Defining Web 3.0 For Business
People of a certain age will happily share tales about the early days of the internet. Back in the nineties, it was well over a decade before the iPhone was even a concept. But many can still remember the sweet sound of a dial-up modem connecting to the so-called super information highway to browse static web pages.
Web 2.0 soon followed, and the arrival of the social web went on to enable people from all over the world to tear down geographical barriers to collaborate seamlessly together. MySpace might be confined to the history books, but believe it or not, our addiction to social networking is already over ten years old.
There are many examples of companies that failed to adapt to the changing digital landscape. But once again the wind of change is preparing to impact multiple industries through further advances in technology as we head towards Web.3.0.
We are living in a digital age where business leaders are increasingly familiar with the mantra, “disrupt or be disrupted.” But, have business owners learned their lessons from last time? And where do they begin to define Web 3.0 for their industry?
Leaders that can see beyond the buzzword will be exploring how Web 3.0 can help their business gain an early competitive advantage. The semantic web promises to help businesses combine a Smorgasbord of information across multiple online sources. Why is this valuable? It unlocks the ability to identify the needs of your customer in real-time.
Web 3.0 Is Already Here
You do not need a crystal ball to see how much of a game changer Web 3.0 technology will be for businesses of all sizes. There is also an argument that the future is already here. Amazon is an excellent example of a company that is leveraging Web 3.0 technologies and raising our expectation levels in the process.
With one click, an Amazon customer can login to purchase almost anything their heart desires from any device and get it delivered within hours, rather than days. The technology also provides an overview of your entire shopping history and reviews which also enables the company to make suggestions for items you might also like based on your past purchases.
Many customers even pay $119 a year just for the privilege of accessing the Prime membership features. This speaks volumes about the customer expectations of digital shoppers and how they are willing to pay a subscription for a premium service.
What Is Web 3.0 and what does it mean for my business?
After decades of hoovering up customer data and Mark Cuban declaring that data is the new gold, many businesses have been struggling to unlock the value hidden inside their fragmented information. However, thanks to artificial intelligence, and machine learning, big data is now bringing the concept of personalized experiences to life.
The ability to analyze both user data and behavior makes it possible to provide a more personalized online experience without the need to Google anything. In many ways, the technology and devices are slowly becoming invisible as we begin to seamlessly interact through digital assistants by merely asking questions with using our voice.
In the future, it won’t matter if you have invested heavily into ensuring your business is on the front page of Google if your services are invisible to those using voice search. Web 3.0 is simply removing all friction points from the internet so that we can all access the information that we want, on any device, at any time. Seamless searching and personalized experiences are great examples of how our expectations are already being transformed.
For example, even a quick location search now provides us with directions, hotel recommendations, and live traffic updates. Welcome to Web 3.0, but is your business meeting these expectations? And how difficult is it for your customers to access the valuable information that they need?
The Age of Trust and Transparency
News that Facebook inflated its ad-watching metrics by up to 900 percent is just one example that highlights the huge problem around ad fraud in the advertising industry. Equally, supply chains have become unnecessarily complex and ineffective too. Data silos caused by too many third parties are making it almost impossible to fight contamination or reduce counterfeiting.
There is an increased awareness of around the implications of data privacy and misuse. The emergence of blockchain and its data and governance layer could secure and validate not only online identities, every element of your business and supply chain too.
A combination of IoT sensors and blockchain can protect everything from assets to personal files. For businesses of all sizes, the possibilities for advertising and marketing with Web 3.0 technology is limitless. But, it’s doing it transparently and respecting users’ privacy that is not only needed but equally as exciting.
The bigger the challenge, the bigger the opportunity
An unforgiving online community will no longer accept excuses from any organization. Users expect household names that were caught off guard during the transition to Web 2.0 to have learned from their mistakes. If they don’t, they run the risk of being the next Blockbuster or Yahoo.
Business leaders need to start to ask questions and acquire knowledge about how Web 3.0 technologies can help their organization. Exploring new ways of working and swimming with the tide rather than against it is one of the best ways of avoiding an uncertain future or worst still becoming obsolete
It’s no longer the geographical boundaries that have been torn down. The blurred lines between digital and physical are disappearing forever. The days of typing questions into Google and trawling through a sea of information to find what you need are slowly fading. How is your business going to adjust to this change?
Looking back at our online history, the static web feels like another lifetime away. It’s time to explore how your business will thrive and survive in a new dynamic digital era.