Web3 in Retail Market Overview
Web3 refers to the next evolution of the internet based on decentralization, blockchain technology, transparency, and user ownership. In the retail sector, Web3 has the potential to significantly disrupt e-commerce platforms, payment systems, and supply chain networks and reshape customer loyalty programs. The global Web3 in Retail market is accounted to register a CAGR of 46.70% during the forecast period and is estimated to reach USD 72.7 Billion by 2032.
Key Web3 Companies in Retail Some prominent players incorporating Web3 solutions for the retail marketplace include:
- Shopify: Enables brands to sell NFTs directly, tools for tokengated commerce
- WoW Concepts: Builds white label NFT marketplaces for retailers
- Coinbase: Commerce option for crypto payments, NFT resale mechanism
- Meta: Instagram NFT testing, AR shopping features for FB/Instagram
- YouTube: NFT features for creators on YouTube
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Market Segmentation:
Based on the solution, the Web3 in retail market is segmented into NFTs, tokenization, decentralized marketplace, cryptocurrency payments and others like IoT, and metaverse. NFT trading and token-gated access currently make up the largest share.
In terms of application, sales & marketing, payments, data management, loyalty programs, supply chain, and inventory dominate the sector. Payment solutions for e-commerce sites are witnessing the fastest growth currently.
Analysis verticals highlight that Web3 applications are gaining strong traction across apparel, FMCG, consumer electronics, luxury, pharmacies, furniture, and cosmetics. Luxury, apparel and pharmaceuticals are expected to adopt such solutions acceleratedly.
Top Driving Factors:
The Web3 retail market outlook appears optimistic owing to rising blockchain acceptance across online shopping portals and brick-and-mortar stores. Retailers are keen to provide personalization, convenience, targeted incentives and transparency powered by NFT and token technologies.
Moreover, as virtual shopping gains momentum, customers seek stronger digital ownership rights, merchandise traceability, and uniqueness. These demands are effectively fulfilled by blockchain-enabled solutions thereby augmenting their adoption further.
However, ambiguity around crypto regulations continues to restrain cryptopayment volume across shopping websites. Data privacy issues related to public ledgers also pose a challenge to surmount.
Industry Latest News:
As per latest news, GAP joined Shopify’s NFT platform to launch NFT hoodies and t-shirts in December 2022. Tokenized versions of these real products will grant owners special access, rewards, and experiences.
Likewise, Adidas expanded its partnership with Coinbase in November 2022. Adidas will leverage Coinbase’s NFT solution to bolster business operations and craft NFT strategies for the META I court footwear series.
Such developments indicate that Web3 systems have significant potential to shape future retail configurations globally.
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