Imagine this: you’re in the metaverse, a virtual world replicating the physical, and you can do all your day-to-day activities. Making new friends, shopping for the latest collections, and working collaboratively – these are all applications of the metaverse. With tech giants sold on this revolutionary concept, it will no longer be a figment of our imagination.
What Is The Metaverse?
One of the biggest buzzwords that everyone hears nowadays is the “metaverse”. But has anyone taken their time to wonder, what exactly is the “metaverse”? When you hear the likes of Mark Zuckerberg talking about this new concept, it’s easy to be intrigued by what it means. In the broadest sense, the metaverse is synonymous to cyber space. This idea does not necessarily mean a new type of technology, rather it focuses on the way we interact with technology.
Still don’t get it? Here’s another way people define it: virtual worlds. These virtual worlds can be even found in games that are played on PC, consoles, smartphones, and even virtual reality headsets. And what’s a virtual world without a digital economy? Many companies intend to create and sell digital goods in these virtual worlds too.
What Is The Role Of Metaverse In The Future Of E-Commerce?
Okay, now you might be wondering – what does the metaverse have to do with e-commerce? Many companies are now hopping on the metaverse train, and the journey seems to show no signs of stopping. While we are still in the nascent stages of the metaverse, we can already see the future impact of metaverse on e-commerce.
Building A Community
Shopping online doesn’t always have to be a lonely experience. What the metaverse can bring to the table is an unparalleled community-building experience. When shopping online, you can easily see the reactions of other shoppers when a brand showcases their new products. Plus, if you need any advice on which outfit to pick, you can easily ask your friends in the metaverse! It’s a lot more fun to engage with the brand and other fans of the brand – it gives you a sense of connectedness. That’s why the metaverse is a great tool for social interaction.
Better Market Insights
For a brand to capture its audience, this idea always remains at the core: know your customer. There’s no better way to know your customer than by immersing them in the metaverse. Think of it like this. Customers get to see prototypes of new collections without having manufactured them in the first place. It’s easy to obtain feedback from them in the virtual world. In turn, you prevent the risk of a failed product launch. And if they love your product, you’ll have an idea of how much you want to manufacture. In short, it’s marketing research taken to the next level. Who doesn’t want that?
Lower Product Return Rates
For stores selling products that are difficult to assess online, such as fashion and cosmetics, the metaverse solves a big problem: high product return rates. When clients are given a chance to judge products up close, they are able to set reasonable product expectations to avoid disappointment. This, in turn, prevents product returns.
While online shopping has become convenient for many, it can be boring for some. According to a study by Shopkick, a shopping rewards app, about 70% of customers rate the ability to try on and see products as their favorite part of their in-store shopping experiences. The metaverse solves this by merging physical and virtual worlds to fill the gap between online shopping and in-store shopping experiences. And, the immersive experience it provides sure helps in influencing customers’ purchase decisions.
The metaverse experience is not only immersive, it’s also customized. Personalization is the future, with many customers making it a priority in their shopping experience. Hence, the metaverse will be the perfect platform for brands to offer targeted promotions and other engagement opportunities. And because the metaverse is a virtual world, customers can visit virtual stores anywhere at their most convenient time.
Increase Your Reach
What makes the metaverse so appealing is how easy it is to expand your reach. With virtual real estate included in the metaverse, you can simply rent a piece of virtual land and advertise your brand as you would in a traditional billboard – only that it’s a more exciting option. In fact, many popular brands such as Coca-Cola have already invested in metaverse billboards to promote their products.
The future is bright for e-commerce, thanks to the metaverse. While the technology still has a long way to go, many companies are in a tight race to dominate this new form of tech. After all, it’s a fresh concept that benefits both customers and companies. Whether you’re a customer seeking personalized shopping experiences or a company wanting to know the market better, riding the wave of the metaverse seems to be the best way to go.
Article written by Chatty Garrate