The Metaverse in Ecommerce Will Revolutionize Shopping

Business

The metaverse has already reshaped the video gaming industry. According to an EY survey, 97% believe the gaming industry is the center of the metaverse today, and all of them expect companies across industries to establish a metaverse presence in the near future. Pretty soon, the metaverse in ecommerce will bridge the gap between in-person shopping and online shopping. Metaversed found that there are over 400 million active metaverse users as of 2022. 

The metaverse is a virtual world that combines aspects from the digital and physical worlds. “The metaverse is here, and it’s not only transforming how we see the world but how we participate in it – from the factory floor to the meeting room,” says Satya Nadella, Microsoft CEO. The metaverse is expected to lay the foundations of the digital economy wherein users can buy, sell, create, and trade goods.

According to Meta Inc., CEO Mark Zuckerberg , “I believe that the metaverse is the next chapter of the internet. Just like we had the mobile internet, I think this is going to be the successor to that.” He said this during a talk with Shark Tank investor Daymond John in March 2022.

Bankless Times also reported that 74% of American adults are joining or considering joining the metaverse.

personalized experience in metaverse
On average consumers spend almost 14 minute smore in immersed in 3D virtual shopping experiences over statistic 2D sites. (A person explores the metaverse; Image Credit – Freepik)

The Metaverse in Ecommerce

The metaverse at first glance seems like a playground reserved for gamers and techno-enthusiasts. But retailers need to up their game to stay relevant and offer new, immersive experiences to users. Popular clothing brand H&M has already opened a store in the metaverse. In a survey conducted amongst Gen Z visitors, 85% of those surveyed admitted to a positive experience. Nearly 69% reported that the experience sparked their interest in a virtual H&M brand experience. 

A recent Google survey found that 66% of people are interested in using AR for help when shopping, and merchants who add 3D content to their product pages see as much as a 94% lift in conversion rates.  

Personalized Experiences

Online shopping experiences can feel detached and impersonal. This disconnect can be bridged by the use of the metaverse. Brands provide customers with personalized experiences through the use of digital technologies and tailor products to their needs. The metaverse will redefine what “a store” means and be able to curate different experiences depending on seasons, themes, and personal preferences.

Ecommerce giant has already incorporated early metaverse technology to help its users shop. With the AR shopping tool Room Decorator, customers can use their smartphones or tablets to see how furniture will look in their living spaces and decide what to purchase. The tool also lets them add multiple pieces and save screenshots for future reference.

Companies like Microsoft and Meta are already building tech related to the metaverse, but they are not the only ones. Microsoft is focusing on bullying Mesh for MSTeams, and with the help of with Meta Quest Pro and Meta Quest 2 devices, people will be able to connect and interact “as though they are together in person.”

Meta and Microsoft are working together to bring XBox Cloud Gaming to the Meta Quest Store, which will allow games to stream high-quality XBox games to multiple devices, including Smart TVs, and the Meta Quest platform.

Building a Community

With the metaverse in ecommerce, brands will also witness greater growth in community interactions. As the metaverse provides spaces for people to interact and actively participate in the brand’s activities, engagement will rise along with sales. Calling it “the next big technology platform,” Bloomberg believes that the metaverse market will soon hit $800 billion in 2024.

Once brands have established their presence in the metaverse, they can easily adapt to trending narratives and help customers bond over new experiences.

Metaverse communities are also a great place to launch new product lines, as feedback will be quick and candid.

NFTs are also expected to be a major part of community-building exercises. NFTS can be used to provide exclusive personalized experience to brand loyalists and dedicated customers. Brands can also commemorate special occasions by releasing limited edition NFTS and gifting them to most active community members.

Customer Information and Insight

The metaverse will enable companies to have a deeper understanding about their customers’ needs and behavior patterns. Depending on what products and experiences customers enjoy, brands will have a clear idea on what to focus on. Brands can analyze traffic and track customer behavior to make future predictions and develop growth strategies.

Businesses will be able to capture and analyze customer interactions in the metaverse for clues on how to make customer-oriented decisions.

Tim Sweeney, CEO of Epic Games described a future metaverse use case as, “Every company will be there at some point. If you are a car manufacturer, your brand presence in the metaverse isn’t going to be a bunch of advertising for your cars. It’s going to be a place where you can drive the cars around and feel the experience of it. We have an opportunity for much, much more interesting interactions.”

The metaverse in ecommerce will be a blend of the best of both worlds – online and physical. Brands need to carefully curate their approach and offer experiences that seamlessly convey the brand message across different channels.

Growth Prospects

It is also a great opportunity to generate revenue and customers have time and again proven their interest in all things metaverse. A Gucci handbag was sold on Roblox at nearly $4,500 while the physical handbag retails for around $800.

In late 2020, Lil Nas X hosted one of the first concerts in the world-building game Roblox, which recorded over 33 million viewers over two nights and almost eight figures in digital merchandise sales.

According to Gartner 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, social media and entertainment by 2026. Metaverse shopping will transform ecommerce from 2D static product catalogs into real-time experiences that can be accessed at the customer’s convenience. It is a unique fusion between the thrill of in-store shopping and the comfort of being at home.

A frictionless brand experience is a must for brands to succeed in the virtual world, but those who do not invest in establishing their presence in the metaverse will lose out on much more than revenue.

The post The Metaverse in Ecommerce Will Revolutionize Shopping appeared first on Industry Leaders Magazine.

Leave a Reply