Absence of a centralised command

Yes, centralisation has helped Web 2.0 become the stable entity that it is today, but at the same time, some large technology corporations now hold sway over the internet. This is where Web3 shines over its counterpart. It is a network where data and content are shared without the need for a centralised server. No government entity or organisations will be able to shut down websites or services, and no single person will be able to control the identities of others. In this world, everyone gets equal access to the internet. This is made possible using blockchain technology, which stores information in a format that is on a peer-to-peer network and is transparent.

More data privacy

In the last few years, conversations around data privacy have picked up traction and people are wary about where their data goes.

Currently, large corporations store a humongous amount of data on users’ dietary choices, income, interests, credit card details, and more. People are now aware of ‘data being the new oil’ and the ‘consumer being the product’. This has started a rallying cry for data privacy and ownership, and this is what Web3 provides. In this new era of the Internet, corporations will have no control over users’ personal data. While we may be far off from achieving anonymity online, what can be done is providing users with some reward after asking permission for their data.

Personalised browsing experience

Web3 could reflect a future with fewer or no restrictions for the tech-savvy generations. Global smartphone adoption is now estimated to be 6.57 billion, and by 2027, that figure is projected to increase to 7.7 billion. As Web3 develops, this larger population will benefit from a more personalized browsing experience, improved search engine functionality, and faster web applications. Our everyday lives will undoubtedly alter as Web3 develops to address the issues with its predecessor. Web3 internet browsers are altering how people view online interactions, particularly with the addition of numerous services like decentralised file storage and IoT (Internet of Things) communications.

Community building

Communities already exist in Web 2.0, think of forums and social media. However, all the communities being clubbed in a few platforms meant that the users started losing ownership of their content. Also, even when it comes to monetizing, the platforms take a cut from the creators and the viewers are shown advertisements. This would change with Web3, where the communities are empowered rather than profited off of.

Web3 social networks, which are driven by decentralisation, will return authority to the community by granting content producers complete control of their content – essentially cutting out the middleman. These social networks can enable censorship-resistant, ad-free, and creatively focused ecosystems in conjunction with other Web3 services, providing equitable possibilities for everybody.

Web3 social networks are igniting a transition centred on the community rather than the gatekeeper’s interests alone, whether it is the creation of community-driven global social networks, the rising acceptance of community-oriented DAOs (decentralized autonomous organizations), or the advent of AR and VR-powered immersive experiences.

Continuous service

With the advent of Web3 providers or nodes, there will be a significant decrease in account suspensions and distributed denial of service. Service interruption will be minimised because there isn’t a single point of failure. Web3 is also something that would help catalyse server redundancy; as data will be stored on distributed nodes, the multiple backups will stop server failure or seizures.

As Web 3.0 takes off, new platforms will appear with a healthy level of competition that is unhindered by monopolistic service providers. Web 3.0 will make it possible for scattered people and computers to interact with data, value, and other counterparties over a peer-to-peer network substrate without the need for intermediaries in the future.

The expansion of Web3 is a blatant sign that the world is moving towards a new era of internet technology. The established norms of online interactions and data control rights are changing because of decentralised applications and cryptocurrency. The shift to Web3 is most significant because it necessitates new solutions that can adapt to the demands of evolving digital experiences.

‘Phy-gital’, a term that has existed for more than a decade now, united two distinct domains of our life, with a clearly delineated space separating the two. Metaverse and Web3 (the up-and-coming era of the Internet that is mainly based on the tenet of decentralization powered by blockchains) are now set to dilute this space and gradually eliminate the gaps by enabling seamless movement of people and products across both the digital and physical worlds; for instance, a virtual ecosystem allowing users to have a nearly-real experience through a virtual avatar that helps you shop for clothes without trying them on, and much more. This evolution is set to bring forth creative technologies and solutions that will redefine how we interact, engage and live in the virtual world, as well as cement the existing gaps between the physical and digital realms.

So what would a typical customer experience journey look like today? A typical customer journey usually begins on Google, which leads them to a brand’s website where they explore their portfolio, then maybe to YouTube to see what others are saying about the brand, then to Instagram to look for discount coupons, and finally to an online marketplace or a physical store to make the purchase.

Now, let’s Metaverse-ify it! Imagine that a 3D-hologram permitted virtual product trials on your website; that instead of a monetary discount, buyers were rewarded NFT-linked loyalty points or rewards; and then when they stepped into the store (either in the offline world or located in metaverse), their products were already prepared for delivery. 

Imagine if even the marketing fraternity is so uncertain, how confused could our customers get? Handholding our customers through this evolution will be key to not just acquire new customers, but to also enhance the stickiness in the relationships. 

Metaverse and Web3 based ecosystems, like conventional ones, necessitate a seamless and cohesive experience journey that ideally evolves over time. Metaverse is still in its infancy, but we must never approach it with a fragmented view of customer experience or with predetermined exit dates. Hosting a temporary game or offering a limited-time promotional offer may increase engagement, but is unlikely to result in long-term commitment or advocacy.

Before diving in, companies must establish the "why" of their presence on the metaverse and blockchain, as the possibilities are endless. Ironically, when social media initially entered the sphere of marketing, the majority of brands made their presence known not because they knew what purpose it would serve, but due to peer pressure. To make the most of what Metaverse may offer, it is essential for firms to comprehend the marketing and business strategy voids it would fill.

Physical or virtual, Metaverse or not, there is never room for inconsistency in a brand’s identity, positioning and promise. With Metaverse and Web3 opening up a whole new dimension of expression and experience, it becomes critical for brands to take the right calls so that across each touchpoint through a customer’s journey, the user enjoys a consistent, delightful experience.

Co-creating products with the customers have always ensured accountability and a buy-in from them; Metaverse and Web3 now make it more possible to get a collective perspective on product ideas, without even investing heavily in resources for making the pilot versions.

More than 95% of the purchases made are all driven by the subconscious; what if we could attempt to tap into that aspect? From gamifications to virtual avatars, from simulated journeys to virtual discussion and experience rooms, Metaverse and Web3 empower new-age marketers to delve into a space which has intrigued them for the longest. 

Large established brands have always been believed to have an edge over startups in terms of the resources required to create their brands, but Metaverse and blockchain are going a long way to level the playing field. Metaverse empowers startups to accelerate their brand-building process by enabling them to create TG-specific personalised experiences.

Smart products have been communicating with the central monitoring systems as of today, but what if this data captured could be democratized and used to solve customer issues and better the products? Metaverse and blockchain could also be used as the central nervous system connecting all products together and monitoring them continually.