Chad Tongco is the president and COO of Elevare Technologiesthe leading provider of virtual solutions for global commerce.

Imagine a world where online shopping is more than just scrolling through a page of items on a screen. Instead, customers use an avatar to enter a digital twin of their favorite boutique store, even if they’re in Los Angeles and the store is in London.

These functionalities are what we are going to experience in Web3, the latest iteration of the Internet. But how will these changes affect businesses?

The web has changed drastically since its inception.

To understand the enormity of what lies ahead in this new digital frontier, we must look back at the rapid progression of the web over the past two decades.

In 1998, Google Search was launched, and soon after, consumers began using search engines in droves to easily get the information they needed. Then, companies began to realize that having their information listed in search engines is more of a necessity than a fad. This prompted companies to develop an online presence by creating websites for consumers to visit and eventually make purchases. Fast forward to the 2010s, when consumers flooded into multiple social media platforms and businesses followed suit.

The Web3 digital economy is the imminent evolution of this progression. Therefore, companies will have little to no choice but to participate in this new frontier.

3 advantages of the digital economy Web3

When it comes to technological advances, early adopters often win. So what are some of the key benefits of this next digital frontier that businesses can expect?

immersive interaction

Consumers will experience a significantly more immersive online experience as Web3 places an emphasis on human interaction. Currently, shoppers scroll through static item pages as they please. In the future, online retailers will find ways to replicate the physical world. The respective shopper avatars will enter a virtual space where they can shop and interact with other people, such as customers and employees. If they have a question, instead of interacting with a chatbot, consumers will interact with a human who answers in real time. This immersion will return control of the customer service experience to business stakeholders, thereby improving customer engagement and retention.

Accessibility

The virtualization of commerce brings greater accessibility to consumers. Without leaving the comfort of their homes and their respective workplaces, consumers will be able to virtually travel to another country, visit stores there, and then seamlessly receive their orders in the physical realm. This saves consumers a lot of time and money that they could have spent on actual travel. It also means greater access to global cultures, goods and services that were once limited to certain locations or inaccessible to certain populations.

Also, the McKinsey report “Creating Value in the Metaverse” states that the potential impact of the virtual world on e-commerce will be between $2 trillion and $2.6 trillion by 2030. Therefore, companies that want to take advantage of Web3 will have to create a virtual replica of their business along with your current static sites. Adopting a hybrid arrangement of static online experiences and immersive virtual experiences will enable businesses to provide consumers with accessibility options that match their individual preferences, comfort level, and capabilities.

Efficiency

Whether through mobile devices, desktop computers, VR glasses or AR glasses, access to this virtual kingdom will be as easy as opening applications. In addition, today’s email and Web 2.0 sites will be transformed into connected virtual worlds on one main virtual continent, further increasing accessibility and adoption.

This seemingly frictionless integration will allow companies to get their work done under one platform instead of a plethora of enterprise software programs. This eliminates information silos and increases efficiency because all operational processes: finance, inventory, and project management; KPI dashboards; CRM; and other tools—will be in a single virtual space.

With so much adoption and integration of use cases on the horizon, companies in the consumer and retail industries will see the effects of this technological evolution quickly. As Web3 approaches, it’s up to companies to better position themselves for success. Your ability to adapt and succeed will surely influence other industries in the future, leading to a thriving virtual economy.

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