How Web 3 development will transform small businesses?

Since the inception of digital technologies, especially the internet, they have always influenced the working and management of businesses. Foremost, the Internet introduced the concept of digital marketing, which made marketing more accessible and effective. Then came Artificial Intelligence which completely changed the way of interactions between businesses and their customers. Now, we have Web3, which will entirely revamp the internet and the way we use it.

Web 3 development is definitely going to hail the modern internet, and it will also probably rehaul cyberspace as well. To better understand the use cases of web 3, and how it will be a boon for small businesses, let’s discuss the working of web 3.

Web3

In the easiest terms, web3 is a blockchain-driven internet platform, which will give a decentralized version of the internet featuring more transparency and independence over the internet.

There is no doubt that web3 development is in its infancy phase. However, still it has resolved one of the most difficult problems of the internet. It has effectively improved data privacy over the internet, by eliminating central organizations. It has also enabled users to store their data in their crypto wallets.

Web3 may not completely replace the current version of the internet, but it will certainly offer a much safer alternative. It may also migrate the majority of internet users from its current version to web3.

What advantages will Web3 development bring?

As we stated that web3 is still evolving, so it is difficult to state all its advantages. However, most of its current advantages are related to the theories and underlying blockchain technologies. Still many organizations have believed in the potential of web3 and are making a swift shift to it. Thus, it is certain that Web 3.0 Development Services will bring beneficial changes for both big and small businesses. The following are some of the most noticeable advantages that a Web3 Development Agency will offer:

Complete elimination of third parties

Big companies can easily gain their data. However, small businesses usually lack the resources to collect the data on their own. Thus, they hire third-party data mining companies to do so.

Although, the data collected by these third-party companies are rarely accurate and costly as well. The inaccuracy of data further enhances the cost of their data-driven operations. All this inaccuracy causes an average 12% loss in revenue for companies.

However, web 3 development, using blockchain technologies, eliminates third-party involvement in a similar way as cryptocurrencies have eliminated the involvement of banks in monetary transactions. Web3 development has also enabled P2P connections and decentralization over the platform, which has further eradicated third-party involvement and allows small businesses to directly connect and interact with their customers.

Thus, small businesses will be able to collect the relevant data directly from their source. Although, they might have to pay a small fee for this data, which will be far less than what they pay to third parties. Hence, web 3 development will provide accurate data, at far lower prices to small businesses which will help them in improving their business strategies.

Rebuilds customer trust

The elimination of third-parties involvement will also improve consumer privacy. Third parties often mine data from users without their knowledge and then monetize the data for their profit. Businesses that further purchase this data create trust issues between them and the users.

However, web 3 development can resolve this problem by completely eliminating the involvement of third parties. Thus, if web3 is developed strictly as per the theories, it will hugely transform the way data is collected and will bring a new level of operational transparency for the users.

As per some reports, 94% of consumers stay loyal to companies that provide data transparency, and 73% of consumers are willing to pay extra for better data transparency. Thus, as a small business owner, look for a web3 development agency and grow your business by providing better data transparency to your users.

Cyber Security

Cyber Security has always been a menace in the web 2.0 version of the internet. Consumers are always skeptical about sharing confidential information on the internet as many malicious actors often steal them. Businesses also have to pay heavy fines when they fail to comply with security regulations.

In 2018, British Airways paid $26 million as a fine when they failed to secure the sensitive data of their consumers. However, it is certain that web3 development will end these problems.

As the whole web3 system will be decentralized there won’t be any point vulnerable to hackers. Due to the applications of blockchain technologies, it will be possible for cybercriminals or hackers to penetrate into any network and steal or tamper with sensitive data.

Better Supply Chain

57% of small businesses lack visibility over their supply chain. Web3, involving the applications of blockchain technologies, will aptly distribute the data across the nodes of a network. This will certainly eliminate the informational siloes. It will also enhance the data transparency over the platform, thus improving the supply chain.

Transparency due to blockchain in web3 will further improve the efficiency of the supply chain for small businesses.

Improves customer experience

Customer experience has always been one of the most vital elements in the success equation of all kinds of businesses.

Although, most of the small businesses and around 63% of digital marketers experience issues in building good customer experiences, despite having relevant customer data. Also, due to the inaccessibility of browser cookies, it is becoming more difficult for small businesses to access the data of their users. This will further make it more challenging for small businesses to personalize and improve the user experience of their customers.

However, web3 development will help small businesses and marketers acquire relevant and critical consumer data. As the consumers will also be aware of what kind of data is being shared with their permission, they won’t be offended. Hence, if the relevant data is used appropriately, it will help small businesses in delivering a much more convincing and personalized user experience.

Better customer experience will also improve customer acquisition and retention ability for small businesses.

Conclusion

As we stated, at the very beginning of this blog, all kinds of businesses have to keep up with trends in digital technologies to survive. Consumers evolve more quickly with technologies than businesses. The new generation is certainly expecting companies to operate and approach them through the application of web3.

However, small businesses are more required to keep themselves updated about the latest trends and learn as easily as possible the applications of blockchain technologies and web3 development. They should also adhere to and evolve their operations and management as per the new technologies, at the earliest. This will help them to compete better with the bigger companies.

Although, as small businesses lack resources, they can opt for web 3.0 development services to update and modernize their business. Antier, being one of the most experienced blockchain and web3 development agencies in the world, has helped many businesses with its services. You can connect them to get more enlightenment on web 3 and its applications in the future.