Metaverse in eCommerce: Everything You Need to Know

08-Nov-2024

If you have ever come across a shopping app that allows you to virtually try on an apparel, or picture a sofa in your room, you have experienced the magic of Metaverse technology  In the e-commerce sector. E-commerce platforms are going to witness a transformation as Metaverse makes its entry into the realm of digital commerce. Online shopping is going to unprecedented changes and improve the shopping experience for customers to a great extent. How is Metaverse influencing and reshaping e-commerce? In this blog, we delve into the dynamics of this emerging technology and the growth of e-commerce. We shall unfold the extent to which metaverse have impacted e-commerce by looking into the numerous benefits.  

The integration of Metaverse into the E-commerce 

Metaverse in the product of the seamless amalgamation of advanced technologies, including Augmented Reality (AR) and Virtual Reality (VR) that enable multimodal interactions with people, virtual settings and digital products.  It is also powered by blockchain technology that enables the creation of Non-Fungible Tokens (NFTs), Cryptocurrencies, etc that have found its application in the digital shopping space. For instance, Gucci sold a virtual bag in Roblox for 350,5000 Roblox coins which amounts to USD 4115 in real-money. 

Metaverse is a market reality already. Countless companies and brands today are striving to offer an immersive virtual shopping experience to their customers. Amazon, an e-commerce powerhouse, has already introduced augmented reality in their shopping app, allowing customers to have an idea of how a furniture or a room decor would look like in their homes. Several fashion brands like Adidas, Gucci and Nike are also spearheading the application of metaverse in their businesses and enhancing customer experience in their online spaces. 

The advent of e-commerce has significantly transformed the way we shop. Almost every individual with an internet reach has made purchase online. Technological evolution has allowed all these transformations, improving and simplifying our lives. Homogenizing metaverse and e-commerce will usher in several changes, from personalized shopping experience to improving the efficiency of online stores. 

Use-Cases and Benefits of Metaverse in E-commerce

 Let use explore a few of the use cases of this raging technology in the digital commerce and is benefitting the e-commerce industry.

Virtual Showrooms: Metaverse can help e-Commerce industry up their game in many ways. Building a virtual showroom and enabling a next-level immersive shopping experience for their customers. Today, various brands and companies are capable of providing a complete 360-degree view of the products they retail online. This in turn enables customers to enjoy a thorough exploration of the products and collections. 

Higher Customer interaction and Retention: Today, e-commerce businesses are able to engage their customers with an interactive user experiences. Metaverse allows the customer's interaction with numerous brands. Brands with advanced interactive user experience are able to attract more customers and higher engagement, and ultimately generate higher revenue. 

Products Live Demos: Brands are able to showcase their wide range of products live with the integration of metaverse. This allows customers to have deeper insight about the products they want to purchase and helping them make informed decisions and allowing them to enjoy smart-buying. 

Better Customer Insights: From creating interactive content to developing an attractive collection of their products virtually, metaverse is all in to boost businesses. Brands are able to delve into customer insights and curate products across diverse locations based on the insights drawn from the customer's feedback and demands. This greatly aid brands in strategising their product penetration prior to manufacturing.

Lower the problems of product returns or replacements: The metaverse e-commerce platform can greatly reduce the burden of product replacements and returns, as with extensive demo and try-on options enabled by metaverse, people today enjoy informed purchases of products. Buyers are able to evaluate products better, thereby reducing the chances of returning or replacement of products. 

NFT- as the new Merchandise: Many professional sports organization and brands have jumped on the NFT bandwagon-which is one of the core elements in Metaverse. These brands are selling their jerseys as NFTs. These merch products are becoming a trend with no signs of waning away, making e-commerce unthinkable without NFTs. For instance, the adidas NFT collection- "Into the Metaverse" collection that features 30,000 collectibles on the Ethereum blockchain. The digital wearable collection, is a massive innovation that is not only marvellous but giving a high growth impact to the brand. 

Revolutionized Payments: The Blockchain technology that powers the Metaverse economy, will enable brands and buyers to trade in digital money. The use of cryptocurrencies in the metaverse, known for being decentralized, secure and transparent, is poised to influence how users make payments for their purchases. Customers can expect to enjoy shopping with cryptocurrencies or other secure and quick digital payment methods. This tokenization of money is perhaps one of the revolutionary changes with huge potential prospects.

Scope for Virtual Branding: Brands like Prada, Gucci, Louis Vuitton, Clinique, etc are leading the creation of impressive virtual presence. These brands are not only spearheading the e-commerce evolution with metaverse, they are also significantly gaining initial valuable insights into the possibility of cross-reality world to offer customers memorable experiences. 

E-commerce and Gaming world: There's no doubt the gaming industry has been the at the forefront of any technological innovation. They're not behind even with metaverse, In fact, several top-class games, like My Neighbour Alice, Axie Infinity, Start Atlas, Alluvium, etc. have already begun in metaverse. The game Axie Infinity has ushered in the possibility of Play-to-Earn NFT, which has entirely changed the gaming industry, allowing players to make money while playing games. 

Besides retail brands or other companies, several other commercial activities have gone live in the metaverse. People can now perform the activities of lending, borrowing and searching real estate in the metaverse. Considering the above transformational advantages and the versatile applicability of metaverse in e-commerce, the industry undoubtedly advancing towards an unprecedented level. We can foresee a wide-array of new opportunities ushering in for higher interaction among brands and customers.

Metaverse in E-commerce, better known as Meta-commerce have significantly open doors for immersive shopping experience online, made transactions easier and more secure, increased personalization, boosted brands ROI, all of which is poised to continue and expand further in the near future. 

Metaverse in eCommerce Benefits of Metaverse in E-commerce integration of Metaverse in E-commerce