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Web3 began transforming the retail market, and businesses have the goal to stand out in the competition to increase the sold products and the market share. Another vital strategy is to emphasize the use of blockchain technology that can strengthen the transactions in retail trade through maximizing transparency and security. Through blockchain, the stores could create trust among the consumers who would have guarantees of product information and unchanged records. That may be one of the factors responsible for an increased number of followers who express their desire to support companies which are transparent and honest in the way they do their businesses.
Additionally, it allows retailers to personalize the shopping experience through the use of decentralized identity and data ownership by putting shoppers in control of their own data. The personalization can thus be achieved when customers get an opportunity to have control over their data and preferences, which leads to targeted recommendations and promotions, bringing about high customer satisfaction and loyalty. This individualized strategy would create for the retailers a niche market position and devote the consumers to their own product range, which would stengthen their market share as well.
In addition, Web3 incorporates cryptocurrencies and decentralized finance (DeFi) to expand the boundaries of global retail and allowing retailers to build a larger market share. One of the main advantages of accepting cryptocurrencies as a form of payment is that trading shops can access new markets and shoppers from foreign countries without the hassles related to the traditional currency exchange. Moreover, DeFi applications help to optimize cross-border payments leading to cost and efficiency within the frameworks that bring the share of the global market to the retailers’ door.
Web3 could nowadays adopt the other aspects of its market power, such as NFTs, which are the non-fungible tokens. Through NFTs, retailers get a tool to give their customers exclusive digital assets, collectibles and a set of limited edition products with an element of scarcity. Such tactic might draw in clubs and fans, thus bolstering engagement and dealer’s sales; at the same time it will create a unique proposition for retailers compared to other businesses in the market.
Similarly, Web3 technology will enable retailers to indirectly reap benefits from the smart contracts and decentralized autonomous organizations (DAOs). Automation and optimization of different elements of retail supply chains, like inventory management, procurement, and logistics help in cutting the operation expenses and in improving efficiency of the supply chain. This particular operational advantage could allow the retailers to offer competitive pricing, along with quick delivery, ultimately, this makes their market share increase as it attracts the people who are cost-conscious, and who prefer to be quick.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Enhanced customer experiences and block chain technology |
| Market Dynamics | Growth of decentralized applications (DApps) |
Web3 in Retail Market Highlights:
Web3 in Retail Market Overview
Web3 is the internet's future generation, based on blockchain technology. It is distinguished by its decentralization, openness, and transparency. Web3 is already having a big impact on the retail business, and it's only going to get bigger in the coming years. According to Market Research Future, the Web3 in retail market was valued at USD 3.9 Bn in 2022 and is expected that it will reach USD 72.7 Bn, with a CAGR of 46.70% during forecast period (2023-2032). Enhanced customer experiences, blockchain technology, NFTS and digital ownership, smart contracts, powered by blockchain, enable automated and trustless transactions, metaverse integration, data privacy and ownership, are the key market drivers enhancing the market growth.
Figure 1: Web3 in Retail Market Size, 2022-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Web3 in Retail Market Trends
Growth of decentralized applications (DApps) is driving the market growth
Data privacy and ownership play a pivotal role as drivers in the adoption of Web3 technologies across various industries, including retail. This shift towards a more user-centric approach to data is reshaping the retail landscape, offering both businesses and consumers new opportunities and challenges.
In the traditional online retail model, consumers often had limited control over their personal data. Retailers and online platforms collected vast amounts of information about their customers, which was then used for various purposes, including targeted advertising and personalization. This data-centric approach, however, raised significant concerns about privacy and security, leading to growing apprehension among consumers.
Web3, with its emphasis on decentralization and user empowerment, is changing this dynamic. One of the key aspects of Web3 is the concept of self-sovereign identity. In this model, individuals have greater control over their personal data. They can choose what information to share and with whom, giving them a stronger sense of ownership and agency over their digital identities.
Blockchain technology, a fundamental component of Web3, plays a crucial role in data privacy and ownership. Blockchain allows for the creation of decentralized identity systems, where users maintain control of their identity information. Instead of relying on a single, centralized authority to verify identity, users can provide cryptographic proofs of identity, minimizing the risk of data breaches and identity theft.
Moreover, blockchain enables individuals to manage and monetize their data. Users can choose to share specific data with businesses or platforms in exchange for tokens or other forms of compensation. This shift from a one-sided data relationship to a more equitable data exchange empowers consumers and offers them the opportunity to benefit from the use of their data.
Also, Tokenization of assets is a powerful driver in the context of Web3 and the broader financial ecosystem. It represents a fundamental shift in how we perceive and interact with traditional assets, including real estate, art, stocks, and more. By digitizing and dividing these assets into tokens, each representing a fraction of the whole, tokenization offers several significant advantages, and these innovations are poised to disrupt and reshape various industries.
Tokenization makes traditionally illiquid assets more accessible and divisible. Real estate, for example, is a classic illiquid asset, but by tokenizing it, investors can buy and trade fractions of properties, allowing a broader range of people to invest in real estate markets. This newfound liquidity can attract a more diverse set of investors, potentially reducing the barrier to entry and democratizing investment opportunities.
Tokenization enables fractional ownership of high-value assets. Instead of needing to buy an entire piece of art, investors can purchase a fraction of a valuable painting, thereby spreading risk and opening up investment possibilities to a broader audience. This approach makes it easier for individuals to diversify their portfolios with a wide range of assets. Thus, driving the Web3 in Retail market revenue.
Web3 in Retail Market Segment Insights
Web3 in Retail Type Insights
The global Web3 in Retail market segmentation, based on type includes public, private, consortium, and hybrid. The hybrid segment dominated the market, accounting for 39.45% of market revenue. Hybrid networks can scale more easily compared to purely private networks. In retail, where demand can fluctuate significantly, the ability to scale resources and transactions is crucial. Public networks offer scalability, and by integrating them into a hybrid setup, retailers can ensure they have the necessary capacity during peak periods while maintaining a private network for sensitive transactions.
Figure 2: Web3 in Retail Market, by type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Web3 in Retail Application Insights
The global Web3 in Retail market segmentation, based on Application, includes Cryptocurrency, Conversational AI, Data & Transaction Storage, Payments, Smart Contracts, Others. The payments category generated the most income. Traditional payment processors charge fees for processing transactions. In contrast, Web3 payment methods can significantly reduce transaction costs, making it more cost-effective for retailers, especially in high-volume sales environments.
Web3 in Retail Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Web3 in Retail Market dominated this market in 2022 (45.80%). North America, particularly the United States, is a global hub for technology innovation. Tech giants like Amazon, Apple, and Google are headquartered here, and they are actively exploring Web3 applications in retail. This innovation culture drives the adoption of Web3 in the region. Further, the U.S. Web3 in Retail market held the largest market share, and the Canada Web3 in Retail market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: WEB3 IN RETAIL MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Web3 in Retail market accounts for the second-largest market share. European consumers are increasingly concerned about sustainability and ethical sourcing. Web3 technologies, such as blockchain, enable retailers to provide transparent and verifiable information about product origins, supporting sustainability initiatives. Further, the German Web3 in Retail market held the largest market share, and the UK Web3 in Retail market was the fastest growing market in the European region.
The Asia-Pacific Web3 in Retail Market is expected to grow at the fastest CAGR from 2023 to 2032. Many APAC countries are exploring blockchain solutions to improve supply chain transparency and reduce fraud. This is particularly important in the region's food and luxury goods markets, where consumers are increasingly demanding traceability. Moreover, China’s Web3 in Retail market held the largest market share, and the Indian Web3 in Retail market was the fastest growing market in the Asia-Pacific region.
Web3 in Retail Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Web3 in Retail market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Web3 in Retail industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Web3 in Retail industry to benefit clients and increase the market sector. In recent years, the Web3 in Retail industry has offered some of the most significant advantages to medicine. Major players in the Web3 in Retail market, including Filecoin, Web3 Foundation, Zel Technologies Limited, Livepeer Inc, Brunswick Corporation, Helium Systems Inc, Kusama, Polygon Technology, Kadena LLC, Ocean Protocol Foundation Ltd, others, are attempting to increase market demand by investing in research and development operations.
Kadena LLC is a blockchain technology company that was founded in 2016 by Stuart Popejoy and William Martino. The company's mission is to "allow for true blockchain mass adoption" by providing a scalable and secure blockchain platform. Kadena's blockchain platform is based on a unique braided multi-chain architecture that allows it to achieve high throughput and low latency. The platform also uses a novel consensus mechanism called Proof of Work (PoW) that is designed to be more efficient and secure than traditional PoW algorithms. In addition to its blockchain platform, Kadena also offers a smart contract language called Pact. Pact is designed to be secure, easy to use, and efficient. It also includes features that make it well-suited for financial applications. Kadena has a number of notable partners, including JPMorgan Chase, Boeing, and the United States Air Force. The company has also raised over $100 million in funding.
Brunswick Corporation, previously known as the Brunswick-Balke-Collender Company, is an American enterprise with a history dating back to 1845. Throughout its existence, Brunswick has been dedicated to the invention, production, and global distribution of a diverse array of products. Presently, Brunswick operates in 24 countries and has a workforce of more than 13,000 individuals. The company boasts a portfolio of various prominent boating brands, including Sea Ray, Boston Whaler, Bayliner, Mercury Marine, Attwood, Lund, Crestliner, Mastervolt, MotorGuide, Harris Pontoons, Freedom Boat Club, Princecraft, Heyday, Lowe, Uttern, Quicksilver, and CZone.
Key Companies in the Web3 in Retail market include
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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
Web3 in Retail Market Segmentation
Web3 in Retail Type Outlook
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Public
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Private
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Consortium
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Hybrid
Web3 in Retail Application Outlook
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Cryptocurrency
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Conversational AI
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Data & Transaction Storage
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Payments
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Smart Contracts
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Others
Web3 in Retail Regional Outlook
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North America
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U.S.
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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