The next generation of the internet, Web 3.0 is an environment expected to change how we will use and consume content. The building blocks of this new wave have started showing up recently. Its emergence is being exemplified by the development of digital money, NFTs, the metaverse and other decentralized technologies.
Shaping to be a more democratic version of the internet, Web 3.0 will enable users to interact on small competing service platforms through blockchain. In today’s digital world, consumers demand control over their data and privacy. In addition, they seek decentralization, user-friendliness, and transparency. The rise of Web 3.0 already encompasses these core concepts and businesses need to know how to include these in their marketing strategies.
Evolution of Web 3.0 and impact on marketing
Web 3.0 is the third wave of the internet that is more transparent where technologies like AI, IoT, and blockchain are combined to create a more secure, private, and interactive user experience. Web 3.0, or the Semantic Web, will be the next frontier of web development.
The first wave of the Internet was Web 1.0, which began in 1994 and ended in 2000, characterized by static websites and graphics. The second phase – Web 2.0 – comprised websites that integrated user-generated content and UX. It made everything interactive, led to the rise of social media, and people started connecting through blogs, Facebook posts and tweets.
Next is Web 3.0 which is the decentralized web. It will directly interact with users, devices and systems in smart vehicles, smart homes and workplaces. Web 3.0 marketing involves exploring the web by analysing new trends and technologies. The Web 3.0 environment enhances user experiences by offering rich and interactive marketing opportunities. It will benefit marketers as they can now deliver highly targeted ads to their audiences.
Web3 technologies – comprising VR and AR, blockchains, cryptocurrencies and smart contracts – will completely change how creatives create their content, claim ownership for it and are paid for their work. Moreover, they will change the way we understand and perceive the internet.
How Web 3.0 will aid creators
The creator economy has empowered individuals to create digital content using blockchain technology. Web 3.0 is anticipated to introduce digital scarcity and restore the pricing power to creators. Also, owing to the new wave, supporting creators will be more of an act of investment rather than altruism. It will introduce new programmable economic models that will help creators earn well through a single piece of work.
Key technologies shaping marketing in Web 3.0
Artificial intelligence (AI): AI is considered a big Web 3.0 star. The quick progression in natural language processing (NLP) technology will enable computers to assess and interpret data and provide accurate information. AI is helping marketers collect necessary user data and deliver such ads and suggestions to users which match their interests.
Internet of Things (IoT): The number of devices connected to the internet is increasing daily. This allows the web to be constantly present and available to each person. This will help marketers in analysing consumer buying habits across multiple platforms. They can gather data about how consumers interact with their products and know where they are in their buying journey.
Blockchain Technology: Blockchain tech is focused on eliminating centralised systems and creating an open and transparent ecosystem that reinvents the digital marketing landscape. Additionally, it can help in data security and data centralisation. Web 3.0 will make companies user-centric and transparent, with users having direct control over their data and privacy.
How brands can prepare for Web 3.0 marketing
The next evolutionary phase of the internet will create a space where users have the flexibility to access content from anywhere in the world and not be confined to a desktop or mobile screen. As lines between online and offline experiences blur with the rise of Web 3.0, brands can reach new consumers and connect with them through virtual and hybrid experiences. Through VR and AR technologies, smartphone brands can enhance customer experiences and help buyers make more informed choices. Investing in metaverse can help businesses grow as they can produce more immersive content.
To provide a great customer experience, smartphone brands have also introduced dedicated AI-powered Chatbots that are available 24X7 for consumers and resolve almost 94.5% of their queries. These chatbots are available at customers’ disposal as a personal guide to provide users with a personalized solution for effective and efficient communication. They conduct a conversation via the textual method and provide the users with solutions for their real-time queries.
To showcase their offerings, brands are also now digitalizing their launch events and exhibitions, transforming the conventional event into an entertaining and interactive world of virtual experiences, where customers can interact with the products and experience them digitally. Smartphone brands are teaming up their devices with wearables like AR glasses that allow customers to experience Assisted Reality.
Along with offering diversified content and supplementary IoT products, brands can also reward users for downloading their content and consuming it. The rewards can be in the form of Bitcoin, any stablecoin or altcoin, your own brand’s coin, NFT, or any such token that is yet unimagined. It is surely one of the most effective Web 3.0 marketing strategies that brands can employ to expand their business.
Today, businesses can include live shopping on their social media platforms, 3D virtual shopping tours, and much more in their marketing strategies. Enhancing and further constructing these experiences will keep customers engaged on their current websites and online spaces. It will also open doors to what will arrive next in the new world of Web 3.0. As marketers will be on the frontline of this new wave of internet, keeping a track of new trends is imperative to prepare for the new digital consumer landscape.
— Damyant Singh Khanoria, Chief Marketing Officer, Oppo India