Integrating Web3 Tech into Traditional Ecommerce Platform

The phrase “Web3” has become more popular in the past several years. It may be crucial to our future interactions with the internet, according to several prominent figures in technology. Web3 is one of the cutting-edge technologies that have contributed to this industry’s rapid expansion.  So, it is crucial to know in detail about integrating web3 tech into traditional ecommerce platform. 

Without corporate controls, Web3 might lead to a more user-centric internet. Many anticipate that Web3 will become a central feature of technology use as advancements in technology allow it. So, any developer may start creating a profitable web3 ecommerce website by following the steps outlined in this article.  

How Do You Define Web3?

Web3 is a decentralised internet that runs on blockchain technology and gives users access to the internet. as opposed to being controlled and owned by governments and corporations. Web3 would create transaction records that would belong to the people using blockchain technology.

In order to explore the internet, access social networks, and communicate with brands and other users, users would build several programmes known as Web3 online. Users would be in charge of their data again with open-source technologies. How they utilise the internet, departing from the prevailing centralised paradigm. 

The fact that it is effectively the third generation of the web is indicated by the title Web3. Below is a quick summary of the many versions of the Internet:

Web1: Involved a stagnant internet with minimal user engagement. So, though useful, this version lacked any genuine algorithms to aid people in finding the information they were looking for quickly.

Web2: This version is more dynamic and facilitates user communication as well as the sharing and dissemination of material on interactive platforms like social media. So, we are still utilising Web2 as of right now.

Web3: This version will leverage blockchain technology in conjunction with AI and machine learning to deliver highly customised information to every user. The goal of decentralisation is to restrict specific information that is politically or culturally sensitive. 

Key features of a web3 ecommerce website

Web3 ecommerce is revolutionising online purchasing by utilising blockchain and cryptocurrency technology. Unlike traditional markets, web3 ecommerce sites may offer a transparent, limited, and borderless experience by incorporating fundamental functionalities. Among the essential components are: 

NFT sales

Offering unique digital goods such as collectibles, assets, artwork, in-game items, and more represented by non-fungible tokens. On the blockchain, NFTs have distinct IDs and metadata that attest to their ownership and scarcity. When an NFT marketplace is ready to go live, you have to promote it to both current users and the general public who are desires in collecting tokens. So, establishing a community of like-minded individuals on social networks or forums is one of the most successful strategies. 

Community rewards

Members of the community have access to special material, events, collectibles, early access, discounts, and other benefits. In order to fully enjoy web3, it is important to cultivate an active community. Blockchain enables clients to participate in loyalty reward programmes and receive customised offers. Data about consumer preferences and past purchases may be safely stored on blockchains. So, this enables the blockchain to automate loyalty reward programmes and provide customised offers. 

Protocol integrations

Integrating with pertinent blockchain protocols to provide essential features such as NFT functionality, community-building capabilities, crypto payments, and transparency features. Integrations with Tezos, Ethereum, Flow, and other platforms are possible. In addition to decentralised choices, merchants ought to provide conventional payment channels such as PayPal, credit cards, and other widely used online payment systems. 

Decentralization

In contrast with rigid ecosystems, openness, interoperability, and cooperation are strongly prized in decentralised web 3. There are several decentralised payment gateway alternatives available on the market. When it comes to transaction fees, supported cryptocurrencies, user experience, security features, and other factors, entrepreneurs should do their homework and choose the ones that best suit their needs.

Open standards

Building with open, public standards as opposed to closed-source technologies. It covers formats, APIs, blockchain protocols, and other things. Open standards provide choice, innovation, and platform intersection. So, it is recommended that businesses use traditional payment channels such as credit cards, PayPal, or other widely used online payment methods in addition to decentralised choices. 

User experience

In spite of the complicated web3 principles and technology, user experience focuses on delivering a simple, seamless user experience. Blockchain is not complicated enough for the typical customer to grasp in order to benefit from it. UX design prioritises inclusivity, ease of use, joy, and simplicity. 

How does web3 differ from web2?

• Decentralise

A small number of powerful corporations dominate Web2, the modern internet, which is a centralised system. The goal of Web3 is to decentralise the Internet and related services, such as banking, content production, and commerce. So, blockchain networks, users, communities, and artists gain influence from companies when decentralisation occurs. 

• Content

Web2 apps and content are hosted on platforms that are owned by very large IT businesses. Web3 is based on decentralised, open networks that are not governed by a single organisation. Users are free to choose and switch between different networks. So, almost impossible censorship results from decentralisation..

• Data

Web2 companies gather and use user information and focus on target advertisements. Although Web3 business models are still developing, consent, data ownership, and privacy are top priorities. Users still have greater authority over their information, identity, and focus. So, consent and transparency govern information gathering and usage.

• Commerce

Traditionally, a few groups of popular marketplaces and payment processors handled the majority of web2 commerce transactions. Web3 uses cryptocurrencies and blockchain technology to decentralise trade. It permits secure transactions without middlemen, peer-to-peer trade, and open markets. Payments are anonymous, quick, inexpensive, and cross-border.

• Feature

Web3 is made distinctive by blockchain and cryptocurrency technology. Verifiably scarce digital assets (NFTs), open supply chains, community governance, and trustless trade are some of these characteristics. With these elements, new forms of ownership, work, finance, and organisation are intended to be empowered and conventional systems are subverted.

Steps to develop a web3 ecommerce website

• Decide on features

Web3 is made distinctive by blockchain and cryptocurrency technology. These characteristics include transparent supply chains, community governance, verifiably scarce digital assets (NFTs), and trustless trade. With the help of these elements, new forms of ownership, labour, money, and organisation hope to upend established institutions.  Because the consumer is more likely to find the offered technology interesting, the first choice is more dependable while being rather pricey. In the second case, concerns about your development are not excluded since they will be uncommon.

• Pick blockchain protocols

Integrate with the appropriate blockchain protocols, such as Ethereum, Flow, Tezos, or others, that power the features you have chosen. These protocols will provide community governance, NFT functionality, and cryptocurrency transactions. Select protocols that appropriately address needs and constraints. Ethereum’s large development community, well-established infrastructure, and smart contract features make it a popular choice. 

• Build with open standards

Stem from open, publicly available standards to allow for choice and interoperability. There are standards for blockchain connectivity, APIs, data formats, and other domains. Open standards encourage creativity and platform intersection as oppose to closes systems. Describe the many parts, including the payment mechanism, storage, front-end interface, back-end logic, and blockchain connection. In your design, take user experience, security, and scalability into account. 

• Prioritize UX

Even with complicated blockchain technology, provides a simple, seamless user experience. Put into practice inclusive design, helpful instruction, easy-to-use interfaces, and straightforward workflows. To profit from decentralisation, the typical customer does not need to comprehend it. For adoption to become widespread, UX is vital. 

• Develop a community focus

Create features and tools that will help you build an active community around your platform and goods. Membership programmes, blogs, forums, events, exclusive access, and more could be a part of it. In web3, community is crucial for success.  So, establishing a community of like-minded individuals on social networks or forums is one of the most successful strategies. Create your community and advertise it in topical groups to draw in hundreds of new customers—crypto-enthusiasts are always seeking new things. 

• Address challenges

Considerable obstacles to overcome include scalability constraints, volatility concerns, integration complexity, low acceptance of cryptocurrencies, and many protocol possibilities. To enhance solutions, keep assessing technological advancements and collaborations. So, the advantages of web3 will eventually inspire overcoming obstacles. The blockchain increases security by having a copy of every transaction and its history on every node. Therefore, transaction data cannot be compromised by hackers.

• Maintain flexibility

Select integrations that are modifiable in the event that new protocols and integrations arise. Keep an open mind so that new alliances and standards may better address changing corporate needs. Since Web3 is developing quickly, adaptability is essential to remaining current. Include must-have ecommerce functions like order tracking, reviews, ratings, filtering, and product searching. Hence, to increase trust and promote user feedback, put in place a reputation system. 

• Provide value

Focus web3 ecommerce tools and features on giving clients a definite value. Whether the value is monetary, social, communal, or of other kinds, it should motivate behaviour and fidelity. What will drive the general public to embrace web3’s innovative features is its value. Include elements that facilitate easy purchasing and selling. Important things include product listings, reviews, and simple searches. So, they optimise the usability and efficiency of your platform.

• Consider business models

Find a profitable way to maintain your web3 ecommerce platform’s success and further development. Among the options include obtaining revenue shares, charging for services or features, offering platform memberships or access, collecting NFT royalties, offering advisory services, and more. So, the requirements of the community, capabilities, and priorities will determine which model is best. 

• Continuously improve

Web3 ecommerce platforms test, experiment, and improve over time, just like any other programme. Hence, to improve value propositions over time, keep developing based on customer input, assessing new features, refining UX/UI, and forming new alliances and platform connections. Relentless innovation to empower people and communities is essential to success.

The benefits of web3 ecommerce for enterprises have now become abundantly clear to you. Brands can provide you with more transparent transactions, experiences that really fit you, and safer transactions by using blockchain technology. So, ecommerce indeed has difficulties these days. However, web3 might be your key to success.

Recall that gaining your clients’ confidence is crucial as you prepare for web3 ecommerce. Make sure you are transparent about the way you utilise and protect personal data. However, why not have a look at DigitilizeWeb if you’re considering becoming involved in web3 ecommerce? Reach out to ecommerce website design agency in UK and start your journey into the ecommerce of the future! Hence, follow us on LinkedIn for more.