The next generation of the Internet, Web 3.0, is an environment that is set to change the way we use and consume content. The building blocks of this new wave have begun to appear recently. Its emergence is exemplified by the development of digital currency, NFTs, metaverse and other decentralized technologies.
Presenting itself as a more democratic version of the Internet, Web 3.0 will allow users to interact on small competing service platforms via 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 fundamental concepts, and companies need to know how to include them in their marketing strategies.
Evolution of Web 3.0 and impact on marketing
Web 3.0 is the third wave of the Internet which is more transparent where technologies such as 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 – included websites that incorporated 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.
Then comes Web 3.0 which is the decentralized Web. It will interact directly with users, devices and systems in smart vehicles, smart homes and workplaces. Web 3.0 marketing is all about exploring the web by analyzing new trends and technologies. The Web 3.0 environment enhances user experiences by providing rich and interactive marketing opportunities. This will benefit marketers as they can now deliver highly targeted advertisements to their audience.
Web3 technologies – including VR and AR, blockchains, cryptocurrencies and smart contracts – will completely change the way creatives create their content, claim ownership and get paid for their work. Moreover, they will change the way we understand and perceive the Internet.
How Web 3.0 will help creators
The creator economy has enabled individuals to create digital content using blockchain technology. Web 3.0 is expected to introduce digital scarcity and return pricing power to creators. Also, because of the new wave, supporting creators will be more of an investment than altruism. It will introduce new programmable business models that will help creators earn well from just one job.
Key Technologies Shaping Marketing in Web 3.0
Artificial Intelligence (AI): AI is considered a big star of Web 3.0. The rapid advancement of natural language processing (NLP) technology will allow computers to evaluate and interpret data and provide accurate information. AI helps marketers collect necessary user data and deliver those advertisements and suggestions to users that match their interests.
Internet of Things (IoT): The number of devices connected to the Internet is increasing every day. This allows the web to be constantly present and available to everyone. This will help marketers analyze consumer buying habits across multiple platforms. They can collect data on how consumers interact with their products and where they are in their buying journey.
Blockchain Technology: Blockchain technology is focused on eliminating centralized systems and creating an open and transparent ecosystem that is reinventing the digital marketing landscape. Moreover, it can help with data security and data centralization. Web 3.0 will make businesses 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 will have the ability to access content from anywhere in the world and not be confined to a desktop or mobile screen. As the lines between online and offline experiences blur with the rise of Web 3.0, brands can reach and connect with new consumers through virtual and hybrid experiences. Using VR and AR technologies, smartphone brands can improve customer experiences and help shoppers make more informed choices. Investing in the metaverse can help businesses grow as they can produce more immersive content.
To deliver an exceptional customer experience, smartphone brands have also introduced dedicated AI-powered chatbots that are available 24/7 to consumers and resolve almost 94.5% of their queries. These chatbots are made available to customers as a personal guide to provide users with a personalized solution for effective and efficient communication. They conduct a conversation through the textual method and provide users with solutions for their queries in real time.
To showcase their offerings, brands are also now digitizing their launch events and exhibitions, transforming the conventional event into an entertaining and interactive world of virtual experiences, where customers can interact with and experience products digitally. Smartphone brands are pairing their devices with wearables such as AR glasses that allow customers to experience Assisted reality.
In addition to offering diverse content and additional IoT products, brands can also reward users for downloading their content and consuming it. Rewards can be in the form of Bitcoin, any stablecoin or altcoin, your own brand coin, NFT, or any such token yet unimaginable. It is surely one of the most effective Web 3.0 marketing strategies that brands can use to grow their business.
Today, businesses can include live shopping on their social media platforms, 3D virtual tours, and more in their marketing strategies. Improving and building on these experiences will keep customers engaged on their current websites and online spaces. It will also open the doors to what will happen next in the new world of Web 3.0. As marketers will be at the forefront of this new wave of the Internet, it is imperative to keep up with new trends to prepare for the new digital consumer landscape.
— Checkerboard Singh KhanoriaMarketing Director, Oppo India