Table of Contents:
In October 2021, Mark Zuckerberg announced to the world that the Facebook corporation would be changing its name to Meta. One of the most well-known companies in the world would not only be operating under a different name, but it would also give us a completely new experience. The Internet of the future, as the American entrepreneur said, will be based on virtual and augmented reality technologies. The prospect of the real and virtual worlds interacting raises many questions, one of which relates to its impact on retail sales. How might the Metaverse affect e-commerce? Below, we explain.
The Metaverse – will it revolutionize the world?
This rather enigmatic-sounding term speaks to fans of the “Matrix″ series, as well as to those who have encountered the philosophy of Jean Baudrillard, who is well-known to many creators of cult films. In the era of the Metaverse, which has just begun, the Internet will no longer be one-dimensional. In a nutshell, it can be said that the Metaverse will allow us to experience 3D virtual reality daily, during work and leisure. VR (virtual reality) and AR (augmented reality) technologies are currently used in computer games, but soon they will be more widely employed, for example, in everyday interactions with co-workers, schoolmates, friends, and family. Along with the Metaverse, these technologies will also improve e-commerce operations. But in what way?
How will the Metaverse affect e-commerce?
There is much talk these days about the fact that online commerce has grown tremendously in recent years. More and more people are being persuaded to shop online. In the Metaverse world, buying in the virtual space will be taken to the next level. The disadvantages of e-commerce will virtually cease to be felt as there will be an effort to blur the lines between the virtual and real worlds in the sphere of commerce as well.
One-dimensional virtual reality somewhat limits us when shopping in online stores. For example, when buying shoes, we want to try them on, so we often visit a physical store to do so. However, it is worth noting that we can already take advantage of such solutions as virtual shoe fitting rooms which allow us to try on shoes without having to leave home.
Metaverse and e-commerce – how do they work together?
According to some forecasts, in a dozen years or so the Metaverse will be a permanent part of the mainstream (Web 4.0). This is when, according to experts, the real virtual world will begin to emerge, and early users will spend 80 per cent of their time there.
In the Metaverse world, while shopping online we will use our avatars to walk around stores, peruse various products, and engage in conversations with salespeople and other shoppers. This will allow us to more accurately assess items and match them to our needs and preferences.
Metaverse and e-commerce – use cases
As it turns out, many world-renowned brands are already using Metaverse technologies in e-commerce. For example, a Metaverse Fashion Week was held in March 2022. It was attended by more than 60 brands who did presentations at virtual shows and shopping events and even took part in an afterparty.
Coca-Cola has also tried its hand at the new technology, issuing a collection of digital collectibles in conjunction with International Friendship Day. Gucci also got involved when they launched a virtual version of Gucci Garden on Roblox in May 2021.
E-commerce in the Metaverse – discover the opportunities
The Metaverse offers significant sales potential for brands and retailers. For the e-commerce market, this is a huge opportunity. After all, thanks to this new technology it will be easier for retailers to present their offerings while also guaranteeing their customers a realistic experience – as if they were actually going to a physical store.
Today the presentation of a product in an online store can be complicated. To convince a customer to buy, you need good quality photos alongside a detailed product description and a breakdown of its detailed technical data. The Metaverse in e-commerce, on the other hand, allows consumers to visit a store virtually and check out the products they are interested in. This will significantly break down communication barriers, simplifying customers’ purchase paths. So, those in the e-commerce industry should already be on the lookout for the Metaverse in e-commerce to integrate the best practices into their business, thus ensuring a competitive edge and stable growth.
Read also: What Is A Metaverse Avatar
How might metaverse impact e-commerce?
.Metaverse is expected to revolutionize online shopping by providing a more immersive and realistic experience, blurring the lines between the virtual and real worlds.
How are brands currently utilizing Metaverse technologies in e-commerce?
Several brands are already leveraging Metaverse technologies in e-commerce. Examples include a Metaverse Fashion Week with virtual shows and shopping events, Coca-Cola issuing digital collectibles, and Gucci launching a virtual version of Gucci Garden on Roblox.
What opportunities does the Metaverse offer for brands and retailers in the e-commerce market?
The Metaverse presents significant sales potential for brands and retailers in the e-commerce market. It allows for a more realistic presentation of products, breaking down communication barriers and simplifying the customer’s purchase path.