Web 3 has recently received a lot of attention. Many people's concerns about it are very severe. While some people find it ridiculous, others find it fascinating. The next generation of the internet is already available, regardless of what you think of the idea.
Describing Web3
Web3 is a new version of the Internet based on blockchain technology and including ideas like decentralisation and token-based economies (also known as Web 3.0). According to some analysts, Web3 will improve data security, scalability, and privacy for users while also reducing the influence of large tech companies.
Web 3 Trends & Audience Shifts You Should Pay Attention To
Consumers are eager for changes to the internet, corporations, and society as seen by their ardent enthusiasm for Web 3. In order to make Web3 accessible to corporate users, a Web3 Development Firm has entered the market.
We'll soon witness a few organisational changes, at least in part because of Web 3 development, say our partners at HubSpot:
Customers will call for more control over the online services and goods they use
Today's centralised services include Google and Facebook, which we utilise on a daily basis. When you connect on to a platform, such as Facebook, its Meta servers exchange web data with you.
This implies that Meta and its major stakeholders ultimately decide how Facebook operates, sets its user policies, uses its data, and evolves its user experience. Additionally, everyone's access would be revoked if Meta shut down the Facebook servers.
As a result, a select few powerful IT companies and well-known investment firms control a sizable percentage of what we do and see online. Additionally, a lot of users wish they could have greater control over particular areas of the web experience, like data usage, social media feeds, search results, and web browsing.
But what if users were treated more like shareholders and were given the chance to offer feedback on how a platform worked, how it used their data, or how it designed experiences for them? Some believe that in a decentralised Web 3 future, this would be feasible.
As an illustration, certain systems, such as metaverses, let you trade cryptocurrencies, non-fiat tokens (NFTs), fiat currency, or other goods for a piece of land (or a stake in the platform). Despite the fact that major brands and investment firms would likely continue to hold the bulk of the stock and regulate the terms of use, users might at least more fully customise their experiences or have more influence over how the platform works for them.
While not all firms will employ decentralised systems, those that do could give ardent users or consumers influence over significant changes to their online products.
Giving users control over the platforms they use allows them to build trust in a brand and a sense of ownership, and it also allows you as a business owner to profit from the ROI of changes users are making to the user experience.
How Businesses Can Respond
Even if you aren't ready for Web 3 investments or don't have any future plans to make any, you may still make attempts to give your audiences or customers the idea that they have an impact on the growth of your business. Here are a few ideas for little tasks.
Customers are introduced to product developers: Sales and customer service are typically the only divisions that deal with customers. However, getting to know a few loyal customers, hearing their opinions, and understanding their issues can educate product developers a lot. The customer then gets the impression that their valuable and constructive feedback was taken into account.
Consumer feedback studies: If your product development team prefers to analyse more quantitative data, think about polling your target market and sharing the results with the marketing, sales, service, and product teams.
Report on Your Progress: Create a marketing plan that highlights the modifications you made to your product as a result of the feedback you received from customers or potential customers. Clients and potential clients will see from this that you are attentive to their needs and that they are free to voice any changes they would want to see.
Features that can be customised: Customization provides benefits even though it won't necessarily make your customers feel like participants in the process. Online buyers could develop a stronger bond with your product if it can be altered to meet their preferences and objectives in terms of how it feels, looks, and performs. Think of any ways you could help your customers have a fantastic experience using your items.
Internet users Will Be Motivated by Incentives
Despite the fact that incentives have long been available, blockchain technology will make it easier for organisations to track and honour community and user activity in Web 3.
Imagine being paid for using an app or visiting a website by receiving points that can then be converted into money or even NFTs. These are the types of tactics brands might be able to employ to attain long-term growth.
The Demand for Blockchain, NFT, and Cryptocurrency Technology Will Rise
If your target market includes people who have bought digital currency, you should keep an eye on the expanding popularity of this money even though you shouldn't merely change your entire business strategy or payment methods to suit it.
Blockchain Consulting Firms must educate themselves on this cutting-edge technology if they want to be more approachable and future-proof. Blockchain beginners should start here.
As interest in cryptocurrencies and blockchain-based transactions grows, many brands, including B2B companies, have implemented crypto-based payment alternatives on their websites or platforms for a while now, and not just for NFT purchases. Whole Foods, Home Depot, Overstock.com, and Starbucks are a few of them. Furthermore, payment processors like PayPal have adjusted their offerings to support cryptocurrency-based transactions.
Customers will want experiences as well as content
Over the past four to five years, experiential marketing and product experiences have grown in popularity. Additionally, while the COVID-19 pandemic had us all under lockdown, millions of individuals rushed to remote content experiences on VR and AR devices.
Retailers like Walmart and BestBuy are already planning how they will market and sell their products through virtual reality stores, complete with sales personnel that are also logged in to a VR metaverse.
With Web 3's advancements in connectivity, speed, and functionality, interest in and interaction with virtual experience content could only grow.
Conclusion
Do not become anxious since Web 3 implementation will take some time. For businesses that love to follow trends, this technology's installation will happen swiftly; for others, it will happen more gradually.
Consider your client or potential customer's experience before deciding what has to be done to meet them where they are. This is the best course of action.
In the end, if you're paying attention to your customers and giving them experiences that competitors can't, you'll still be in the lead.