The metaverse is a term used to describe a virtual environment which allows people to interact with each other as well as digital content by leveraging immersive technologies such as augmented reality (AR), virtual reality (VR), and blockchain. Given its capabilities, the metaverse is expected to reshape e-commerce in profound ways.
Let us try and understand how that can happen by looking at what exactly it can do for us.
The metaverse can help create brand awareness and generate leads by engaging with customers in metaverse worlds, such as Roblox and Fortnite, allowing them to discover and interact with products and services in a playful and social way
It can revolutionize today’s e-commerce experience with the help of extended reality, allowing customers to visualize products in their environment, try them on virtually, or access personalized recommendations and reviews.
It can help explore new business models for virtual products by leveraging digital assets such as nonfungible tokens (NFTs) that can represent unique, traceable, and transferable items that customers can own, collect, or trade in the metaverse.
The metaverse is likely to be positioned as an end-to-end channel because it helps in creating immersive and customized shopping experiences that straddle diverse platforms and devices, offering convenience, efficiency and access.
That being stated, the metaverse, as of now is an emerging phenomenon that poses many challenges and opportunities for e-commerce businesses. To succeed in this new paradigm of doing business, companies will need to be innovative, agile, and customer-centric.
Understanding the e-commerce Metaverse
The metaverse is poised to mark the beginnings of a new digital economy empowering people to create, buy and sell goods seamlessly and conveniently. It will also likely allow the transmission of virtual items and identities across platforms. This makes it imperative for retailers to consider the impact of this technology on their business and the scope for growth and expansion it offers.
According to a recent Google survey, as many as 66% of people are interested in using AR to help them shop. What's more, merchants who use 3D content in their product pages see a whopping 94% increase in conversion! That’s not all a Gartner research report found that by 2026 25% of people will spend at least an hour a day on the internet.
It is quite evident, therefore, that retailers should look at the metaverse with considerable interest. This is the space that will draw people to it in large numbers on account of what it offers by way of opportunities to create, buy and sell, trade, entertain and socialize. In other words, the metaverse is just up the street of the e-commerce industry.
How to create a store in the Metaverse
For opening a Metaverse store one needs to hire the services of a 3D modeling professional who understands the virtual world inside out and will be able to design a store that is just right for a business. They will help them in setting up the entire virtual universe, including not just designing the store, but the products in 3D as well. Apart from that they will help in linking the application to the NFT system as well as making the design compatible with the business's website. The business in question should also be able to add products as NFTs and hyperlink them. What is particularly important is to create a customer-centric metaverse store, which is only possible by partnering with a metaverse development company.
This is where Advertflair the digital transformation partner par excellence has made a great name for itself in the 3D modeling and rendering realm. It is not surprising that it counts the world’s best-known companies as their clients.
How to succeed in Metaverse e-commerce
Businesses can use metaverse e-commerce to deliver personalized immersive experiences. Besides, this lets them use new payment and ownership methods that rely on cryptocurrency. Metaverse e-commerce is attractive for retail businesses in particular because it will lead to higher profits, better customer insights, and lower returns. It is not surprising, therefore, that many businesses have already begun to engage in metaverse e-commerce. Successful brands know how to find their metaverse niche. They can create revenue streams arising from immersive experiences and are known to offer NFTs and virtual goods.
Metaverse e-commerce comprises technology, economic and social components. While it takes creative people like Advertflair to build virtual worlds with 3D visuals, it is the blockchain that powers their finances. Besides, users in the metaverse are in it for social connections and personalized experiences.
The best way for a business to succeed in metaverse e-commerce is to follow these tips-
- Explore new avenues to connect with customers
- Deliver engaging virtual events
- Level up the staff onboarding and training
- Build productive relationships
- Ensure that the metaverse works for you
Selling in the Metaverse
As we know, the metaverse is a virtual world where people can interact with each other as well as digital objects. It’s also a place where people can buy and sell goods and services. It is the latter part that interests businesses who want to leverage the growing popularity of the metaverse to substantially enhance their bottom lines. Here is how they might do that.
1) Have a clear idea about the target audience and their behavior
E-commerce companies ought to have a clear idea about how much time their customers spend in the metaverse. What are the local demographics? What are their interests? Once they have this information, they can tailor their marketing strategy accordingly.
2) Keep an eye on the competition
Watching out for competitors is important. As new players enter the market, one needs to keep an eye out for them. What are they doing differently? What can one learn from them? By keeping tabs on the competitors, a business can stay ahead of the curve.
3) Decide what suits one’s business the most
To accomplish one’s advertising and marketing goals, one needs to find a metaverse platform that suits one’s business needs. Some popular metaverse platforms include Decentraland, Somnium Space, and The Sandbox.
4) Make an entrance that counts
Once a platform has been decided, it’s time to make your noteworthy entrance. You’ll want to create a virtual storefront that replicates the physical retail experience as closely as possible. This will help customers feel more comfortable buying from you.
5) Learn to leverage the special characteristics of the metaverse
A business needs to incorporate some of the specific developments that have come with the metaverse If it wants to sell in it. It is only by transforming one’s business digitally and fully embracing the vision of the metaverse that one will be able to build and maintain stronger relationships with consumers.
6) Forge strong relationships with consumers
Building and maintaining durable relations with consumers is necessary to succeed in the metaverse. That includes engaging with them on social media platforms like Twitter and Facebook as well as through email marketing.
In conclusion, the metaverse is not just a futuristic concept, but a reality that is already transforming the e-commerce landscape. The metaverse is a virtual world where people can shop, play games and socialize with others using technologies such as augmented reality, virtual reality, blockchain, and cryptocurrency creating tremendous opportunities for savvy businesses to grow their businesses in a major way.
The metaverse offers immersive, interactive, and personalized shopping experiences that can help brands connect with customers on a deeper level and create loyal communities. For instance, customers can try on products virtually, customize their avatars with branded items, or visit virtual stores that replicate real-life environments. It also opens up new opportunities for innovation and growth, as well as new challenges and risks that need to be factored in and guarded against. Brands can also create all new revenue streams by selling virtual products, such as digital art, clothing, or accessories, that can be made available in the metaverse or exchanged for real money.
At the same time, brands also need to be able to deal with issues such as data privacy, security, regulation, and competition in the metaverse. Brands that want to succeed in the metaverse need to embrace the change and adapt their strategies accordingly if they want to make a success of their metaverse e-commerce initiatives. They need to focus on four key areas: creating brand awareness and leads, enhancing their e-commerce experience with extended reality, exploring new business models for virtual products, and embracing the metaverse as a new end-to-end channel. The future of e-commerce is here, and it is in the metaverse.
Those who recognize the opportunity for what it is capable of achieving and act on marking their presence in the exciting new world of metaverse e-commerce will have a tremendous first-mover advantage over those who are still hedging their bets.