On day one of the Ad: Tech 2023 conference, Anil Pandit, senior vice president, lead - precision (programmatic), India, Publicis Media; Prabhakar Tiwari, chief growth officer, AngelOne; Pankaj Sharma, CEO and director, Mgid and Abhishek Biswal, business head, Airtel ads, spoke about the strong suits of Web 3.0 and how brands can provide a layer of personalisation through decentralisation offerings.
The session was moderated by Bharat Khatri, chief digital officer, APAC, Omnicom MediaGroup.
Decentralisation is an important pillar of Web 3.0
A decentralised network is an independently run server that is not controlled by a business.
Stating why decentralisation is a key pillar of Web 3.0, Tiwari said, “The biggest advantage of Web 3.0 is decentralisation. For instance, it means a lot for fin-tech concerning payments in business and loan sanctioning It will be able to tap into cohorts through data available on network platforms.”
However, to see the profitability of Web 3.0, Tiwari opined those big tech companies will have to be sidelined because they can leverage all the customer data available and monetise it.
“Decentralisation is the way forward and big tech companies can put a dent in its opportunities. If a consumer is not paying for a certain service, they are paying for it with their time and attention. These cohorted data can be utilised to create personalised solutions only if there’s a decentralised data network”, shared Tiwari.
Decentralisation requires connectivity
Biswal stated, “Today all of us use the internet through various devices. We are connected to the internet through a SIM card or wifi. This is the only way consumers can be a part of the decentralised community. The bedrock of the decentralisation community will be built on connectivity. Essentially the availability of data will be multifold with offerings such as 4G and 5G connectivity. It will give rise for every website and content creator to give its viewers an enriched experience.”
Biswal remarked that with Web 3.0, brands will be able to be much closer to the customer than before. Sharing an example, he said, “If everyone in UP likes a niche content piece, an entertainment platform can keep that content specifically for that area instead of keeping it on a digital cloud that is working out of Mumbai. It will reduce the buffering of that content as only a cohorted audience will be watching and the customer will get a seamless experience.”
Data scales personalisation
Sharma giving his take on how personalisation will receive a push with Web 3.0 said, “Data is a crucial pillar for Web 3.0. It can provide a consumer with personalised content and recommendations. However, earlier this data was only accessible to a few who store the data with their network and targeted ads based on that data to the consumer. With a decentralised network, most of the data will be stored on the blockchain and controlled by the user. It won’t be controlled by a third-party app. Hence consumer data will be accessible to all brands and service providers which will enable them to offer targeted solutions.”
The brand fit for Web 3.0
Pandit remarked that we have already dipped our toes in this decentralised ecosystem and tested bits and pieces of the metaverse.
Sharing how he views decentralised networks from an agency perspective, he expressed, “Brands can engage with their consumers through the metaverse and create an experience for them by using their virtual assets. However, we are still at the tip of the iceberg. For now, we need to explore the Web 3.0 ecosystem and keep data privacy at the core while executing offerings.”
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