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Designing for Web 3.0

3 minutes 46 seconds read

We’ve discussed blockchain, Metaverse, and  Mixed Reality in our previous blogs showcasing perspectives from different industries on how this virtual world is helping businesses to boost customer experience.

But in order to give an exceptional user experience, it is imperative to know what its target audience wants in terms of design. What will be the role of design in web 3.0 and what will be the challenges in creating a good design for these users?

Since the 1990s the internet world has evolved three times: web 1.0 (1990-2004), web 2.0(2004-Current), & Web 3.0 ( New ). 

Web 3.0 includes modern internet technologies such as blockchain, cryptocurrency, non-fungible tokens (NFTs), & Metaverse (AR, VR & Mixed Reality). 

Web Trends

The newer target customers – millennials and Generation Z (also known as Internet Generation) are living in Web 3.0. Their life revolves around technology. What they want is a smarter and more intelligent experience. In the world of Web 3.0, customer experience (CX) is based on user recommendations, automatic chatbots, and advanced search results leveraging machine learning, improved connectivity etc. 

Comparison between Web 2.0 and Web 3.0

Image Credit: Navdeep Yadav 

Renowned companies like JPMorgan Chase, HSBC, Gucci, Coca Cola are dabbling in the Metaverse.

“According to citi report, the Metaverse could be an $8-13 trillion dollar market by 2030.”

Metaverse Taxonomy

Metaverse taxonomy

Why should you care about ‘Web 3.0’ when designing?

Traction follows the money. That is why huge companies are interested in it. In order to give a web immersive experience to the current audience, we need to understand how designers can create web 3.0 experiences for the audience.

Web 3.0

Design is at the forefront of global transition with a newer set of customer expectations driving the market. The challenges in designing for the metaverse (VR, AR & MR) are numerous, as there is no clearly defined solution. Here are a few points to keep in mind while designing for Web 3.0 users:

Design for Blockchain: For the design industry, there is no clarity about how designers can adapt to web3.0 trends for giving a better user experience. However, some industry leaders suggest that to develop a web 3.0 site, one must first understand blockchain technology from a design perspective, such as the challenges this technology can present. Because the audience is not aware of the blockchain’s advantages & limitations. 

Designers can create web experiences by considering: visitors’ attention, simplifying complex elements, designing unique visual elements, maintaining a brand identity, and other things.

Design for VR: When a designer creates a VR experience for the users it is necessary to create a good immersive experience. Even though there is no final standard design guideline in the industry, what can be useful while designing is understanding people and the platform you design for, visualizing the interaction keeping user convenience at the center, considering head tracking, preventing motion sickness, and creating a guideline for the user.

Design for AR: While designing for AR, understanding the actual problem and ensuring that AR is the right channel to solve the problem, with clear business and user objectives is necessary. Another important thing is to understand the hardware capabilities. When you start designing the visual, don’t limit yourself to rectangles because in the AR experience users have a complete real-world environment.

Design for MR: Mixed Reality is a great change in the new internet world & designing for Mixed reality is a challenging job for designers. You can consider some UX principles while designing,

  • Provide your users with instinctual interactions through hand, eye, and voice inputs,
  • Learn how to interact with holograms at close range with a user’s hands or at long range with precise interactions,
  • Use voice commands as input in your immersive apps to control surrounding holograms and environments,
  • Add a new level of context and human understanding to a holographic experience by using information about what your users are looking at

Conclusion:

According to Gartner, 25% of people will spend at least one hour a day in the metaverse for work, shopping, education, social, and/or entertainment, by 2026. 

Today’s new-age customers feel more comfortable interacting and socializing with their peers in the virtual space and the new internet space is offering immersive experiences to people. This new trend has not been fully adopted by the whole world yet, but the pandemic has accelerated its adoption, and industries and users are looking at Web 3.0 as a new opportunity to transact and interact. To remain competitive, designers need to understand, learn, explore and observe more closely this evolving web world to create a better design for today’s users.

About the Author:

Praduman is a self-taught, passionate designer at Mantra Labs’ UI/UX team. His focus is on designing user-friendly interfaces using human-centered principles. Currently he is exploring how the metaverse affects human psychology. He loves to listen to podcasts and read current affairs.

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Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.

Chart, line chart

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Source: Deloitte Services LP Economic Analysis

For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies

Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.

Double down on digital

For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.

Using AI to curate a bespoke customer experience

Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.

Chart, sunburst chart

Description automatically generated

        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.

The way forward

The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.

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