Most probably, as of now, you must have read or heard about the term “Metaverse”. Anyhow, this term is on trend in the world of the internet. Many of the world’s giant companies, including Amazon and Facebook, have already incorporated this early technology into their marketplace.
In the last few years, the way of marketing has exceptionally changed. With technological advancement, the traditional form of marketing got replaced by digital marketing. Technological innovation has made our life more convenient than before. We can shop with a few taps from our smartphone. eCommerce has given a new shape to the market as well as customers.
But, is this the end? Are every need of consumers and brands being fulfilled in eCommerce?.
As we know, Technology is flourishing and always trying to make our lives easier. Like outbound marketing got replaced with inbound, similarly, eCommerce was replaced with metaverse. Yes, metaverse will have a huge impact on online shopping. It will completely change the current form of marketing.
In this blog, we will know about the rise of a metaverse in eCommerce. Before moving to the topic, let’s know about the metaverse.
What is Metaverse?
The term “metaverse” comes from two words, meta and verse. The word Meta means “beyond”, while verse means universe. If we combine these two meanings, it becomes beyond the universe.
In simple words, the metaverse can be defined as a virtual or augmented reality world from which people can shop, play games, and can enjoy all sorts of entertainment activities from their home at their comfort. It can be said as the fusion of multiple technological innovations that work together ideally.
This 3D virtual world will let businesses generate a new source of revenue. They can promote their products and services in the virtual space and additionally will get insights in depth.
Over the last few decades, the internet has developed drastically, and as we all know, we are approaching web 3.0 from web 1.0. With the invention of the Metaverse, we can say that we are at the door of Web 3.0.
Why will online commerce move to the virtual world?
For sure, online shopping has indeed made our life more convenient. It had transformed the traditional way of marketing and given a new shape by allowing customers to purchase their favourite products online. Not only consumers, but even merchants also got a platform to showcase their brand globally.
Although digital eCommerce has such popularity, It has certain limitations and still deals with several challenges and a wide range of imperfections like low conversion rates, customer retention, unproductive marketing campaigns, fulfilling customers’ expectations and poor user engagement among others.
The Metaverses’ solutions for eCommerce Limitations:
The mass adoption of the metaverse will completely change the marketing model that currently works. Every aspect of business, including online shopping, will change dramatically. It will provide a wide range of opportunities for customers as well as sellers. Let’s know about those opportunities and how they will affect both shoppers and businesses.
Personalised Shopping Experience:
When it comes to eCommerce, Personalization plays a key factor in brand success. It is one of the factors that retain customers and boost conversions.
Even in the current form of marketing, eCommerce brands are offering customers to personalise and customise products based on their needs. But metaverse marketing will completely change the online marketing model. It will open a new window for shoppers and will take their shopping experience to a next level.
Customers will be able to personalise their products by the use of virtual tools like AR and VR. They can check their product from different angles. Like now, people used to check for reviews, similarly, metaverse will let them check users’ reviews before purchasing.
For a brand, customer satisfaction is a key factor in getting more customers. In the current form of business, sometimes shoppers have limited choices for a product and cannot get what they are looking for. As a result, it gives negative impressions of the business growth.
Whereas in the metaverse, it will allow the customers to explore a wide variety of products virtually and find their exact needs. Moreover, it will offer them an immersive experience that will make the entire shopping process more exciting and engaging. Along with that, the customers will feel confident about the quality of the product. As a result, they will not only shop from that merchant but even will refer others to the virtual store. Likely metaverse can help to enhance customers.
Better Consumer Insights:
Marketing is all about understanding customers. It is quite important to know their reaction and interaction with the product. Sometimes brands fail to perform in the market due to improper insights.
In the present form of marketing, several brands launch products that fail to be popular among audiences and result in a loss for the company.
In metaverse technology, brands will be able to launch their product in the virtual world, without manufacturing. As a result, they can know how people respond to the product. Looking upon the response of the customers, they can start manufacturing. Thus it gives better customer insights by minimising the loss.
The metaverse platform can even help you to improve ROI in your eCommerce business.
Experiencing shopping in a 3D space is something interesting.
According to a survey, made by Google, 66% of people are interested in using AR while shopping.
In metaverse shopping, customers will not only visualise the products but also can communicate with the shop assistants. Your staff can interact with the customers and be able to know their interests and demands. As a result, customers will get interested in purchasing your products. Additionally, it gives a higher satisfaction rate, as customers can check the product in the three-dimensional format before purchasing.
The success of a product can only be tracked by the response of audiences to it.
Digital eCommerce has some limitations when it comes to understanding consumer behaviour. There are certain parameters where digital platforms remain unclear.
Anyhow, these constraints would be solved in the metaverse by the use of virtual shopping assistants together with AR and VR tools. Businesses can get deep insights about marketing performance, brand response and consumer behaviour with the integration of all these in a single metaverse platform
A big thanks to metaverse shopping.
With Metaverse, eCommerce merchant owners can understand and analyse their customers’ responses to their brand and marketing strategies in depth.
After getting to know all about the rise of eCommerce in the metaverse, now you must have a question in your mind regarding advertising.
“Will there be advertising in the metaverse?”
Yes. A global presence can be established with metaverse advertising. This advertising is similar to that of traditional marketing but will include more exciting features. As brands are using billboards to advertise their products, in metaverse you will get an option to rent. You can rent land or a building to organise a promotional event or advertise your product. You will get an option to take a lease of a virtual billboard and can promote your brand there.
Likely, you can manage and establish your digital presence in a virtual world to get more business. Now even renowned automobile brands like Volkswagen have already grabbed the opportunity and invested in virtual billboards to promote its product and services.
Role of NFT:
NFT or Non-fungible-tokens will serve a key role in the virtual world. It will allow the metaverse consumers to own their virtual products. It can be used for various purposes like access to brand events, product launches, special programs conducted by the brands, etc.
This will boost the shopping experience of the customers. Businesses can even register their own NFT, which will enable customers to get information about their products.
eCommerce brand on the race of Metaverse:
Looking at the popularity of metaverse, now popular eCommerce giants are stepping into the virtual world, to give a new shape to their business and an immersive metaverse shopping experience for their customers. Let’s have a look at some of those brands that have put interest in the metaverse.
Nike is one of the first consumer brands to step into the metaverse. The company launched its metaverse store in November 2021, in a name called Nikeland. The company claims that around seven million people across the globe have visited the store within the four months of its establishment.
The global beauty brand, L’Oreal is even in the race. The company looks forward to establishing its business in the virtual world soon and has even registered its several NFT and metaverse products.
The US-based multinational retail corporation is ahead of the race. Walmart plans to launch its cryptocurrency and NFT in virtual space. Virtual goods such as apparel and toys, among others, will be the primary focus of the company.
Several brands like Coca-cola, Gucci and Vans are even in the race for virtual space.
Although few eCommerce giants have adopted this technology, the metaverse is still in the development phase. It will take certain years to completely implement across the eCommerce industry. There are certain obstacles which need to be solved before the market comes to a full-fledged.
eCommerce will be transformed radically by the metaverse, no doubt about that. Consumers will experience and love to use virtual tools in their shopping. Apart from that, it will be more helpful for eCommerce merchants. They can globally reach their brand in the virtual world.
Hope the idea of a metaverse in eCommerce will be widely implemented soon and enable us to experience something new.