The Impact of New Tech in E-commerce
A few weeks ago, I spoke on "The Impact of Web 3 in e-commerce". Here are a few takeaways:
1. Digital products will provide a unique edge for e-commerce brands. Growing your brand by pressing the same 3 buttons is becoming increasingly difficult—especially during a slowing economy. Brands are looking to focus on revenue-driving activity and digital products provide an amazing opportunity to capture a new channel of monetization and customer engagement.
2. Amazon enters the fray. The Web 3 e-commerce space will see a lot of major players dive in this year. Most notably, we await the future launch of Amazon's digital marketplace which will bring hundreds of thousands of users to these new technologies. It will be interesting to see how well these larger companies execute making digital products and experiences feel authentic and meaningful in a space that has felt like the opposite for the past year. Ultimately, I believe bigger brands will help bring more developers and money into the space and create a stronger ecosystem for the technology to thrive.
3. Mass adoption requires a shift in strategy. The key driver for the adoption of these new technologies is ultimately twofold: education and practical application.
--Education: Brands are still being told 50 different things about the future of Web 3, and it’s making adoption increasingly difficult. Educational content and resources that cut through the bs will ultimately lead to more businesses feeling comfortable implementing.
--Practical application: most people don’t use new technology just because it sounds cool. They use it because it makes their lives easier and helps their business grow. I think a big issue in Web 3 is that companies are creating amazing technological feats in terms of product development, but few of these products have easily executable use cases that businesses will ever use. Adoption will stem from plug-and-play use cases that impact a business’s bottom line immediately.
To help with some of the above, we are working on putting out some video content going through all the buzzwords in the space and separating what’s real and what’s not. We also will be launching a “Digital Product Launch Toolkit” to provide agencies and brands with 8 high impact low lift use cases to begin implementing on their storefronts today.