As life is getting inclined towards technology and digital lifestyle, brands are also fiercely making their way into every latest social technology to connect with customers more engagingly.
The metaverse - virtual worlds are the latest technology where people can create their digital twin/avatar and roam around the virtual space, connect, work, play, communicate with fellow users, do shopping, and participate in entertainment activities.
The metaverse is an excellent platform for brands as they can create an emotionally appealing immersive experience for their audience. Already brands like Gucci, Adidas, Nike, H&M, etc., are using the platform to sell their exclusive virtual product collections.
The ever-enhancing retail industry
The retail industry is one of the ever-changing and rapidly evolving industries. With digitalization, we have witnessed how the retail industry has transformed. From physical stores to shopping malls, the growth of physical stores is tremendous. This transition from a store to a mall made the transition from buying to shopping. With shopping came the concept of customer satisfaction, engagement, and loyalty.
Online shopping started to grow when the internet became an everyday life concept. Businesses and brands were having their exclusive merchant websites, where their audience can go and check for products/services and buy them. Then came the e-commerce websites and apps, which can be described as virtual shopping malls, where users can access multiple products and services from various brands in a single place.
Further, when smartphones and social media platforms became a significant part of human lives, e-commerce was slowly replaced by social commerce. Social commerce can be defined as a marketing and sales strategy where brands use the features in the social media platform and sell directly to their audience on social media.
As the next digitalization step, businesses use the metaverse to connect and build relationships with their audience. They are working towards making the customer experience more personalized, immersive, and unique, which will help brands grow their brand loyalty.
The metaverse is now seen as an advancement and extension of social media platforms, but there is a high chance that the metaverse will soon replace social media platforms. And as a result of it, soon the retail industry will gradually shift from the common internet to the metaverse, as it will be the core space for customer interaction and engagement.
Shopping with an immersive experience
Can there be anything more comfortable than Same-day delivery? Many e-commerce sites use Same-day delivery as their USP and make it a marketing score. Imagine if you can buy the product after experiencing it online, and after making the payment, the product is yours instantly. Does it seem incredible?
So to put it more precisely, metaverse shopping, is the combination of e-commerce’s speed and convenience and physical retail’s personalization and experience.
For example, If you buy a watch going to a physical store, you can wear it and experience it, and if it matches your needs, you might buy it. But the issue is you must travel to the shore/showroom to get what you need. With online shopping, you can easily be at the place of your convenience and make a purchase, but you cannot experience it.
With the metaverse, a customer can buy a watch by sitting at a place of convenience and also experience it using technology like AR, VR, 3D and situations. You can feel the watch, check how it looks on your hands and then decides whether to buy it or not.
It will help businesses gain the highest customer satisfaction. It also supports businesses with high retention rates and good brand loyalty.
Benefits of the metaverse shopping
- Brands can provide a personalised shopping experience
- Strong community engagement and relationship
- Better consumer insights and analytics
- Reach beyond geographical boundaries
- Enhanced immersive customer experience
Most brands are present in the metaverse as NFTs and digital products now. But soon, there will be a seamless linking point where customers can experience and purchase in the metaverse, and it gets delivered in the real world. A combined virtual and physical world sale and the purchase will be made a usual regular activity for the GenZ and Gen Alpha.
If your target audience is Gen Z and Gen Alpha, this is the right time to get into the virtual world and establish your business.
Altyug is a metaverse platform where businesses can seamlessly create virtual experiences that resonates. If you are looking to take your business into the virtual world and want it to be unique and highly engaging, check Altyug - it comes with endless possibilities.