The NFTs were all the hype the previous year until the Crypto Winter of 2022 when everything cooled down. While some netizens are positive that a market flip is around the bend, others are less optimistic about it. So, for whoever wants their e-commerce business to merge with Web3, here’s what you can use besides Magento website development to establish your presence online!
E-Commerce Development for Web3: Is it Required?
The particular reason why Magento has been mentioned is that it’s a useful platform for developing a functional e-commerce website. Users or small businesses can easily obtain fast website performance paired with great customizability by using extensions and packages within Magento.
But, while that’s fantastic, it only offers limited or non-existent end-to-end support for integrating crypto payment gateways. Moreover, it cannot yet wholly accommodate Extended Reality. But why are these important, you may ask?
See, Extended reality (XR) combines AR, VR & AI, which will collectively play a significant role in revolutionising how we use our technologies. Likewise, its applications will attract the audience’s attention, which naturally, when harnessed for e-commerce needs, can prove lucrative.
So, what does it take to build an e-commerce platform ready for the Web3 era? And can it be scalable?
Shopify Integrations for Web3 E-Commerce
Presently, Shopify is the largest leader in the e-commerce industry that offers integrating crypto payment gateways. By offering Shopify Editions (Web3 support), they are evolving the e-commerce landscape, which is already valued at over $1 trillion in 2022.
Integrating Shopify will now let users perform tokenised transactions, meaning your NFT can potentially now buy you a sneaker!
Although such feats are far from becoming a daily reality, they are now possible. Likewise, it will need some more time for Extended Reality to gain ground in the e-commerce world. The easiest example and benefit of having such an integration will be offering live try-on.
So, where does it leave traditional SMBs and giant corporations in the Web3 revolution that depend on, say, MYOB Shopify integration?
It figuratively leaves them in the reeds, needing to adapt or incorporate Web3 solutions into their existing E-Commerce models.
Combining Magento & Shopify
It is unknown to many that Magento and Shopify can be used together. The Magento website development can benefit you by building an online store through which you can sell products using Shopify.
Together, these can build you a pretty incredible web3 e-commerce platform that does everything from accepting crypto payments to communicating with blockchain. In contrast, the same cannot be said for e-commerce stores running MYOB Exo Woocommerce integration. And here’s where things get complex when we further factor in the term decentralisation.
Will Web3 Decentralisation Supercede E-Commerce?
Running enterprise software to manage business operations and handle data is well and fine, but it’s increasingly becoming less needful. Taking its place are fully equipped online stores that use ERP systems with SaaS integrations to harness cloud-based technologies. Yet, even those may potentially get replaced after decentralisation becomes mainstream!
See, the term decentralisation, in essence, primarily means the breaking down of centralised authority. It further translates to returning power to the individual. Likewise, in a Web3-ruled e-commerce world, the consumer will be in power. Hence, the line between a consumer and a merchant blurs, with consumers acting as both buyers and sellers.
Such diversification will ultimately make providing consumers with personalised, traceable and secure e-commerce experiences a norm. Supporting this vision will be further backed by providing consumers with social commerce opportunities with baked-in omnichannel purchase options. But, even with the existence of such possibilities, Web3 cannot subset the E-Commerce industry.
At best, tools that can utilise the robust possibilities of Web3 will be harnessed to create more interactive E-Commerce platforms. Here are a few examples of the same:
The Hundreds
One of the leading community-based streetwear brands, The Hundreds, scored big by entering the Web3 E-Commerce market early on. Their Adam Bomb Squad collection created giant ripples in the NFT market by amassing over $40 million in collection value. Earning such a response further led them to collaborate with the likes of the BAYC group, Gary Vaynerchuk, Coinbase, and others!
Forever 21
Shopify’s support for NFTs has figuratively opened doors for the Forever 21 brand in Decentraland to make big sales. Its virtual Web3 E-Commerce store features NFTs of digital clothing, avatars of Forever21 team members, background music, decor, and much more. The brand additionally earns extra from revenues by owning virtual real estate in the Decentraland.
RTFKT
The 18-year-old artist titled RTFKT quickly became famous after collaborating with FEWOCiOUS over creating digital footwear. His collection of NFTs of shoes, each linked to a physical pair of the same, reaped a whopping $3 million in mere 7 minutes. Seeing the success and potential of the RTKFT web3 e-commerce platform, Nike quickly acquired it.
The post Best Cheap E-Commerce Solution for Web3 Merchants! appeared first on Enterprise Podcast Network – EPN.
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