Nowadays, online interactions and shopping habits are evolving. Real-time immersive and interactive experiences, such as video games, social media AR filters, etc., have become as common as breathing and eating when it comes to socializing or shopping. And as time goes on, consumer behavior will only sway further in favor of cutting-edge technology that guarantees a better customer experience, like metaverse for eCommerce. Retailers have been making significant efforts to reduce the gap between traditional and internet buying for years. However, the majority of their gimmicks rely on discounts and free deliveries. Although these incentives are effective in the short term, they are not long-term answers. Virtual reality and augmented reality technologies emerged when online retailers began to reconsider how they interact with online customers and enhance the online experience for their users. We must not ignore the immense potential this technology has to radically transform the internet purchasing experience now that the news of the metaverse joining the game is making headlines!
There has been a constant separation between the physical and virtual worlds since the technology first made it possible to buy products online. This held true up until the creation of the metaverse, a conglomeration of various techniques designed to cooperate. This covers a range of innovations, including games, non-fungible tokens (NFTs), augmented reality (AR), and virtual reality (VR). The metaverse offers an immersive multi-user experience that anyone with access to it anywhere in the world may take advantage of thanks to the variety of ways that you can interact with digital things, virtual worlds, and actual people. The metaverse is focused on the customer experience, which includes tactics like "stronger engagement" and "greater customer understanding."
In the coming years, e-commerce in the metaverse will undoubtedly increase and develop. New features that enable the fusion of online and offline business will be introduced as more advanced features are introduced for brands in the metaverse. Even clothing companies like Adidas and Gucci are looking to take advantage of the immersive experience metaverse provides. Online buying now feels more unique and individualized, which was unheard of before the metaverse. Recent growth in interest in AR and VR makes it possible to check the fit and quality of a product before making a purchase. E-commerce systems typically operate in a "browse, select, and click to buy" manner process. The metaverse will, however, transform this into "browse, experience, and buy." So, before making a purchase, customers using the metaverse will be able to peruse the product displays from the comfort of their homes, a store.
Below is the list of benefits of running e-commerce on metaverse or advantages of metaverse for e-commerce business:
- You can showcase and sell your product/service
- Making cryptocurrency and e-wallets makes transactions simpler
- Engaging your audience to new experiences
- It enables you to improve your advertising innovation.
- You can take benefit from online events
- Tight-knit community
1. You can showcase and sell your product/service
Brands currently use augmented reality to demonstrate to buyers the appearance and functionality of their products. People can choose furnishings that will fit in their homes and try on outfits using augmented reality. The use of AR technology helps persuade consumers who are on the fence regarding your goods. Shoes are a wonderful example. Customers can be drawn to your online store since they're unsure if the shoes would look nice on them completely. Customers can try on gowns, jeans, and other apparel items using augmented reality (AR) technology in addition to shoes. They can try out your products firsthand thanks to the tech, which will offer them greater confidence to add them to their carts and check them out.
2. Making cryptocurrency and e-wallets transactions simpler
It is simpler for both buyers and sellers to transact online when using digital currency and cryptocurrencies, and there is no requirement that your cryptocurrency account is linked to your physical banking account. The transactions' transparency is another benefit. This will enable you to have documentation of your virtual world purchases.
3. Engaging your audiences to new experiences
The metaverse provides access to more interesting and rewarding experiences for users with a multitude of applications. Your business's revenue and client interest will both rise as a result of this immersive experience. You may entice both present and potential customers by utilising virtual goods, branded gaming experiences, showrooms, etc.
4. It enables you to improve your advertising innovation.
The value of narrative in creating brand identification and awareness is more apparent than ever. The metaverse is the ideal medium for telling stories. You may fully immerse your audience and transform them from passive listeners or spectators into active players who can "experience" the story with the aid of virtual reality and other types of technology.
5. Tight-knit community
Customer hype and referrals can significantly impact a brand's success in comparison to other types of marketing. Companies have established a social media presence after realising the value of community-building activities. The gap between social media and e-commerce is still not filled, but the metaverse could be the bridge to cover the gaps. In the metaverse, social proof will go beyond favourable social media tags and five-star ratings. The loyal following that has been built up enables real-time interactions between customers, businesses, and other enthusiasts.
Challenges that take place in the metaverse-in e-commerce
In the metaverse, users' avatars can let their experiences with work, shopping, and other activities take place entirely in virtual reality. We have yet to discover what else it can do to change the way people shop online because it needs servers and infrastructure with a lot of digital potential. The two most distinguishing features of Metaverse are interactivity and interoperability (where one Metaverse program will be interoperable amongst various Metaverse platforms). And this interoperability has not yet been attained. In addition, more sophisticated technical tools are needed to completely immerse oneself in the metaverse. From a social standpoint, these immersive virtual experiences are equally essential. People can create communities based on users' social values with the aid of the metaverse. These enormous interests in the metaverse were undoubtedly a result of a confluence of technological, economic, and societal forces.
Right now, the metaverse is just in its initial phase of evolution. There isn't yet an exhaustive definition on which people can rely. But it's important to realize that there isn't just one virtual reality here. There are numerous opportunities that are developing that will enable users to broaden and intensify their online social relationships. Users will be able to have more authentic and natural experiences on the web thanks to the addition of immersive, multidimensional layers. Even more than that, the metaverse holds promise. It can reduce barriers, increase accessibility from the convenience of one's home, and promote more democratic access to goods, services, and experiences. In the upcoming years, metaverse will transform and redefine internet purchasing. It will be the subsequent stage in eCommerce's development.
Building a metaverse store might seem overwhelming and time taking. But it can be made simple with metaverse platforms like Altyug. With Altyug, you can create a near-to-real experience in your virtual store that allows people to touch, feel and sense your product/services and purchase them.
Want to explore what a metaverse store looks like in Altyug? Book a demo!