'decentralised online ecosystem based on the blockchain'. It may never replace Web 2.0 and there is some scepticism as to whether it's even possible.
Whatever your opinion, there's no doubt that Web 3.0 (should it come to fruition) will have a significant impact on the mindset of the consumer and their expectations on where, how and when they buy.
From an ecommerce point of view, enhanced methods for interpreting user data and understanding shoppers in more depth (which will be possible with Web 3.0) will bring a highly superior ecommerce shopping experience.
The metaverse is 'a term used to describe the virtual world that exists online'. An individual can enter a virtual world as an avatar and interact in a digital space with other avatars on platforms such as Roblox, The Sandbox and Fortnite.
However, these platforms are not the metaverse which will go beyond gaming.
When it comes to ecommerce, the metaverse could have a direct impact on the profitability of a businesses. It will allow for greater personalisation without the "multiple boundaries of the physical world", and virtual experiences for the customer could reduce return rates, build stronger engagement and better customer experience.
Find out more about the Metaverse jobs of the future
Since the introduction of bitcoin in 2009, thousands of other cryptocurrencies have emerged. Whilst they saw significant growth during the pandemic, more recently we've seen a bit of a drop in value.
As a (currently) unregulated industry, both businesses and the average population have had hesitancy to get involved. However, with web 3.0, blockchain and crypto so well linked, this conversation is far from over.
Ecommerce businesses rely on seamless transactions. With the use of cryptocurrency, payment processing is almost instantaneous for both vendor and customer. It is also more secure due to complex encryption. However, volatility in the market means trust is low and having incoming and outgoing revenue as a mix of crypto and cash could prove to be problematic.
NFT's or non-fungible tokens are 'a digital asset that links ownership to unique physical or digital items' and are now even collectable.
Additionally, NFTs are transparent and instant
So, are NFTs the future of ecommerce or a threat?
You could work with early adopters of the metaverse by offering physical products along with NFTs allowing customers' avatars to "own the kind of products they themselves own in the real world".
They're also instant, meaning that your customers get what they want straight away vs waiting for a physical product (even if it is next-day delivery)... and if you create something truly collectable, you'll be delivering something far more valuable.
(Multi Channel Merchant)
Digital wallets store digital assets like NFTs, credit cards and airline tickets. Think Apple Pay, Google Pay, PayPal OneTouch and Venmo.
Brands should focus on their digital wallet strategy through evolving things like smart NFTs as a secure login to loyalty and rewards.
There are clear benefits for ecommerce businesses which proactively encourage the use of digital wallets. According to Payments Journal, "71% of consumers who always or sometimes use digital wallets do so in place of entering their credit card information directly into websites"... reducing their concerns about "exposing their payment data to retailers". Additionally "40% of consumers of all ages said they always have their mobile phone within reach" reducing payment friction points further.
It's clear that all these tech advancements will hold huge opportunities for ecommerce businesses with regard to CX. However, that's not all.
When tech advances, so do the digital and technical skills needed to ensure businesses maintain momentum.
Wunderman Thompson Future Shopper Report 2022
Ecommerce trends to watch 2022
Consumer Trends to watch in 2022
Why Some See Web 3.0 as the Future of the Internet - WSJ
What does Web 3.0 mean for your business? - Tech Target
Ed on the metaverse - Deloitte
A Short History Of The Metaverse - Forbes
What Are the Business Benefits of Cryptocurrency - European Business Review
What Are the Benefits of Digital Wallets? - GoCardless
What CMOs Need To Know Now About Web 3, Metaverse, Crypto, Digital Wallets And NFTs - Forbes
The Future of Ecommerce With Web 3.0 - Silicon Angle
The metaverse: a revolution for e-commerce! - Eminence
How NFTs Create Value in the Metaverse - GoBankingRates
Photo by Shubham Dhage on Unsplash
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