If you’re wondering “How will web 3.0 impact your business,” you’re not alone. Domestic searches for ‘web 3.0’ peaked in 2022 just as the Government announced a return to normal life following 2 years of restrictions. Perhaps interest was renewed in the opportunities created by web 3.0 technologies ahead of business-as-usual. Since then, the number of companies realising the benefits of web 3.0 continues to grow. So, today, we’re exploring what web 3.0 is, what it can do for your business and how you can harness it to improve business performance.
What is web 3.0?
Web 3.0, as an idea postulated by Tim Berners-Lee, is based on 3 pillars. These are artificial intelligence, natural language processing and the Semantic Web. But the definition could be expanded to encompass the features it enables like connectivity, decentralisation, edge computing and rich media.
How will it impact business?
Web 3.0 will impact business in a number of ways from boosting consumer trust to amplifying personalisation. As the time for reliance on legacy systems ends, most businesses are looking to take advantage of the benefits web 3.0 and its tech advancements can offer. Most notably, these are:
Decentralised data increasing customer confidence
When you have total data ubiquity and can take your information anywhere; this opens up new opportunities for sharing and collaboration that don’t undermine consumer trust. When private data is decentralised and owned by the customer; this reduces security risks and grants implied consent when it is shared - minimising GDPR concerns.
Data-driven decisions with AI and ML
In web 3.0, artificial intelligence and machine learning work together to enable better business decisions. From smart assistants like Amazon Alexa to NLP chatbots for customer service; the opportunities are endless. Plus, with data collected from more touchpoints, businesses can better understand their customers, how they use their products or services and how to meet unspoken needs.
Increased personalisation for enhanced CX
Also, web 3.0 enhances personalisation opportunities. Using the data collected from IoT and other online sources, businesses can gain more context for interactions. This can help them respond with the right action at the right time. For example, a CRM database enriched with information from multiple sources can power a customised browsing experience on the company website or inform CS agents with a more complete picture of the customer’s needs. Additionally, this increased understanding will make finding lookalike customers for targeting easier and more effective.
Enriched media with AR & VR
Bridging the gap, educating and delighting your potential and legacy customers is critical to any business. And web 3.0 makes this easier than ever with AR and VR tools within the sales cycle. Now virtual dressing rooms, see-in-your-space and other rich media applications can enhance the buying experience through interactions that were previously unimaginable.
This opens up new markets, reduces overheads and shortens the decision time for customers who now no longer need to visit a showroom.
Ready to enhance your business with web 3.0? At DevStack, we can support you to harness these new technologies in meaningful ways to reduce costs and enhance customer experience. Reach out to our helpful team today.
