Last week Onyx by JP Morgan released a report detailing how it plans on leveraging Web3 for online shopping. According to the report, the idea is to create a more secure, transparent, trustworthy shopping experience for customers. The social-commerce market, valued at more than $1 trillion, is expected to grow by 600% by 2030. This is indeed a rapid expansion, thanks to the convenience of social media.
The report shows that as of this year, more than five billion people are actively participating on social media platforms, presenting an excellent opportunity for businesses to advertise and sell their products. But why Web3?
If you are not familiar with Web3, it is the next generation of the internet that promises transparency and decentralization. With Web3, Onyx shoppers can avoid abandoning their carts because of limited control over product discovery or insufficient trust signals from brands.
Onyx integrates Web3 functionalities, allowing shoppers to enjoy discovering, sharing, building and trusting brands before making their purchases in a personalized and engaging manner that is more than what is offered on other social shopping platforms. Users and shoppers can get recommendations from their friends, see reviews and catch up live with brand influencers.
With Web3, Onyx users can review and purchase products, while tracking the whole process from start to finish without worrying about their data landing in the wrong hands. Thanks to open algorithms, brands can expect transparency and fairness in leveraging their data for brand engagement. Currently, many brands are struggling to understand customer behaviors, especially when they are on multiple social channels. With JP Morgan’s Onyx, brands can offer rewards to ensure transparent engagement; brands can gain a clear picture of their customers’ behaviors.
In addition, Web3 tools offer brands on-chain data and open social graphs provide significant advantages, enabling the brands to curate personalized user experiences within their ecosystems. Onyx can access on-chain activity from data companies such as Bello, which it can use to provide customized experiences for all users within the platform.
While this is excellent news for brands and shoppers, many wonder whether Web3 is ready for social commerce. The question that Onyx developers should ask is whether Web3 social commerce can handle the sheer volume of transactions expected in this territory. Since millions of user interact on social media daily, experts wonder whether blockchain technology can keep up without slowing down.
Nonetheless, the future of JP Morgan’s Onyx is still bright. Its foray into Web3 and social commerce could pave the way for a new era of online shopping — one where shoppers feel secure, informed and in control of their shopping experience.
Entities in other business verticals, such as Horizon Fintex, are also leveraging Web3 technologies within their suite of products. Collectively, the efforts by different actors could accelerate the rate at which Web3 is adopted and becomes a normal part of life.
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