Business
Web 3.0 and Future of Online Business
Introduction
The dynamics of business have undergone a dramatic change since the dawn of the new age of technology. Business and entrepreneurship have already expanded from the confines of a physical business office into the virtual environment. The continuous technological have introduced far more superior technologies as compared from its predecessors particularly the World Wide Web. Businesses are now gaining the benefits of capitalizing on developing breakthrough technologies and applications to further the business progress.
Web 3.0
Businesses use Web 3.0 principles in marketing their products. For example, a mobile web application attaches social media into its function and newsfeed from individuals from the social media will also show preferences such as products that they usually search and hit “Like” to shows to the users the popular trend among the social circle. Playing online games also integrates the same Web 3.0 principle by adding online stores into the game. Therefore, people can virtually interact with one another while browsing through the different products.
The Next Generation of Online Business
The emergence of the new breed of business websites born from Web 3.0 promises a positive generation of online business. There is an apparent transition of e-business, where most companies are getting wired to the virtual environment and to the e-industry (Sandler and Boggs, 2006). Having said that, the integration of business to the e-commerce industry marks the evolution of online business. The early years of e-commerce can only been seen as catalogs and the interaction between the company and the customer still happens beyond the virtual environment. However, the continuous development in Web applications allowed customers to browse from products, order, pay and receive confirmation of purchased items all in one place. The problem exists when there is a need for businesses to identify their key markets and customer buying behavior if they would solely rely on the incoming traffic to their respective websites. However, the new generation of online business would be more intuitive when it comes to preferences and popular trends. Knowing who are interested on the product through social news integrated to Web 3.0 enables the online business to get a clear target of their market and identify what products sells the most. In addition, payment options are no longer limited to cash or credit card transactions as e-Banking have also changed the way money moves in the virtual environment as E-credits becomes the new currency.
References
Hendler, J. (2010). Web 3.0: The dawn of semantic search. Web Technologies. Retrieved from http://www.rpi.edu/dept/IT/articles/The_Dawn_of_Semantic_Search.pdf
Sandler, M., & Boggs , R. (2006). Small Business eCommerce: Paving the way for the next generation of opportunity. An IDC White Paper. Retrieved from http://netobjects.com/company/assets/applets/IDCWhitePaper_1206.pdf
