The metaverse has finally arrived. In a metaverse vision, it has.
On October 29, 2021, Facebook, now known as “Meta,” posted a YouTube video of Mark Zuckerberg selling the concept of the metaverse. Theoretically, the so-called “embodied internet” will enable us to interact with and move through environments that we can currently only view through a screen.
Everyone was talking about this glitzy introduction to the metaverse, whether it was floating in a spaceship with our friends in avatar form (the “new profile picture,” according to Zuckerberg), or going to concerts by our favorite musicians.
The metaverse, however, will it replace the internet as we know it? What does this mean for well-established industries that only operate online, like eCommerce?
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We’re going to take a seem to be at the currently created metaverse and some of the methods that eCommerce is already using the thoughts of digital connectivity.
What Is the Metaverse?
It makes sense that both businesses and consumers are struggling to comprehend what the metaverse is. This is due to the metaverse not yet actually existing, at least in the eyes of evangelists like Mark Zuckerberg.
In addition, unlike many other emerging technologies, there is no widely accepted definition of what the metaverse is.
The expansion of several already-in-use technologies that have gained widespread consumer acceptance is what gives rise to the metaverse, which is not the result of a single invention.
Commentators claim that the metaverse is the culmination of these innovations, which include augmented reality, virtual reality, blockchain, cryptocurrency, and social commerce, to name a few. An ever-growing network of 3D-rendered, live virtual environments that act as both additional selling channels and a self-sufficient economy.
The ultimate blank canvas is the best way to describe the metaverse. Brands can move past simply replicating what already exists in the physical world in the metaverse by addressing newly discovered needs and pain points that are particular to digital spaces.
The building blocks of the metaverse
Augmented Reality/Virtual Reality
Despite the fact that AR/VR still seems like science fiction, more than half of consumers (61%) say they prefer to make purchases from websites that use the technology. The fact that Meta’s Horizon VR platform already has 300,000 users shows their intent to rule this market.
Due to their wide range of applications throughout the shopping experience, AR and VR are quickly becoming indispensable for retailers selling goods that are typically difficult to buy online. Home furnishings, cosmetics, footwear, and clothing frequently have high return rates because it can be difficult to judge a product’s suitability online.
NFTs
Given the hype surrounding the industry, it’s not surprising that Non-Fungible Tokens (NFTs) were chosen by Collins Dictionary as the word of the year for 2021.
Memes, collectibles, popular culture, fashion, and many other things have all evolved from these blockchain-based digital assets, and there are still a tonne of amazing new developments in the works.
NFTs are a sophisticated innovation, but what makes them an essential part of the metaverse is the secure ownership authentication method they offer. Brands and consumers can both use NFTs to speed up transactions or even to create new digital products that improve their value proposition.
Gamification
When we think of immersive digital environments, video games are usually the first thing that come to mind. But what makes gaming interesting is the strategies used to keep us playing, not the environments’ realism.
Gamification is the process by which designers take advantage of our innate competitiveness to get us to spend more time on a task. Gamification attracts customers by using risks and rewards. As we advance, the risks and rewards grow in size.
Given the success of the formula, it is not surprising that gamification will have a significant impact on the metaverse. Customers want to be entertained even when performing boring tasks like ordering groceries online, so the key to creating more immersive brand experiences is to gamify the retail experience. Customers can earn loyalty points by playing games on mobile apps, or they can be given “tokens” that can be exchanged for different rewards, to accomplish this.
Read more: What Is Metaverse Gaming, And What Does It Involve?
The metaverse and ecommerce: What the metaverse means for merchants
It’s not difficult to find instances of how e-commerce has embraced the potential of the metaverse. While products like VR headsets are still a ways off for the majority of consumers, many brands are already foraying into this new digital space. Their objective? to develop more seamless, interesting experiences that reduce hassle during the shopping process and increase client loyalty.
Breaking down the silos between offline/online channels with virtual shopping
Since the term “omnichannel” became the ultimate buzzword in the retail industry, brands have been working to create consistent experiences across e-commerce, brick and mortar, and social media.
But even major retailers have struggled to successfully coordinate a sophisticated tech stack and complete data unification across all touchpoints, making this much easier said than done.
As a result, some businesses have developed entirely new integrated, dynamic digital stores that integrate the best features of online and offline shopping.
Thanks to virtual shopping, which has changed ecommerce from static product catalogues to real-time experiences, customers can now “walk” around a store while enjoying 3D-rendered store displays made possible by AR and VR technology. It’s an important first step towards truly closing the gap between traditional retail and online shopping’s ease and convenience.
Providing greater personalization
Personalization is quickly becoming the standard for any brand that wants to build customer loyalty, with 80% of consumers saying they are more likely to buy from a company that offers tailored experiences and 75% of consumers finding the idea of “living customer profiles” valuable to the shopping experience.
Personalization in e-commerce, however, frequently comes to an end with product recommendations or discounts. While this might boost conversion rates, it doesn’t encourage customers to learn more about your brand’s ecosystem or interact with the culture that supports your product line.
Given that Nike has long been a pioneer in digital connectivity and innovation, it is not surprising that it was one of the first businesses to invest in the metaverse. Nike is moving forwards with customised virtual experiences in addition to registering a number of trademarks for digital sneakers and clothing (and thereby paving the way for the foreseeable release of NFTs).
Summary
What does the future of the metaverse hold? It’s still unclear whether we’ll ever be able to travel through the metaverse physically and live somewhere else. The development of the metaverse will largely depend on whether companies like Meta can create the architecture necessary to establish an open-source standard. We can therefore expect that Ready Player One-style experiences will start to become more common in e-commerce as a whole, even though they are still a ways off.
