The Next Big Thing in Digital Marketing
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01
Web 3.0: The Next Big Thing in Internet Revolution
Among all of the technology revolutions that we had witnessed today, the internet technology is arguably the most disruptive innovation in the history of mankind. The internet was invented three decades ago and has delivered massive amount of economic value. It is undoubtedly one of the human creations that has provided endless technological advances to the world.
Brief SummaryWe crawled in Web 1.0; we are now walking in Web 2.0; and we will run in Web 3.0.
Web 1.0 that persisted until around year 2000 is the first episode of internet resulted from the convergence of computing and communication technologies. It was characterized as a “read-only” internet where people use web browsers over TCP/IP (Transmission Control Protocol/Internet Protocol) connection to access hosting servers and get information. Web users simply surfed the web looking for information in static HTML (Hypertext Transfer Protocol) pages and had little opportunity to interact with the sites. Most internet users at that time were delighted by the novelty of features such as email and real-time news retrieval.
Web 2.0Web 2.0 is a paradigm shift on how the internet is used, moving from “read-only” internet to “read/write” internet where information transfer is a two-way street. Web 2.0 was far more interactive, collaborative, capable, and connected. Users were able to interact with hosting servers in real time by entering information into web fields and send it to the servers to get more targeted information or other user generated contents. To access content using a Web 2.0 browser, user enters a URL (Uniform Resource Locator) and the fundamental tool for these interactions is the HTTP (Hypertext Transfer Protocol.)
In this Web 2.0 era, a variety of web services took off as providers were able to use this interactivity to transform software services. All kind of functional services were delivered through the internet instead of being sold on physical media. Users could generate contents to be viewed by millions of people around the world instantly and could connect to communicate interactively.
The exponential growth of Web 2.0 has been driven by key innovations such as mobile internet access and social networks supported by the development of powerful smartphones and mobile computing. Web 2.0 also got a major boost from the birth of big data, cloud technology, AI and machine learning. All of these developments greatly expanded online interactivity and utility by mobile apps, such as: Facebook, Instagram, WhatsApp, YouTube, TikTok, Airbnb, Uber, and many more.
The business model of these mobile apps relies heavily on user participation to create profile data and contents. These apps build audience, collect data and monetize them by selling to third parties for marketing purpose through targeted advertising. In fact, the collection and exploitation of users’ data does not really get a “clean” consent from the users due to their low awareness on how their digital footprints were captured.
The mobile internet access with mobile applications has also spurred the growth of the gig economy that enabled millions of people to earn income by driving and transporting people, delivering food and groceries, selling goods and services online, renting their homes and rooms, etc. on a part-time or full-time basis.
The phenomenal revenue growth of these dominant platforms has made many of the innovative tech companies —such as Facebook, Apple, Amazon, Netflix, and Google (FAANG) to become the world’s biggest companies by market capitalization.
Most of the platform apps are free on face value but we actually pay with our personal data and content. They control, mine, and feed our conversations, searches, content, media and data into their secret algorithms that distract our attention so we would give them more. Every click is a potential revenue. They exploit and sell web users’ data for their own benefits. Most users are frustrated by digital ads that follow them around the web or apps that continuously suggest and tempt them to buy something else when they are about to place an order and check out.
These tech giants control the gates to the Digital World because they could ban your accounts, your apps, and your websites if you don’t play by their rules. They were even more powerful than the president of the US, Donald Trump, whom was banned from using Twitter and Facebook. When Donald Trump told his supporters to follow him to Parler, Apple and Google removed Parler's app from their app stores. Finally, Amazon delivered the KO (Knock Out) blow by kicking out Parler's website from its hosting servers. Donald Trump was made homeless in the Digital World.
Web 3.0For the benefit of doubt, we are not at Web 3.0 yet as the technologies that will bring us there have not really matured yet. There is still no concrete definition for Web 3.0; however, the defining features of Web 3.0 are automation and decentralization; trustless and permissionless; connectivity and ubiquity; artificial intelligence (AI) and machine learning.
Web 3.0 is defined by automation. Hence, automation programs will take over from purely user-driven internet activity; internet-bots will generate the HTTP (Hypertext Transfer Protocol) requests and responses, and surf the web instead of human users.
Web 3.0 is defined by intelligence. Hence, it is a global network that permits intelligent interactions among all its users, websites, devices, and software.
Web 3.0 is defined by connectivity and ubiquity. Hence, it will be available on any devices (mobile phone, tablet, desktop, Smart TV, etc.) seamlessly. The IOT (Internet of Things) will also be connected to this ecosystem. Every household device will be controllable from anywhere and anytime. This means that your identity, your data, your things, and every software you have the right to use, will be linked and able to work together.
Web 3.0 is also defined by decentralization. Hence, websites and apps cannot have a URL (Uniform Resource Locator) because the contents are distributed over peer-to-peer networks. Therefore, the distributed content will have a unique CID (Content Identifier) instead of a URL. Once the content is available on the network, we cannot edit, replace, or delete it. It is immutable as each new update will generate a new CID.
The goal of Web 3.0 is to decentralize the WWW (World Wide Web.) Blockchain technology with distributed ledgers and storage will enable decentralization with transparent and secure environment, overtaking Web 2.0 that is characterized by centralization, surveillance and exploitation of users’ data by tech giants. With decentralized infrastructure and application platforms, users will rightfully in charge and own their data, control what to share, whom to receive, how to profit from it, and users can be properly compensated for their time and data.
Web 3.0 and FinTech RevolutionThe blockchain technology is fundamental to Web 3.0. The next generation of Web 3.0 is being built on blockchains using tools and technologies similar to the ones that empower cryptocurrency, NFT (Non-fungible Token,) smart contract, Dapp (Decentralized Application,) and DeFi (Decentralized Finance).
Here is the link to read further about “The Future of Finance defined by Cryptos and DeFi”
Key TakeawaysTo ease the understanding of internet or web revolution, we can use the analogy of revolution in movies. If Web 1.0 represented the black-and-white movie era and Web 2.0 represented the age of color movie enhanced with 3D experience, then Web 3.0 would be represented by the immersive experiences in the metaverse.
We had seen that Web 2.0 disrupted the traditional brick-and-mortar companies but at the same time provided massive opportunities. Companies that failed to transform had underestimated the scale and the speed of change and were too slow to adapt to the new web-centric business model. Companies that successfully made the transition became the disruptors in reshaping their industries and had reaped huge benefits.
New innovative tech companies—such as Facebook, Apple, Amazon, Netflix, and Google (FAANG) were also born in the Web 2.0 era and took over the reign as the world’s largest companies by market capitalization.
Just as Web 2.0 became the dominant driving force in the business landscape in the 2010s, it is Web 3.0’s turn to reshape the business landscape in the 2020s.
The core features of Web 3.0 are automation and decentralization; trustless and permissionless; connectivity and ubiquity; artificial intelligence (AI) and machine learning. The decentralized infrastructure and application platforms would shift the power away from the centralized tech giants and curb them from exploiting the web users’ data unilaterally for their own benefits.
Does this mean Web 3.0 will be the end game for tech giants’ dominance in the digital world? Will we see the emergence of new disruptive and innovative companies in Web 3.0 era just like the emergence of disruptive and innovative tech companies that dethroned the traditional brick-and-mortar companies in Web 2.0 era? Are we transitioning from Diginomics (Digital Economy) to Metanomics (Mataverse Economy?)
Here is the link to read further about “From Diginomics (Digital Economy) to Metanomics (Mataverse Economy” .
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Wave of Metaverse: Next big thing for marketers
Metaverse is a new virtual reality platform that allows customers to interact with brands in a whole new way. It has already taken off in many countries and is predicted to take over other parts of the world in the near future.
It is an immersive 3D virtual world that offers customers a unique and engaging experience. In a metaverse, customers can interact with each other and brands in ways that aren't possible on traditional websites.
Marketers who are able to capitalize on metaverse will be able to reach out to more customers and create stronger relationships with them. The early adopters of metaverse marketing will be able to reach their customers in new and exciting ways and generate more revenue for their businesses.
Market demands the need to create more engaging content that will capture the attention of readers, the competition for consumers' time and attention online. Additionally, measuring the success of marketing campaigns in a digital world and the need to adapt to new technologies and changes in consumer behaviour are just some of the challenges that marketers are facing in this new digital landscape.
As technology continues to evolve and change, it's important for marketers to stay ahead of the curve and keep up with the latest trends. It's also essential to find ways to measure the success of marketing campaigns in a digital world. The goal is to offer a hyper-real alternative world for the one that you currently live in.
Another great thing about metaverse is that it's not limited to businesses with physical locations. This means if someone wants an experience at Disneyland but doesn't live near the theme park, they can go to Disneyland in Metaverse. All of the sights sounds and smells from the amusement park will be available to them without even leaving their living room! This is just one example of how businesses can use Metaverse to increase customer engagement.
Companies who sell products online can also create virtual stores in metaverse that allow customers to browse and buy products in a more immersive way.
Brands have to explore new ways of connecting with their audience that go beyond traditional advertising channels. With the explosion of social media and influencer marketing, in particular, brands are leveraging the power of individuals to create more authentic experiences for users. This is a huge trend right now and is predicted to continue as we move into 2022 because people want to connect on an emotional level rather than just being told what they should buy or use.
The metaverse is a parallel virtual world. It consists of multiple interoperable online spaces, where people (as digital avatars) can shop, trade, travel, socialize, and interact with one another.
However, there are some potential applications for the Metaverse that could revolutionize online marketing. One possibility is using virtual reality to create immersive customer experiences that allow customers to explore products or services before making a purchase decision.
Another application is using avatars to create personal brand ambassadors who can interact with customers on a one-to-one basis. There are also many possibilities for using the blockchain technology that underlies the Metaverse to securely track customer data and interactions. All of these potential applications hold great promise for the future of marketing.
(Anubhav Bajpai, is CEO & Founder, VouchPro- a vigital technology solutions provider)
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Published on: Saturday, March 26, 2022, 01:41 PM ISTDigital supply chain management is the next big thing for small and traditional businesses in India
Micro, small and medium enterprises (MSMEs) such as small manufacturers and retailers are the growth engines of India’s economy, accounting for almost 30 percent of GDP, 40 percent of the workforce, and around 45 percent of total exports.
In India currently, there are over 5.5 crore small business enterprises that boost our GDP through manufacturing, trading, exporting and importing. As per msme.gov.in, over 15 million people are employed in this sector per annum, according to a survey conducted by CII. Majority of these businesses are unorganized or traditional facing credit crunch and limited scope of expansion.
To ensure these small and traditional businesses continue to lead the country towards economic growth, there’s an urgent need for the sector to embrace a digital-first approach that can help businesses reap immediate benefits and prepare for a future in flux.
This was recently realized when the Covid-19 pandemic broke the spine of the sector with several businesses experiencing considerably reduced employment and sales revenues especially in the starting few months.
Not just India, but globally MSMEs were forced to handle multiple challenges like inadequate cash flows and disrupted supply chains at the same time. As the brick-and-mortar world locked down, customers too moved online in waves. The economic hardship caused by the pandemic accelerated digitization in a seismic way for many MSMEs by driving home the perils of relying purely on physical storefronts for conducting business.
In many countries, enabling MSMEs to seize growth opportunities over time is a policy priority to address low productivity growth and widening wage and income gaps. In India too, the government has continually sought to improve the digital infrastructure of this sector through its multiple initiatives including Vocal for Local mission, Aatmanirbhar Bharat, Making India Self-Reliant, and the Digital India campaign.
Statistically speaking, according to a survey report by LocalCircle, 28 percent of MSMEs and startups witnessed a growth between 100-500 percent in their sales through online channels in the last 12 months. The report summarized that one key to survival through the two COVID waves for consumer startups and MSMEs has been their ability to digitize themselves and serve existing customers digitally while finding newer ones to serve.
The scaling up of small businesses is key to enhancing productivity and achieve inclusive growth. Digitising a business introduces new digital technologies to improve processes, functions, and operational efficiency. Data-driven decisions can reduce human bias and assess the MSME owner analyse various trends and benefit all stakeholders involved.
Today tech-based approaches can also help speed up the loan process and offer information in the vernacular language that can support a wider range of business owners in tier 2 and tier 3 cities across India, making the ecosystem more inclusive.
This marriage of technology, digitization, and on-ground interventions can ensure a safer, data-driven approach to credit lending, with insights on creditworthiness, repayment ability, among others, thereby reducing risk and increasing the lending landscape for SMEs and MSMEs.
Our efforts need to focus on quality manufacturing, with the use of technology to enhance operations, and the exploration of new markets through e-commerce. This would require a holistic approach of hand-holding existing manufacturers in the sector, equipping both managers and their workforces with appropriate skills. This will instill confidence in this sector that India can help expand their businesses.
Bottom line:
It is safe to say that unless traditional businesses adopt digitization now, they will never be able to gain a competitive advantage. The lack of digital options to manoeuvre supply chains is a big problem; raw materials are often sourced from multiple sets of vendors, fragmented players and even SMEs. To add to that, traditional supply chains are replete with ad-hoc processes. Adoption of technology and establishing a digital presence is critical for streamlining the processes and drive efficiency. India must equip small and traditional businesses to use modern marketing tools, especially of e-commerce, which could be key for their expansion and sustainable growth. Digitalization of small businesses will enable us to target skilling and handholding initiatives closely and also expose them to new market opportunities nationally and globally.
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DisclaimerViews expressed above are the author's own.
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