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Securing the Buy Box on Amazon for Increased Sales.

by with No Comment Technology

Don’t let the notion of simply listing your products on Amazon fool you, selling on Amazon platform requires optimization and competition. A crucial aspect of this is conquering the buy box.

It may come as a shock, but it’s possible for a customer to purchase your item without it being credited to you as a sale. Discover the reasons behind this and how to secure the buy box for a profitable and thriving Amazon business.

If you don’t know what the Buy Box is on Amazon, you might be in for a tough time getting shoppers to buy your products. They’ll buy, of course, just not from you. The Buy Box is a critical piece of Amazon’s marketplace, especially when more than one person is selling an item. 

Key Takeaways 

  • You need to control the Buy Box to get sales 
  • They Buy Box is controlled by a variety of different variables that vendors and sellers can influence 
  • Take control first by learning about those that might be beating you out 

What is the Amazon Buy Box?

The Buy Box is the rectangle on the right side of the Amazon product page. The Buy Box can lead to the basket of different sellers, depending on who at the moment “wins” in terms of indicators. There, customers can click “Add to Cart” or “Buy Now.” Around 85% of all purchases on Amazon are made through the Buy Box.

How does Amazon buy box work

Amazon uses a sophisticated algorithm to determine who has the buy box, and the winner constantly rotates based on a number of factors. This is why it’s so important to understand how the buy box works and what you need to do to gain control of it.

How Does the Buy Box Algorithm Work?

Amazon’s number one priority is to create a good shopping experience for its customers. Because of this, the buy box algorithm is designed to determine which seller is able to offer the best combination of value and customer service to the buyer.

Here are all the factors that go into the formula:

  • Price: While it’s not the sole determining factor, it’s arguably the most important one. More often than not, if you match or offer the lowest price you’ll likely be able to win the buy box. Keep in mind that the algorithm also accounts for your shipping price as well. It does not include sales tax.
  • The Type of Seller Account You Have: Only those with a Professional Seller account are eligible for the buy box.
  • Whether Your Product is New or Used: Only new products are eligible for the buy box.
  • Fulfillment: Your ability to consistently fulfill orders quickly and efficiently also contributes. Using the FBA program gives you the best chance, as Amazon considers this the best way to fulfill and ship orders.
  • Order Defect Rate (ODR): Amazon monitors your ODR rate over the last four months. In order to win the buy box you should try to keep it under 1%.
  • Feedback: This includes how many positive reviews you receive and the total number of reviews you have. The more positive reviews you have the better.
  • Inventory: If your stock becomes low Amazon will be unlikely to award you the buy box as they want to make sure you can fulfill all the orders you’ll receive.

The exact workings of the algorithm are unclear, but the above items have proven to play a part in it. So, make sure to stay on top of all these factors while managing your Amazon business.

How to Win the Buy Box

Now that you know how the buy box works it’s time to go over what you can do to beat out your competition and actually get control of it.

Here are some of the best ways to win the buy box:

Use Fulfilled by Amazon

As we mentioned earlier, Amazon favours this fulfillment method over fulfilled by merchant. There are likely two reasons for this:

  1. Because Amazon is the one fulfilling the orders they can guarantee customers that they will be fulfilled correctly and quickly.
  2. Amazon wants to encourage more sellers to use FBA, since they make additional money from it.

Whatever the case may be, it’s been proven that using FBA has a positive impact on your ability to get the buy box. So, unless you have a very good reason to fulfill orders yourself you should definitely be using FBA. For most sellers, it will likely be way more convenient anyways. Plus, it makes you eligible for Prime shipping.

Offer as Low a Price as Possible

By this we mean, offer as low a price as you can while still making a profit. It doesn’t matter how often you get the sale if you’re not making any money.

To figure out what the lowest price you can offer you can consult with the Earnlytical Team to analyze cost. Earnlytical will help you to estimate all of your expenses (the cost of the product, referral fees, FBA fees, etc.) and determine your profit margins.

You can also spy on your competitors by using the different tools like Amazon Scout or contact Earnlytical where they will use enhanced strategies and tools to spy on your competition. This will allow you to see all of your competitor’s prices and monitor price changes over time to help you develop an effective pricing strategy.

Analyze competitors to win the buy box on Amazon

Build Up Your Seller Feedback

In order to consistently get the buy box you need to have a good number of reviews, and about 90% of those reviews need to be positive. Here are a few tips to help you generate more positive feedback:

  • Ask for Reviews: A great way to get more reviews is to set up an automatic email that gets sent to your customers once they receive your product. This gives you a chance to follow up with them about their purchase and ask them to leave you a review.
  • Answer Questions Quickly: Answer any questions you receive thoroughly and quickly. Amazon prefers you answer all questions within 24 hours.
  • Quality Control: When you receive your products inspect them carefully and ensure none of them are damaged. If you’re using FBA Amazon will do this for you, but it’s still good to check for yourself before sending your inventory to them. This lowers the chance that your customers will receive damaged goods.

Customer service is something that needs to be constantly maintained. If you slip up once or twice it can have negative consequences for your business, so always make sure you’re staying on top of it.

Keep Products in Stock

Managing your inventory is critical to your success. When your stock is low it lowers your odds of winning the buy box.

You can monitor your inventory in your seller central account. Don’t wait until you’re almost out to order more. Be proactive and place orders in advance to ensure you always have plenty of items in stock.

After selling for a while you should be able to figure out how fast you’ll run out of your products and how long it will take to receive them from your supplier. This should allow you to pinpoint the best time to place your order.

You can also keep tabs on your competitors’ inventory by using strategies from Earnlytical. .

Ship Items Quickly

Amazon doesn’t want customers to wait too long to receive their orders. If you’re not able to fulfill and ship items quickly they’ll punish you by not awarding you the buy box.

The easiest way to overcome this is by using the FBA program. With Amazon shipping your orders for you, you’ll always be sure that your products are getting delivered as quickly as possible.

Plus, Amazon won’t ever punish you for slow delivery times if you’re using FBA.

Tips and Tricks

Are you looking for more ways to boost your odds of winning the buy box? Here are a few more tips and tricks to help you be tops amongst the competition:

Choose the Right Product

If you want to make things easier on yourself choose a product that has less competition. The fewer competitors you have the easier it will be to get the sale.

Before you settle on a product make sure to do some research and consult with Earnlytical for checking the Products Total Available Market Share. Earnlytical uses high end data synchronization tools to pull up a wide range of stats on any product currently being sold on Amazon.

  • Estimated monthly sales
  • Number of reviews
  • Sales trends and history
  • A Niche Score letting you know how competitive the niche is
  • A Product Score letting you know how competitive a product is

Most importantly, you’ll be able to see how many sellers are currently selling a particular product. So, not only will you be able to choose a product that is proven to sell consistently well, but you’ll also be able to find ones that have fewer sellers, giving you a better chance at the buy box.

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Find an Amazon Product That Will Make You $3,000/Mo or More CONSULT FOR FREE

Sell Private Label Products

When you’re selling the same item as 50 other sellers it can be easy to get lost in the shuffle. This is why many sellers start selling private label items.

A private label product is a unique item that has your own brand name and logo on it. It can either be a completely new product that you came up with or an existing product that you’ve modified.

The advantage of this is that because you’ll be the only one selling it you’ll always have the buy box, instead of being stuck in rotation. If someone wants to buy your unique product they can only buy it from you, meaning you’ll always get the sale. And because you own the product no one else can start selling it and take away a percentage of your sales.

Coming up with your own product may sound difficult, but it’s actually easier than you think. Alibaba is a great place to start. There are thousands of manufacturers there that offer a wide range of products. Simply reach out to some that offer the types of items you’re looking for and tell them your idea. Assuming it’s doable they’ll be happy to create a prototype for you to test.

There’s a little more legwork involved in creating a private label product, but once it’s developed the process is no different than selling any other item. Plus, with no other sellers competing against you you may find it’s also more profitable.

How to See Your Eligibility for the Buy Box

If you want to know if you’re eligible for the buy box you can do so in Amazon Seller Central.

Just follow these steps:

  • Log in to your Seller Central account.
  • Click on the “Inventory” tab.
  • Select “Manage Inventory.”
  • Click on the “Preferences” tab.
  • Find the “Buy Box Eligible” field.
  • Select “Show When Available.”
  • Once this is enabled you’ll see a “Yes” appear under the Buy Box Eligible column for a SKU when it becomes eligible.
How to see your Eligibility for the buy box Amazon

Make sure to check this for all of your products, as there may be something you don’t know about that could be preventing you from being eligible. If you feel you’ve fulfilled all the requirements but are still being listed as not eligible make sure to report it to Amazon seller support so you can get assistance.

Is it Worth Paying for PPC Advertising if You Don’t Have the Buy Box?

You may be wondering if you should run PPC ads if you’re competing with other sellers for the buy box. The last thing you want is to pay for an ad only for it to result in one of your competitors getting the sale.

Luckily, Amazon has a system in place to help prevent this from happening. Your ads will only appear when you have the buy box, giving you the best chance at getting the sale should the person who clicked on the ad decide to make a purchase.

That being said, you should still do everything you can to win the buy box if you’re running a PPC campaign. Otherwise your ads will never be displayed and your campaign won’t be successful. 

And once you do have the buy box a PPC campaign is a great way to boost your sales and take advantage of your position.

Conclusion

Earnlytical and its team of Amazon experts are here to fix Buy Box issues and navigate through many of the pitfalls that vendors encounter in their e-commerce business. Contact us today to discuss what your biggest challenges are and how we can help. 

3075759

Accelerate Your Business Growth with These Optimization Strategies

by with No Comment Technology

Business strategy optimization is a crucial aspect of running a successful E-Tail business. A well-optimized business strategy can help increase sales, reduce costs, and improve customer satisfaction. Here are some key factors to consider when optimizing your business strategy:

  1. Market Segmentation: Identifying target customer segments and understanding their needs and preferences is essential for tailoring your product offerings and marketing campaigns. This will help you to focus your resources on the most profitable customers, increase sales and reduce costs.
  2. Competitor Analysis: Understanding your competitors’ strengths and weaknesses is important for staying ahead in the market. By analyzing competitors’ pricing, product offerings, and marketing strategies, you can differentiate your products and find new opportunities to grow your business.
  3. Inventory Management: Effective inventory management is critical for keeping costs low and ensuring that products are available when customers want to purchase them. By tracking inventory levels and sales trends, you can optimize your product offerings and reduce waste.
  4. Fulfillment and Shipping: Efficient fulfillment and shipping processes can help reduce costs and improve customer satisfaction. Consider using multiple fulfillment centers, optimizing shipping routes, and offering fast and reliable shipping options to meet customer expectations.
  5. Customer Experience: Providing a seamless and enjoyable customer experience is key to retaining customers and improving customer loyalty. Consider investing in user-friendly website design, fast and reliable checkout processes, and easy-to-use mobile apps.
  6. Marketing: Developing an effective marketing strategy can help you reach new customers and increase sales. Consider using search engine optimization (SEO), social media marketing, email marketing, and influencer marketing to reach your target audience.
  7. Data Analysis: Data analysis is crucial for understanding customer behavior and making informed business decisions. Use data analytics tools to track customer behavior, sales trends, and website traffic to make informed decisions about product offerings, pricing, and marketing campaigns.
  8. Continuous Improvement: Continuously analyzing and optimizing your business strategy is key to staying ahead in the market. Regularly review your strategy, identify areas for improvement, and implement changes to keep your business competitive and growing.
Retail Business
Plan-Do-Chech-Act

By focusing on these key areas, you can optimize your e-tail business strategy and achieve long-term success. However, it’s important to remember that optimizing a business strategy is an ongoing process and Earnlytical helps you with the right tools for continuous improvement. Stay attuned to industry trends, customer needs, and market changes to stay ahead of the competition.

In conclusion, business strategy optimization is an important aspect of running a successful e-tail business. By focusing on market segmentation, competitor analysis, inventory management, fulfillment and shipping, customer experience, marketing, data analysis, and continuous improvement, you can optimize your business strategy and achieve long-term success.

Web 3 applications

Web3 Development 101: Creating Decentralized Applications for the Next Generation Web

by with No Comment Technology

Creating Decentralized Applications for the Next Generation Web

Web3, also known as Web 3.0, is the next generation of the internet and it is built on the blockchain technology. With Web3, the internet will be more decentralized, transparent, and secure. The use of blockchain technology allows for the creation of decentralized applications (dApps) that can be used for a wide range of purposes. In this blog post, we will discuss the basics of Web3 and how to create decentralized applications for the next generation web.

The blockchain technology that powers Web3 is a decentralized, digital ledger that records transactions in a secure and transparent manner. This technology is the backbone of Web3, and it enables the creation of dApps that can be used for a wide range of purposes. dApps are decentralized applications that run on a blockchain network, and they are not controlled by any central authority.

One of the key advantages of dApps is that they are transparent and secure. This is because the data is stored on a decentralized network and is accessible to anyone. Additionally, the data is encrypted, which makes it more secure than traditional applications.

Another advantage of dApps is that they are decentralized. This means that they are not controlled by any central authority, and this gives users more control over their data. dApps are also more resistant to censorship and can operate without interruption, even if a central authority attempts to shut them down.

To create a dApp, you will need to have a basic understanding of the blockchain technology and smart contracts. Smart contracts are self-executing contracts that are stored on the blockchain, and they are used to facilitate the operation of dApps.

To create a dApp, you will need to:

  1. Choose a blockchain platform: There are several blockchain platforms available, such as Ethereum, EOS, and TRON. Each platform has its own set of advantages and disadvantages, so you will need to choose the one that best fits your needs.
  2. Learn to code: To create a dApp, you will need to have a basic understanding of coding. This can be done through online tutorials or by taking a coding course.
  3. Create a smart contract: This is the backbone of your dApp, and it will contain the logic that will govern the operation of your dApp.
  4. Build the user interface: This is the part of your dApp that users will interact with, and it is important to make it user-friendly.
  5. Test and deploy your dApp: Once your dApp is complete, you will need to test it to ensure that it is working correctly. Once it is ready, you can deploy it on the blockchain platform of your choice.

In conclusion, Web3 is the next generation of the internet and it is built on the blockchain technology. With Web3, the internet will be more decentralized, transparent, and secure. The use of blockchain technology allows for the creation of decentralized applications (dApps) that can be used for a wide range of purposes. To create a dApp, you will need to have a basic understanding of the blockchain technology and smart contracts. With the right knowledge and tools, anyone can create a dApp for the next generation web.

AI

Artificial Intelligence In Demand Analytics .

by with One Comment Technology

With the Covid-19 outbreak, a humanitarian crisis, the facets of the consumer market and demands have rapidly changed course and a seismic shift has been observed in the consumer product demands. Consumers worldwide have adapted to the new normal and this change has witnessed a drift from where the customer’s shop, what they buy, and how much? 

The supply chain systems and retailers are keeping ashore with the newest and most powerful analytical tool in hand, machine learning, and artificial intelligence.

With the ever-changing, trends and demand graphs, it is merely impossible to predict demand and supply numbers with accuracy and precision. Yet, only the one that adapts to the newer territories and meets the demands win the race.

How can you predict future trends and demands for your business or plans? Equip yourself with the right tools and witness the magic in action. We are just about to unroll everything you need to know about demand forecasting with AI and machine learning.

What is Demand Forecasting?

A predictive analysis of the past data sets and records to predict or forecast the consumer demand. It helps to reduce inefficiencies and makes you ready at every time and for the ever-changing line of demands.

But why should you even forecast the demand and built a supply chain resonating with the demands? 

Well, it gives your business a 360-degree turn, set up for success:

1. Improved accuracy: with demand forecasting, you can plan and keep the inventory in check with the requirements to the demands and catch up with the latest trends.

2. Better customer satisfaction: eliminating the out-of-stock or shipments delays due to lack of resources, demand forecasting helps you make smart decisions with the inventory stocks and keeping the consumers satisfied on the other end.

3. Efficient manpower: with the accurate and precise demand forecast, you can adjust and make effective choices with the manpower in hand.

4. Better financial decisions: increase the profit ratios, improve the efficacy of your budget plans, resource sourcing, and allocation for better results of your efforts and work with the blueprint of the future in your hand.

5. Increased supply chain efficiency: with the right variables and numbers in the equation, you can manage the supply chain smoothly to meet all the needs and tick all the boxes.

For years, analysts, data scientists, and marketing teams have tried to understand the previous trends from the data available, draw a sensible and feasible conclusion about the demands of the future using statistical tools and rigorous processes. While they cannot fully grasp the big data and understand the sweet of play of pattern, artificial intelligence and machine learning have taken the hard job.

Leave the number crunching of the big data sets to the algorithms that run numerous and endless loops to make sense of the pool of data to bring out the sweet pattern playing in between the numbers. With the numbers in saying, AI-powered forecasting can reduce errors in the calculations by 30% – 50% in the supply chain networks that is half the work done.

But how do AI and machine learning do it all?

What makes AI possible?

Adjusting the commercial levers, finding the right audience and niche for the products has never been easy. The mix and match of the numbers and budgets make all the difference. So how do you find the right combination?

Here’s how:

1. Machine learning: with the offset of the new tool of machine learning, the future is on the brighter side. Machine learning truly enables the algorithms to work in real-time with the real internal and external factors such as weather, demographics, online reviews, and social media that matter the most. Making sense of the big data sets, understanding the patterns, and making accurate and reliable conclusions.

2. Neural nets: impersonating the cognitive and neural behavior of humans, neural nets attempts at creating patterns in the given data by understanding the relationships between the varying factors and variables. Neural nets consist of nodes that act as calculators to process inputs and pass on an output

3. Expert systems: developed on the “if-then” rules, expert systems try to acquire knowledge from the past available data and the present factors that affect the output. Making sense of what you got in hand and what you could do with it is what expert systems aim at answering.

4. Natural language processors: a whole set of algorithms and models to understand what you write and speak to make sense of it. The NLP aims at understanding the high-level language to derive meaningful results.

Why should the retailers opt for ML?

Keeping up with the trends and changing of demands from time to time topped with the external factors that always find a way to dismantle everything, you could be trapped in the loophole of meeting the ends of supply and demand, customer satisfaction, ROI margins, and much more. To disentangle the mess and make sense of the data, here are the reasons why should incorporate AI into your business plans right away :

1. Tackle the recurring demand patterns: fully understand and make sense of the pool of data you are swimming in and comprehend the pattern to meet the demands with efficacy and top quality.

2. Better profits margins: adjust the gears of the commercials, budget, and finances at the right time to make the best of the situation. A few changes here can create bigger impacts on the profit margins of your overall sales

3. Beat the unpredictability: keep the guessing work out of the business and take full advantage of the data that is available. Or train the models on the data sets and time frame of similar products to improve your stand.

4. Optimized labor management: when you know what you need and when, you can pre-plan the labor required, their working duration, and much more to make the best out of every resource.

5. Higher fill rates and less stock out: going out of stock could become a nightmare if you are not preplanned and well equipped. Getting your inventory right is the perfection we crave for.

6. Supply responsive plans: when you keep the if out of the box, you can create robust and responsive supply chain plans that adapt themselves to the new fads and trends to keep you on the move. Fit right in at the right with real-time analysis of machine learning.

With the right tools and the ability to adapt with time, one is always set up for success. An estimated impact of artificial intelligence and machine learning on the supply and manufacturing chain plans equals up to $1.2 Trillion and $2T.

Some common pitfalls

But this road up the hill comes with its pitfalls that one should be aware of and take into consideration when working with the tech. 

1. Inconsistent, inefficient or biased data sets: algorithms works on data, the more data the better and the more of quality data the more of fruitful results from the predictions. When we have misinterpreted data algorithms cannot make accurate and reliable predictions and hence becoming ineffective.

2. Unskilled or subjective teams: the core of the decision-making process lies in the hands of teams and departments. When loopholes or discrepancies are filling the working sector of the organization, then any algorithm will fail to meet the business goals.

3. Inflexibility: when the departments or organization is reluctant to make changes and incorporate shifts from their previous business plans, the organization can find it hard to navigate its way to success. Demand forecasting requires flexibility and openness to change to make alterations in the existing plans to deliver the best results possible.

4. Incomplete data: when the whole data is not included in the analysis, this could lead to partial and ineffective predictions leading to poor decisions.

5. Mixing causation with correlation can lead to drawing misleading conclusions. Try to answer the question of why before making any changes.

Want to get it all right and jet-speed your business scale to newer levels just like:

1. Hyundai Motors reduced their delivery time by 20% and improved their inventory turns from 3 to 3.4

2. Reynolds eliminated the forecasting errors by just 2% and tossed off the burden of $1 million in inventory.

3. Unilever reduced the errors by 30 – 40% resulting in multi-million dollars inventory save

Take a step back to leap forward

Stepping into the new world of artificial intelligence and machine learning can be pretty daunting if not intimidating. We value your journey, expertise, and time, therefore put only your best foot forward with AI development services by Earnlytical.

A unique and the right blend of technology, goals, and time. We keep the AI simple so you don’t have to take the weight on. Leave the number crunching and gizmos operations on us and see the magic in action. Witness real results in real-time that moves with you. Real-time analytic, real-time predictions, and forecasting. And this is not even the end, we are just beginning!

Transform your business today with the right tools with only the best platform.

Contact us today to consult our team in helping your business grow.

Web 3.0

Web 3.0 Explained | Features, Advantages & Comparison to Web 2.0

by with 2 Comments Technology

The world around us is changing at an increasing rate. And many futurists believe that we are at the foyer of the future that we always imagined. And the credit to this goes to the game-changing technologies like Blockchain, DAOs, Virtual Reality, Augmented Reality and many more.

These are rapidly evolving and laying the foundation of this coming tomorrow. It is the future that caught our imagination in various Science-fiction movies wherein technology is intelligent, well-connected, decentralised and automated.

Today we will talk about one such futuristic technology that will form the linchpin of all these developments – Web 3.0. Also known as Web3 or the Semantic Web.

What is Web 3.0?

Imagine you are returning to your home in your self-driven car after working hard the whole day at the office. You are very tired and can’t wait to reach home. As soon as you reach closer, the garage gate automatically starts to open. You park your car and move inside your home. The lights turn on by themselves, the temperature of the house is automatically set to your preference.

The voice of an Intelligent Virtual Assistant (IVA) asks you about the day and what you would prefer to do now? It suggests some of the options depending on your day and mood. You choose to go for your usual drink and watch television. The drink is getting prepared, meanwhile, you sit on the couch. The TV is turned on with your favorite show and you just can’t get enough of it. What a way to end a hectic day.

Do you know what technologies have enabled these functions?

All these developments are a result of our information system attaining intelligence with the help of technologies like Artificial intelligence and Machine learning. This information system understands your personality and preferences and works in accordance.

For example, if you are a motorcar enthusiast and want to see a show about Jaguar, it doesn’t show you something about the animal Jaguar. This is what Web 3.0 is at its peak in the future.

It is the intelligent information system that works in tandem with other technologies such as the Internet of Things (IoT) in the future, to give you the life you always wanted. 

So, to discuss the definition of Web 3.0, it is the third iteration of the internet that would be able to think like us. Like, it would not only able to understand the meaning of the words but also the context, sense and emotions behind them. 

And it doesn’t end there, the new version of the internet will be based on a decentralised ledger technology, commonly known as blockchain technology. The technology will bring the aspect of decentralization into the system and allow the user to have control over their data. This is stark opposite to the current version of the internet, known as Web 2.0, wherein the data is centralized and controlled by a few tech giants.

Thus, you can say, it will possess human intelligence to understand the context and act accordingly. Moreover, Machine Learning helps it improve itself consistently. Understanding its feature will help us get a better hold on this concept.

Features of Web 3.0

  1. Decentralization

    This is the core feature of Web 3.0. While, today in Web 2.0 the data is store at a particular location or server that is property of a certain organization. This leaves the control of that data in the hands of that organization, which can use it for profiteering. Thus, jeopardizing the privacy of many. This is one of the main drawback of Web 2.0 that Web 3.0 seeks to do away with.

    Since Web 3.0 is based on blockchain, a decentralised ledger technology, which stores data multiple location, it will also result in distributed data storage simultaneously. This will give the user complete authority over their data and protect their privacy.
  2. Trustless & Permissionless

    In the context of Web 3.0, being trustless is a positive word. This is because, the network will allow the user to interact with it directly without requiring any intermediary. Thus, they don’t need to entrust anyone with their data before putting it on the network. They can do it on their own and keep it safe with the help of unbreakable blockchain technology.

    Similarly, the users do not need to acquire permission from anyone before interacting with this network. This makes them permissionless.
  3. Semantic Web

    This is one of the most prominent improvements in Web 3.0 over the preceding versions. It would not only work based on the keywords the user puts in but also understands the underlying context.

    Thus, it produces the results according to the sense of the search and not just the keywords as it’s being done in the current version i.e. Web 2.0. Like we said above, it understands the difference between Jaguar the car and Jaguar the animal.
  4. Artificial Intelligence

    The next big improvement is the utilization of Artificial Intelligence. With the help of AI, Web 3.0 would be able to understand data as we do. And this will change how we interact with the digital world, given that it will also include Natural Language Processing(NLP).

    Thus, the AI in Web 3.0 would be able to identify ambiguity or abnormality in data and pinpoint fake reviews or rigged ratings to remove them to keep the authenticity intact. 

    Moreover, with the help of Machine Learning, it will keep on improving itself and give better results everytime.
  5. Spatial Web

    Web 3.0 will also deal extensively with 3D graphics, that is why many futurists also call it Spatial Web. This will enhance the immersive experience of the user to the manifold, for example, the user would be able to see the product on an e-commerce website in more clearer manner.

    Similarly, Museums would be able to give an online tour or showcase their distinguished artefacts to attract visitors. Likewise, it can be utilised in healthcare, education, real-estate you name it.

    Hence, the opportunities are boundless with the amazing 3D experience Web 3.0 will be able to offer to blur the line between the physical and the digital worlds. 
  6. Connectivity

    This is where the above example of IVA will start to take shape. The connectivity will be in two forms. First, the connectivity between the information and second connectivity between machines for example Internet of Things(IoT). 

    The first form of connectivity will be a result of AI. The reason, since this information system will itself understand the information, it will be able to juxtapose related information to present more productive results.

    The second form of connectivity will be caused by two factors: 
  • Enabling technologies like Cloud Computing, Robotics, Big Data
  • Mushrooming on Automated machines that can connect to the internet

    These two factors will transform the interaction between humans and machines. And the common thread that will connect all these developments will be Web 3.0.

    This will take the connectivity aspect of Web 3.0 to unprecedented levels. And usher in the high-tech future. And this takes us to another feature.
  1. Ubiquity

    This will be a result of a higher extent of connectivity in Web 3.0 making it ubiquitous. Although, Web 2.0 is ubiquitous but upto a limited extent for example only certain sites allow you to access your data from anywhere in the world. And this data is solely controlled by the organisation managing the website. 

    Web 3.0, along with its trait of decentralization, will take this feature to another level. The data will be accessible from around the world. Not only the data will be accessible to the user from anywhere in the world. The user would be the sole owner of their data.

Comparison between Web 1.0 vs Web 2.0 vs Web 3.0

Web 1.0 or the Static Web

It spanned between 1989 to 2005. It is called Static web because there was very limited interaction between the internet and the user. The information was very provided in a very straightforward and bland and access to it was very limited.

It was based on:

  • HyperText Markup Language(HTML)
  • URI or URL: Uniform Resource Identifier or Locator, 
  • HyperText Transfer Protocol(HTTP)

Also, the search engine only came into existence after 1995 and email and access to real-time informations was made possible. However, it was the time when few created the content for many. And this got changed in Web 2.0

Web 2.0 or the Social Web

This network was a great shift from its previous version. Not only it was way better when it came to interactivity and social connectivity. It allowed user to generate content and let it spread across the internet to other millions or even billions of users. That is why is also called the Social Web. Now, many were creating for many. 

The most noticeable development was the advent of social networking and interactive applications. This facilitated the emergence of tech giants like Facebook, Google, Twitter, Youtube etc. These giants gradually attained dominance on the internet by controlling its access and usage of the data over it.

Further, its growth got fueled by technological advancements like mobile phones and open source software’s like Android. These open source software led to development of millions of mobile-based software application that expanded the utility of internet to exponential levels.

Web 3.0

Comparing to the above two versions of internet, Web 3.0 is based on the principles of decentralization, directness, privacy protection and permissionless access etc. and will offer the obvious purpose of greater utility.

Thus, it will give the user more authority over their data. And this will curb the data usage of the users without their permission which is the most talked about disadvantage of Web 2.0. 

As envisaged, it will take the bottom-up approach in which the users will guide the direction it would take. Moreover, the features that we discussed above like Semantic Web, Artificial Intelligence, and three-dimensional graphics etc will offer even more utility in Web 3.0. 

The below mentioned table represents a quick comparison between Web 2.0 and Web 3.0.

Web 2.0 versus Web 3.0 – An approach to the metaverse

FeaturesWeb 2.0Web 3.0
Organizational Structure Centralized Ownership & Control
 Decision are by the shareholder of the controlling organization		 Decentralized control and ownership by community
 Native tokens holders carry out governance and decisions are consensus-based
Data Storage Centralized storage on specific location Decentralized storage on multiple locations
Platform Format PC/console 
 VR/AR hardware 
 Mobile/App		 PC 
 VR/AR hardware
 Mobile App in coming times
Payments Infrastructure Traditional payments methods such as Credit Cards, Debit Cards, Netbanking, etc.
 Virtual currency limited to that platform		 Crypto wallets
 Cryptocurrencies & Tokens circulated across platform
Content Creators Game developers Community member
 Game developers
Portability Of Digital Assets Within the particular platform Can be transferred to different platforms
Ownership Of Digital Assets Within the platform where purchased Portable as owned by the user through Non-Fungible Tokens (NFTs)
Identity Avatar created on a particular platform
 Non-interoperable		 Interoperable self-sovereign identity 
 Anonymous Private-key
Revenue Models Revenue shared by selling platform and the creator/developer Developers/creators directly earn revenue
 Users earn through participation in activities including governance
 Royalties earn by NFTs creators on secondary transactions
Participation Methods Socialization 
 Gaming		 Play-to-earn game
 Experiences like concerts
 All Web 2.0 activities
Example World of Warcraft 
 Second Life
 Fortnite
 Roblox		 Decentraland
 Cryptovoxels
 Somnium Space
 The Sandbox

Advantages of Web 3.0

Ownership of Data

Under the Web 3.0 setting, the user gain the ownership for their data and the privacy is protected by encryption of the data through blockchain technology. Therefore, this data can only be utilised by any third party after getting permission from the user on need or case by case basis.

Ubiquitous Information Access

Web 3.0 enables ubiquitous information access, which is quite limited in Web 2.0. This will be made possible with the help of smartphone application and cloud-based technologies. While in Web 2.0 users have to rely on an intermediary to access their own data, this will not be the case in Web 3.0 where there would be no intermediary.

Democratization of the Web

Web 3.0 provides democratization of the web as no central authority can dictate the access and restriction to its services. Neither can anyone stop it operation, it will be execute same functions in all the circumstance thanks to the architecture that is based upon smart contracts.

NFT explained

What are Non Fungible Tokens (NFTs)? – Everything You Need To Know

by with 3 Comments Technology

What Does DeFi Mean?

To your wonder, for the past couple of years, DeFi is captivating the blockchain era, and we have witnessed this growth once after the rise of numerous new cryptocurrencies in the marketplace. Well, it’s true, DeFi is meant to offer solutions for high demanded fintech industries by bringing it in a network that operates in a decentralized fashion.  Everything moving in DeFi (ie, exchanges & transactions) is really fast by further enhancing the network on a large scale. On another point of view, “Mass adoption” happens as people started accepting Decentralized finance projects/platforms, as it is making the DeFi user’s work simple in an effortless way.  DeFi matters a lot to the majority of the population in 2021, as people are getting adopted to a scalable platform that operates in online without the necessity of a central network. As DeFi promises to perfectly carry out the transactions on a massive scale, many DeFi projects are developed & introduced.  Some of them are PancakeSwap, UniSwap, SafeMoon, BakerySwap, etc,… In this article, we are going to explore one of the new concepts called “NFT” in DeFi. Let us get started! 

What are Non-Fungible Tokens (NFTs)? 

Non-Fungible Tokens (NFTs) is a popular digital asset that comes with a combination of real-world objects like collectibles, games, music, art, videos & more. This NFT can be brought in online and that too frequently with cryptocurrencies. Blockchain carries out the above entire operation as there is an increase in popularity & demand have raised in exchanging NFTs in the marketplace. The non-crypto audience is benefitted on a huge scale as NFTs is taking the digital world by storm. It is creating a big opportunity as this unique digital asset (NFTs) is developed on top of the Ethereum network. Buying and selling of NFTs are processed by smart contracts in this Ethereum blockchain network. 

How NFTs Differs from Cryptocurrency?

Certain characteristics of Non-fungible tokens make them distinct from other popular cryptocurrencies. Even though NFTs are programmed and coded like Bitcoin, Ethereum, Ripple, etc,.. NFTs are different. It has its own unique value and couldn’t be exchanged for any other cryptocurrency. The value of the NFTs also does not equals with any other, which means it is extremely unique and could be used for some specific purposes. 

Fungible Tokens Vs Non-Fungible Tokens

Let’s sort out the major difference between fungible and non-fungible tokens in brief.  

  • Fungible tokens are extremely interoperable and exchangeable as it can be exchanged with any other cryptocurrencies, whereas Non-fungible tokens are unique and couldn’t be exchanged easily like the above. 
     
  • Fungible tokens are divisible whereas Non-fungible tokens are non-divisible. It means fungible tokens can be divided into smaller units and the token value remains to be same, on the other hand, NFTs are extremely opposite to it.
     
  • Fungible tokens are same whereas Non-fungible tokens are different. Here, each and every token in fungible are different and comes under the same type, in NFT, each NFTs are identical and unique. 

NFTs & DeFi – Is It A Good Combination?

Many of us would haven’t heard this term. NFTs are called as a cryptographic token and it is not like the other traditional asset. These non-fungible tokens have it’s own set of unique value and it represents collectibles like digital art, or other digital items like music, games & more,…It is rare and it is most secured stored by following the cryptographic security policy.  It operates on the blockchain-based network and that too mostly on the Ethereum blockchain. That’s how NFT’s are combined with DeFi, as NFT comes under the major DeFi project popularly defined as a decentralized exchange platform development for exchanging NFTs. In this DeFi platform, real-world assets like NFTs are easily exchanged in a decentralized blockchain network. Thus, DeFi & NFTs work splendidly together. 

General Characteristics Of NFTs

Unique NFTs are unique and much distinct from one another. No two tokens in NFTs appear to look the same. This unique characteristic creates a center of attraction among many NFT users. Limited supply A token holder cannot have a stream of NFTs that holds the same value proposition.  Indivisible NFTs cannot be splitted into multiple units like bitcoin & other cryptocurrencies. This destroys it’s value proportion if it is splitted. Specific use It has some key characteristics and it is limited for certain usage only. One cannot use NFTs as per their needs/requirements. Verifiable scarcity Blockchain verifies the NFT holders and how many NFTs are left over for purchasing. 

How Do NFTs Work?

Working principle of NFT is so simple. It functions on the blockchain network, especially on Ethereum network. Popularly these Non-fungible tokens are stored on Ethereum blockchain for processing activities like buying, selling, making of NFTs.  NFT has only one token owner who holds a unique digital asset, thus the owner can be easily verified. Also, at a single point in time, NFT can be owned by a single owner. Here the owner of NFT can store specific information and can digitally sign in NFTs metadata. Majorly NFT is created for digital objects like 

  • Art
  • Music
  • GIFs
  • Video games 
  • Videos and sports highlights
  • Collectibles
  • Designer sneakers

How To Buy/ Sell /Make NFTs?

Buy NFT Before purchasing an NFT ensure that you own a digital wallet for storing it. A gas fee is also imposed for completing the transaction in a successful way. Sell NFT Initially upload your content on a digital platform before you start your selling. Give a description for your content and specify a price for it. Commonly NFTs are bought using ERC-20 tokens like WAX & Flow. Any other users trade it by using ERC-20 tokens for buying your NFTs. Make NFTs It is possible for everyone to create an NFT. For making your NFT marketplace into functionable you need 3 things, (ie) Ethereum tokens, wallet to store, establish a connection to your marketplace.  

What Are NFTs Used For?

Let us talk about the real-time application and usage of NFTs. In our life, we may face problems, “less opportunity to show our talents”. Isn’t it? To solve these issues, especially for (digital artists), NFT is a solution provider. Using the NFT marketplace one can sell their art by does not relying on digital galleries to expose their artistic framework. Here, a price range is fixed by the seller of NFT while selling their digital asset in a decentralized platform. 

Popular Use Cases of Non-Fungible Tokens 

I’m happy to list out the popular non-fungible token use case. First, the most familiar use case of NFT is “Crypto Kitties”. Apart from crypto kitties, there are multiple use-cases in NFT for different purposes like voting & elections, loyalty programs, art, real-world assets, virtual assets, copyright, supply chain tracking, medical data, and more. Digital platform users can make use of this opportunity for exhibiting their talents. 

Below listed NFT marketplace empowers your business in real-time, thus fixing major problems faced while selling a digital asset.

  • Opensea
  • Rarible
  • Super Rare
  • Foundation
  • Superfarm
  • Enjin
  • Ethernity
     

Earnlytical – Non-Fungible Token Development Company

We are happy to offer solutions from our NFT Services development company to every one of you. Our experts support you by offering complete technical support for building your highly secured Non-fungible tokens which follow the strong NFT development criteria. Also, We assist you to build other decentralized exchange platforms for making an expansion in your business. Feel free to connect with our crew!”A Goal Without A Plan Is Just A Wish”Start Your Business with Us!