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Introducing E-Commerce 3.0
E-commerce has been an ever-evolving space where brands and customers continuously seek ways to engage and extract benefits. From the first age of e-commerce, where we used web platforms and apps to purchase products, and its evolution into a social media integrated space where brands and influencers interacted individually with the customers to derive value. Now it’s going through the most significant change of all into an immersive and engaging medium where just browsing through the products to purchase Is not just enough for the customers.
E-commerce 3.0 is the Social commerce of the next age, powered by web3.0, Metaverse and Blockchain. This is the next disruption in the multi-trillion-dollar industry, potentially transforming the e-commerce space into a sustainable, inclusive, immersive and engaging experience unlike ever seen. COMEARTH will be the flag bearer of this revolutionary change providing brands and businesses with the first mover advantage.
The value proposition of E-com 3.0 is to transcend the limitations of its predecessors and provide a profitable and engaging experience for both businesses and customers. Looking into the previous business models:
1.0 was about moving the physical sale of goods into an online platform allowing customers to shop from their comfort of home. Though it had its advantages, as seen from the examples of Amazon, Flipkart and other platforms, it has become a space of monopoly where the platforms that facilitate the trade have access to all the data and advantages. Businesses are deprived of the opportunity to understand customers, and the customers are stripped of their choices to choose between brands.
2.0 saw the development of small brands with the power of influencers and social media moving into the e-commerce space setting up their own websites and leveraging data to engage customers. Micro brands were developing worldwide, and they struggled with handling infrastructure, marketing and analytics in an integrated manner. At the same time, customers did not have an ecosystem to view all of them together.
An immersive and engaging experience different from the conventional ways of online shopping which can create a meaningful connection between the brands and customers. Brands will be able to change how they sell their products by creating an interactive and gamified experience that can attract, engage and retain customers while having secure access to user data and insights.
Web 3.0 infrastructure, with the help of Metaverse and Blockchain, will help brands and customers achieve this transition, where businesses can use tools and in-built apps to imagine wild ideas and experiences. Blockchain ensures security and a decentralized structure where businesses solely own user data rather than the platform enabling it.
The limitation of E-Commerce 3.0 is imagination itself. With the tools to create experiences, engagements, games, and even worlds, brands have unlimited opportunities to devise immersive experiences that can attract customers. Customers have the advantage of having a shopping experience with friends and family from the comfort of home while not limiting the options of brands they have to explore. Interactions and gamification drive satisfaction and loyalty among customers; when leveraged, brands have the potential to grow exponentially.
Experiences can vary from concerts, interactions with virtual characters, celebrities & influencers, treasure hunts, festivals, and much more intensive games. The ecosystem of e-commerce 3.0 will build itself with the imagination of brands and customers, and its limits are unimaginable and incomprehensible now.
- Metaverse like Roblox has 3.2B users engaging to play games and experiences
- Ariana Grande’s psychedelic concert in Epic Game’s Fortnite attracted around 27 Million users. It garnered 160 Million views on YouTube, proving the potential of metaverse experiences being the next driver of engagement and entertainment.
- Brands such as Nike have set up their space in Metaverse as Nikeland, where users can interact and buy goods. And brands like Samsung, Wendy’s, Hyundai, Coca-Cola, and Louis Vuitton have also jumped into the web 3.0 space to leverage the next commerce disruption.
- COMEARTH will be the ecosystem, a platform aggregated with Big and small brands serving as the one-stop solution for brands and customers to identify and engage with each other.