How Metaverse is Revolutionizing E-Commerce Business

The Metaverse aims to provide users with an alternate world experience, creating an immersive and virtual journey for consumers with the help of advanced technologies. As a result, there has been widespread growth in metaverse development, including Metaverse gateways, platforms, infrastructure, all working to improve the customer experience.

The e-commerce industry has grown exponentially. Due to increasing competition, every business is trying to stay ahead and provide the best customer experience to have greater lifetime values and lower churn rates. With this context, it becomes essential for you to be regularly informed of this development to be one of the first to put it into practice, which will help you stand out and boost your e-notoriety in this game of ever-evolving Digitization.

E-commerce in the Metaverse

The attraction opportunities offered by Metaverse are multiple: virtual events, improvement of customer relations, partnerships, product placements, virtual shopping, the launch of virtual fashion collections, better visibility with the public, etc.

More and more brands are attracted to the metaverse, including luxury brands that are the most advanced in exploring the opportunities opened up by the metaverse. The latter are already earning millions in this new virtual universe. Their profit margins are huge and they have no overstocks. According to a study by Morgan Stanley, operations relating to the metaverse could represent 10% of the luxury goods market by 2030.

Some examples of the use of the metaverse in the field of e-commerce:

• In the luxury sector, Louis Vuitton launched its Louis The Game; a mobile game on August 4, 2021, which includes 30 NFTs. In August 2021, Burberry, in partnership with Mythical Games, sold its own collection of non-fungible tokens in the Blankos Block Party multiplayer board game.
• Among the digital giants, Walmart, the retail giant, is gearing up to enter the metaverse world with plans to create its own crypto asset and collection of non-fungible tokens.

As for virtual shopping, the experiential e-commerce platform Obsess published a study entitled “Metaverse Mindset: Consumer Shopping Insights” in January 2022. This study aimed to:

 1) measure the interest for brands to create immersive virtual stores on their own sites and on metaverse platforms;

2) to assess consumer perceptions and demand for virtual shopping experiences in the metaverse. This study reveals that approximately 75% of Gen Z shoppers have purchased a virtual item in a video game and 60% believe brands should sell their products on metaverse platforms. In addition, the survey shows that 70% of consumers who visited a virtual store made a purchase.

Marketing in the Metaverse

Right now, when we are almost in the post-pandemic era, we are more inclined to shop, work, play and learn online. It is obvious that digitization has become the new norm. For e-commerce companies, Metaverse technology allows them to fill in the gaps compared to traditional marketing.

In this industry, customers do not have the opportunity to try or smell their products. And, when the Metaverse promises a hybrid of physical and digital solutions, it’s a remarkable game-changer for these companies. It’s nothing new that 3D product interactions lead to a significant increase in conversion rates as customers want a seamless experience.

With GenZ’ers supposed to be the ideal visitors to the Metaverse, it’s interesting to know that they have a spending power of $143 billion in the United States alone.

3D environment in the Metaverse

The goal of the Metaverse is to provide an immersive experience for viewers. If you consider this, creating 3D models is fundamental to creating immersive content. As an e-commerce store, your business should focus on providing suitable 3D models of your products to engage audiences and drive them to purchase.

The Metaverse is the future of e-commerce and is here to stay for the long haul. This is not a trend that will come and go. We haven’t experienced the complete 3D environment yet, so you should build relevant and long-term positions to help you stand out in this competitive atmosphere. As an online store, you should add 3D modelling of your products or services so that Internet users, particularly your prospects and customers, can see them in “real life.”

Considering the pace at which virtual reality is evolving, 3D models are critical to your success and competitive advantage. In addition, web 3.0 is just the beginning of a new world of online advertising and digital marketing. You must therefore be ready to accept the recent changes and provide the best possible experience for your customers.

Building a community

The divide between social commerce and e-commerce has started to diminish over time. Today, it’s more important than ever for businesses to get great reviews and ratings to earn customer loyalty. However, review and rating systems could be more reliable and guarantee a loyal customer base. Business owners have always wanted this solution, and now, with the emergence and improvements in virtual reality and augmented reality technologies, the future looks exciting.

In the Metaverse, brands can build communities and a solid customer base. Brands would also use NFTs as receipts, create entirely new digital products, use them for product launches, and more.

To conclude

The Metaverse is the future of e-commerce, where traditional brick-and-mortar and online shopping converge to create an entirely new experience. With the emergence of augmented and virtual reality, non-fungible tokens, and social commerce, the Metaverse is poised to take e-commerce app development technology from the digital arena to the physical world.