Should eCommerce Brands Worry About the Noise Around Web3?

How can the decentralized web in the form of Web3 impact the eCommerce industry? Also referred to as Web 3.0, Web3 has been capturing the audience’s attention in recent times. The search queries for the keyword, “Web3” peaked in December 2021, up 20 times from a year before.

Juan Benet of Protocol Labs refers to the Web3 as a “software framework that reimagines web applications in a way that dilutes authority, verifies identity and intent, and builds a better, more sustainable set of tools for everyone to share and use.”

How will Web3 transform the eCommerce domain?

Over the next 5 years, eCommerce stores are likely to see more transactions using Web3 and non-fungible tokens (NFTs). Consumers will use technologies like Blockchain and distributed applications (dApps) to make online purchases.

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Let us deep dive into how Web3 will impact eCommerce. Keep reading.

What is Web3?

Effectively, Web3 has evolved from Web 2.0 or what was known as the “read and write” version of the Internet. With Web 2.0, online users could consume more content and even create and publish their content. This led to the proliferation of social media companies like Facebook and Twitter, which also had complete control over their user’s personal information.

Eventually, this created concerns about data privacy and monopolization, which then led to the emergence of the Web3 (or the “Read/Write/Own” version of the Internet). Gavin Wood, who officially coined the “Web3” term in 2014, believes that this decentralized technology will “bust technology monopolies like Google and Facebook.”

Web3 users can now “govern” their data and become stakeholders, instead of just being consumers. Brian Brooks of Bitfury explains that “what happens on the decentralized Internet is decided by the users” as against being decided by the likes of Twitter and Facebook.

How will Web3 transform the world of eCommerce? Let us discuss next.

How will Web3 impact eCommerce?

Considering the level of global interest in Web3, eCommerce retailers must try to understand how it can impact their business in the future. The idea of the decentralized web could potentially open new forms of doing eCommerce business. On its part, blockchain technology can provide online shoppers with both convenience and a sense of control over their shopping transactions.

Here is a look at 5 eCommerce areas that could be impacted by Web3:

1. Brand loyalty programs

Traditionally, eCommerce brands have rewarded their loyal customers through the brand loyalty program, which typically earns their consumers “reward points” for every dollar that they spend. Consumers can, in turn, accumulate and redeem their points for making purchases or availing of discounts.

In the world of Web3, eCommerce brands could design their loyalty programs around non-fungible tokens (NFTs) that offer potentially more monetary value to consumers. Here are some ways NFT-based tokens can transform loyalty programs:

  • Consumers can purchase NFTs directly from the blockchain, without any intervention from the eCommerce brand.
  • With their predefined value, NFTs can be redeemed by consumers to buy any eCommerce store product, making them more valuable than reward points.
  • eCommerce marketing campaigns can also offer new consumers free NFTs to be used in their first purchase.

Exploring The Power Of Kibo Headless eCommerce

2. Digital currency payments

Beyond rewarding high-value customers with NFTs, the use of blockchain technology in eCommerce platforms could also witness a rise in the use of cryptocurrencies (or digital currencies). While Web 2.0 payments were based on the “trust” of centralized authorities & security protocols, the Web3 framework differs by assuming that no individual or central authority is trustworthy enough, thus verifying the “user intent” every time.

Cryptocurrencies decentralize money, just as Web 3.0 decentralizes all applications. To paraphrase the words of Dr. Gavin Wood, Web3 assumes “trust, but will have the truth.” On its part, eCommerce companies of the future could allow their consumers to purchase items in exchange for digital coins like Bitcoin or Ethereum. It would be interesting to see eCommerce sites built using Shopify or Magento plugins displaying the “live price” of digital currencies and accepting crypto payments.

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3. Data security

Among the top concerns with Web 2.0, online users were genuinely cognizant about the way large technology companies harvested their data.

How does the decentralized approach of Web3 impact data security or cybersecurity? With its foundation in blockchains, Web3 is leveraged for trust verification and includes data privacy and protection. Additionally, Web3 allows customers to share their personal information without being concerned about data misuse.

eCommerce sites can also use customer data (along with artificial intelligence or AI tools) to promote products that are better suited to their individual needs.

4. Personalization

At a minimum use case, AI tools in Web3 can display products that are most likely to fit customer tastes and needs. What about customizing the product during production to fit consumer needs? That can easily be managed using Smart AI technology with unrestricted access to consumer data. Intelligent AI can be used to even personalize SKU features for individual consumers.

In a recent webinar, Kristi VanderBosch of Oliver U.S argues that “in the face of blockchains, CRM tools used by marketers today could become obsolete.” The reference is to the “new” way in which customers will identify themselves and their data will be shared. The good news for retail brands is that customer relationships in Web3 could become more direct and personalized.

5. Virtual eCommerce

With the Web3 evolution, future shoppers could see themselves wearing Prada apparel in the “virtual reality” of the metaverse. Virtual eCommerce is the mode of eCommerce brands selling a digital version of their products to consumers. For instance, Gucci has a virtual collection on the Roblox platform. Digital-first retail brand, Pacsun has designed its own NFT, which will start bidding at $500 on the online marketplace, Open Sea.

While most NFTs on Web3 will start as “marketing gimmicks,” real-world items are most likely to include digital NFTs over the next decade. In the Web3 realm, NFTs may begin with high-end retail brands, and then become commonplace in the downmarket.

Conclusion

With more consumers wanting to gain control over the Internet and their data, Web3 will continue to innovate and transform the face of the eCommerce industry. To stay competitive, eCommerce platforms will need to evolve towards accepting cryptocurrencies and NFTs as a legitimate form of payment.

At Ignitiv, we have constantly looked to help our eCommerce clients innovate and offer new experiences to their consumers. As an able technology partner, our expertise can deliver the best of technology tools and consulting strategies for your digital transformation journey.

Need a technology partner to grow your business? Contact us now.

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author: Name of Author     Date:Jun 2,2021

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Ignitiv, a leading eCommerce agency is proud to announce the addition of a new customer, United Hardware. Ignitiv will deliver to United Hardware, a state-of-the-art eCommerce solution powered by Kibo Commerce’s Unified Commerce platform. United Hardware aims to use eCommerce as a driver for, both, business growth and enhancement of customer experience. Once live in Q3 2021, the site will allow customers to get rich product information, check for availability in nearby stores and buy online to pick up in stores. Store managers will also get the flexibility to communicate their offers and promotions.

Doug Audette, CEO of United Hardware, said, “Building a modern personalized eCommerce site is a strategic push to enable our dealer stores to present a better omni-channel experience for our customers”.

Rajib Das, CEO of Ignitiv, added, “With our home improvement industry eCommerce solution built on Kibo, we are delivering, within budget and time the solution that enables United Hardware to execute on growth and customer experience”.

United Hardware Distributing Co. is a dealer-owned corporation based in Plymouth, Minnesota which provides distribution services for about 610 member-owned stores operating under the Hardware Hank trade name.

#unitedhardware #ecommerce #leadtheexperienceeconomy #ignitiv #kibocommerce

 

Coastal Construction Products Partners With Ignitiv and Kibo to Jumpstart eCommerce Growth

“With this solution, we want to establish and sustain digital leadership in the construction industry." - Tim Lavinder, Director of Digital Strategy at Coastal

CUPERTINO, CALIFORNIA, US, May 28, 2021 /EINPresswire.com/ -- Ignitiv, a leading eCommerce agency, and Kibo, the leader in unified commerce, are announcing that Coastal Construction Products has selected Ignitiv and Kibo to jumpstart their B2B Commerce growth with Kibo’s Unified Commerce Platform. Coastal’s B2B Commerce solution will combine unified omnichannel B2C-like experiences with streamlined B2B processes. Coastal’s business customers will get personalized product information, rich associated content, real-time inventory updates, customer and job-specific pricing, and the ability to order quickly and in a streamlined manner – all leading to a superior experience.

Coastal will also benefit from a seamless integration between Kibo and Prophet21 ERP software using SimpleApps’ REST API.

Tim Lavinder, Director of Digital Strategy at Coastal, said, “With this solution, we want to establish and sustain digital leadership in the construction industry. Our goal is simple - deliver real and unique value to our customers through a tool that puts their needs first.”

“Coastal’s strategy to create unified ecommerce experiences for their customers is the best way forward in our omnichannel world, continually improving performance and process at across every customer touchpoint. We’re excited to partner with Ignitiv and Coastal as part of their integrated, data-driven approach,” said Brian Wilson, COO, Kibo.

“Great mobile-first design that optimizes the customer journey, a platform that combines Commerce, Order Management and Personalization, and comprehensive integration to ERP are the three levers we are using to build a platform for growth for Coastal Construction Products,” said Rajib Das, CEO of Ignitiv.

Coastal Construction Products is one of the largest independent distributors of caulking and sealants, waterproofing, concrete repair, and fire protection products in the United States. With roots going back 40 years, Coastal Construction Products has worked with its construction industry customers across the Southeast and the Caribbean, assisting them with quality materials and support.

About Ignitiv
Ignitiv is a full service agency that combines strategy, digital marketing, technology and customer analytics expertise to help craft integrated digital experiences that deliver more customers, more revenues and more profitability. Ignitv is the partner of choice for Home Hardware, Canada Post, United Hardware and Bi-Mart.

About Kibo Commerce

Kibo is the only extensible, unified commerce platform that delivers personalized, omnichannel experiences. The platform combines AI-driven personalization from industry leaders Monetate and Certona, omnichannel commerce for B2C and B2B models, enterprise-grade order management, and AI-driven point of sale. Global clients like Office Depot, Taco Bell, and Patagonia rely on Kibo's API-first, microservices-based architecture to support a wide range of commerce strategies, including headless commerce, that meet high growth goals and customer expectations at a manageable cost of ownership.

#ignitiv #leadtheexperienceeconomy #coastalconstruction #ecommerce #kibocommerce #unifiedcommerceplatform #prophet21

online shopping

Bi-Mart accelerate to omni-channel growth with Ignitiv and Kibo

CUPERTINO, CALIFORNIA, US, March 1, 2022 /EINPresswire.com/ -- Ignitiv, a leading eCommerce agency, and Kibo, the leader in unified commerce, are pleased to announce the successful implementation of “buy online, pick up in store” (BOPIS) at Bi-Mart.

Across its full brick-and-mortar presence, Bi-Mart can now sell its product assortment online, allowing member customers to pick up orders from either Bi-Mart or Cascade Farm and Outdoor stores. Customers may also place orders at CascadeFarmAndOutdoor.com and pick up from any Bi-Mart store they choose, adding value and convenience to their shopping experience.

Click here to Read More

#Bi-Mart #Bi-Martaccelerate #ecommerce #leadtheexperienceeconomy #ignitiv #kibocommerce

 

United Hardware to fuel eCommerce growth with Ignitiv and Kibo

Ignitiv, a leading eCommerce agency is proud to announce the addition of a new customer, United Hardware. Ignitiv will deliver to United Hardware, a state-of-the-art eCommerce solution powered by Kibo Commerce’s Unified Commerce platform. United Hardware aims to use eCommerce as a driver for, both, business growth and enhancement of customer experience. Once live in Q3 2021, the site will allow customers to get rich product information, check for availability in nearby stores and buy online to pick up in stores. Store managers will also get the flexibility to communicate their offers and promotions.

Doug Audette, CEO of United Hardware, said, “Building a modern personalized eCommerce site is a strategic push to enable our dealer stores to present a better omni-channel experience for our customers”.

Rajib Das, CEO of Ignitiv, added, “With our home improvement industry eCommerce solution built on Kibo, we are delivering, within budget and time the solution that enables United Hardware to execute on growth and customer experience”.

United Hardware Distributing Co. is a dealer-owned corporation based in Plymouth, Minnesota which provides distribution services for about 610 member-owned stores operating under the Hardware Hank trade name.

#unitedhardware #ecommerce #leadtheexperienceeconomy #ignitiv #kibocommerce

online shopping

Bi-Mart accelerate to omni-channel growth with Ignitiv and Kibo

CUPERTINO, CALIFORNIA, US, March 1, 2022 /EINPresswire.com/ -- Ignitiv, a leading eCommerce agency, and Kibo, the leader in unified commerce, are pleased to announce the successful implementation of “buy online, pick up in store” (BOPIS) at Bi-Mart.

Across its full brick-and-mortar presence, Bi-Mart can now sell its product assortment online, allowing member customers to pick up orders from either Bi-Mart or Cascade Farm and Outdoor stores. Customers may also place orders at CascadeFarmAndOutdoor.com and pick up from any Bi-Mart store they choose, adding value and convenience to their shopping experience.

Click here to Read More

#Bi-Mart #Bi-Martaccelerate #ecommerce #leadtheexperienceeconomy #ignitiv #kibocommerce

b2b Kibo Partner

 

The Kibo solution will help Fortis Life Sciences maintain the customer orientation and agility it values while building scale and capacity for future customers.

CUPERTINO, CA, US, September 26, 2022 - Ignitiv, a leading eCommerce agency, and Kibo, the leader in unified commerce, are pleased to announce the successful implementation of Fortis Life Sciences’ commerce solution.

Fortis Life Sciences offers customers in the research, diagnostics, and therapeutics markets world-class reagents, tools, and materials, globally.

Fortis' business strategy is to provide its customers with the best-in-class experience and quality products. A dedicated effort to realize this core vision required Fortis to identify and implement the best commerce solution available to enable their customers a real-time search and find product discovery.

The goal was to streamline the customer's buying process by allowing purchase ordering handling and easy customer registration, seamlessly integrating into their current enterprise systems.

"With our new Kibo Commerce solution, implemented with Ignitiv's partnership, we have been able to rapidly deliver a customer-friendly ecommerce experience in support of our company's mission and vision.", said Andy Wolf, Chief Technology Officer, Fortis Life Sciences. "I thank Ignitiv and Kibo for helping us implement this scalable solution quickly."

"We greatly enjoyed working with Ignitiv to implement our modern, unified eCommerce solution at Fortis Life Sciences," said Ava Aprin, Head of Global Partnerships, Kibo. "The Kibo solution will help Fortis Life Sciences maintain the customer orientation and agility it values while building scale and capacity for future customers."

Rajib Das, CEO, Ignitiv, also said, "With this solution, Fortis now provides its customers with a frictionless buying experience and exceptional service and support across channels. We are delighted to partner with Kibo and Fortis Life Sciences to implement a state-of-the-art solution that brings significant value."

About Fortis Life Sciences

Fortis Life Sciences is a strategic platform company founded in 2020, with the mission of offering world-class products coupled with best-in-class customer experience. Over the course of the two years, the company has built a portfolio of high-quality products and brands serving attractive end markets including diagnostic, therapeutic and research discovery. Fortislife.com.

About Kibo Commerce

Kibo is the only extensible, unified commerce platform that delivers personalized, omnichannel experiences. The platform combines AI-driven personalization from industry leaders Monetate and Certona, omnichannel commerce for B2C and B2B models, enterprise-grade order management, and AI-driven point of sale. Global clients like Office Depot, Taco Bell, and Patagonia rely on Kibo's API-first, microservices-based architecture to support a wide range of commerce strategies, including headless commerce, that meet high growth goals and customer expectations at a manageable cost of ownership.

About Ignitiv

Ignitiv is a full-service agency that combines strategy, digital marketing, technology and customer analytics expertise to help craft integrated digital experiences that deliver more customers, more revenues and more profitability. Ignitiv is the partner of choice for Home Hardware, Canada Post, United Hardware, Fortis Life Sciences, and Bi-Mart.

#ignitiv #leadtheexperienceeconomy #fortislifesciences #fortisforyou #B2B #ecommerce #kibocommerce #unifiedcommerceplatform