Web3 in E-Commerce Retail Companies

Competitive Landscape of Web3 in E-Commerce & Retail: A New Player Enters the Stage

The e-commerce and retail landscape is undergoing a significant shift with the emergence of Web3, a paradigm built on blockchain technology, decentralization, and user ownership. This nascent space is attracting established players and tech-savvy startups alike, leading to a dynamic and evolving competitive landscape.

Key Players:

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  Filecoin

  
  


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  Web3 Foundation

  
  


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  Zel Technologies Limited

  
  


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  Livepeer Inc

  
  


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  Brunswick Corporation

  
  


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  Helium Systems Inc

  
  


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  Kusama

  
  


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  Polygon Technology

  
  


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  Kadena LLC

  
  


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  Ocean Protocol Foundation Ltd

  
  

Strategies Adopted:

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  NFT integration: Brands are launching NFT collections as collectibles, access passes to exclusive communities, or virtual merchandise in the metaverse.

  
  


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  Decentralized marketplaces: Creating peer-to-peer marketplaces built on blockchain, eliminating intermediaries and offering greater transparency and trust.

  
  


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  Tokenized loyalty programs: Implementing token-based rewards programs to incentivize customer engagement and build brand communities.

  
  


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  Cryptocurrency payments: Enabling purchases on e-commerce platforms using cryptocurrencies, catering to a tech-savvy and borderless customer base.

  
  


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  Metaverse experiences: Building virtual stores and immersive shopping experiences within metaverse platforms to attract new customers and drive engagement.

  
  

Factors for Market Share Analysis:

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  Platform diversity: Ability to offer a variety of Web3 applications and integrate with different blockchain ecosystems.

  
  


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  User experience: Building intuitive and user-friendly interfaces for navigating Web3 features and managing digital assets.

  
  


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  Community engagement: Fostering active and engaged communities around brands and platforms through NFTs, tokenized rewards, and interactive experiences.

  
  


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  Technological innovation: Continuously evolving and adapting to new Web3 technologies and protocols to stay ahead of the curve.

  
  


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  Regulatory landscape: Navigating the evolving regulatory environment surrounding digital assets and ensuring compliance with applicable laws.

  
  

New and Emerging Companies:

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  NFTify: Builds white-label NFT marketplaces for brands and retailers.

  
  


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  Gallerium: Creates AI-powered curation tools for NFT marketplaces.

  
  


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  Webaverse: Develops AR/VR platforms for virtual shopping experiences.

  
  


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  MetaMask: Popular crypto wallet expanding into online store payments.

  
  


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  Flow: Blockchain platform specializing in secure and scalable NFT transactions.

  
  

Current Company Investment Trends:

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  Venture capital firms are injecting millions into Web3 startups, with investments exceeding $1 billion in 2023.

  
  


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  Established companies are creating dedicated Web3 divisions and acquiring relevant startups to gain a foothold in this nascent space.

  
  


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  Collaborations and partnerships are increasing between e-commerce platforms, blockchain providers, and metaverse developers to build a comprehensive Web3 ecosystem.

  
  

Latest Company Updates:

October 2023- Walmart has partnered with Outlier Ventures, a venture studio, to launch Store No8 Base Camp, an accelerator program. The 12-week incubator has already selected five startups for its first cohort, including HypeLab, Reveel, Tide Protocol, Tokenguard, and Unblock. These startups focus on areas like web3 marketing, advertising, and enhancing payment technology. This move is intended to improve efficiency, trust, fairness, and the overall experience for retailers and shoppers worldwide.

June 2023- Walmart's innovation division, Store No8, and Ebay have recently introduced new accelerator initiatives focused on assisting startups that are developing technologies intended to influence the future of e-commerce. The selected startups will concentrate on developing solutions in areas like decentralized frameworks, data and growth solutions, immersive experiences and the metaverse, as well as the integration of AI and blockchain. Through these programs, Walmart and Ebay aim to support startups that are working on cutting-edge technologies that could transform online shopping and commerce. The goal is to incubate and accelerate the development of innovative concepts that have the potential to reshape digital retail and shopping experiences. While the focus areas span emerging technologies like web3 and the metaverse, the overarching aim is to find startups that can develop transformative e-commerce solutions.

June 2023- GM.co, the largest online marketplace exclusively for cryptocurrency transactions, officially starts operations. It gives the Web 3 community the chance to purchase and sell real-world products using cryptocurrency. Since launching its beta site in March, over 1,000 listings have been added, including collectibles, clothing, luxury items, experiences, and more. The concept of a decentralized marketplace on the blockchain where people can buy and sell using crypto has long been desired by the Web3 community. Their goal is to become the premier marketplace for progressive buyers and sellers, while operating the most secure e-commerce platform on blockchain.