In order to understand the impact of Web 3.0 on the marketing ecosystem, we first need to understand a bit about its predecessors – Web 1.0 and Web 2.0 and how Web 3.0 is different and more future-ready compared to previous versions. of the web.
Web 1.0 is a read-only Web, where users come to seek information. This type of web has become obsolete now. Web 2.0 is a format for reading and writing the web, where users can not only come and collect information, they can also write their responses or generate content, enabling two-way communication between platforms and users or brands. and users. An example of this would be social media or mobile.
Web 3.0 is the next generation of web that allows users to read, write and interact with the web and is a much more immersive experience.
The concept of Web 3.0 is not new. It has been around since 2006 when the term was first coined. About ten years ago, around 2012, Web 2.0 began to lose relevance. And that’s when the discussions around the next generation of the web started to gain momentum.
Web 3.0 is the next generation of the web, based on blockchain principles. It involves AI (artificial intelligence), ML (machine learning), AR/VR, cryptocurrencies and NFTs (non-fungible tokens) and most importantly data is much safer and prevents data leaks by decentralizing data storage, unlike Web 2.0.
Although Web 3.0 has many benefits, the relevant question is whether India or any of the other growing economies in the world are prepared for it, from the perspective of technological advancement. For starters, the systems and gadgets currently in use will not be compatible with web 3.0. For example, many brands, including brands in FMCG, luxury jewelry, etc. have made launches and events in the metaverse, and have already registered their presence there. . However, how scalable are these activities given that the Metaverse headset is something very few currently own? Yet, the global metaverse market is estimated to reach 1.5 trillion USSD in the next eight years. So the future clearly belongs to the metaverse.
However, India’s Information Technology Act 2000 is highly insufficient to determine the flaws of Web 3.0. Yes, the government has launched a few blockchain acceleration programs to equip start-ups for the transition to web 3.0. But the scale of penetration required for a country like India is enormous.
The United States is leading the adoption of Web 3.0 blockchain, while markets such as Asia and the EU are certainly showing promise, especially with the advent of 5G.
India is set to become the fastest growing advertising market in the world, beating behemoths such as the United States and Brazil this year, and will grow by 16%, according to a recent report.
And the majority of this growth will be driven by digital. Web 3.0 will certainly have a significant impact, not only on marketing, but also on the entire customer lifecycle and user experience.
For starters, the power of data management will shift from brands to consumers – certainly a welcome change given all the data security and privacy turmoil in recent years.
Second, SEO will also undergo a massive transformation as more and more searches become voice-based. Google has previously reported that 27% of all mobile searches worldwide are voice-based. And that number will steadily increase over the next few years, forcing websites to become voice search-enabled.
There will also be an increase in long-tail keyword research with an increase in voice search and due to the use of AI keywords such as “near me” will not be much used, as companies close to the user will become a default option during the search.
Due to the nature of Web 3.0, customers would derive more value from the web experience, and the advertisements presented to them would be more relevant and contextual to them. More importantly, with the growing focus on AR (augmented reality) and VR (virtual reality), more and more brands, especially in high-priced segments such as automotive, real estate and fine jewelry, will create 3D content assets to provide a more enriched customer experience. This has already started to happen, and COVID-19 has been a huge propellant for the strong adoption of AR and VR by brands. The future of digital and e-commerce is certainly focused on augmented reality.
But fundamentally what will change is the nature in which brands engage with their customers. The future is cookieless and marketers are already struggling to figure out how to navigate it. Thus, the advent of Web 3.0 would mean more community-driven, interest-based interactions with consumers, as opposed to a transactional relationship with them.
The opinions expressed above are those of the author.
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