E-commerce Development in the Metaverse

Metaverse is changing the way businesses work. Now, e-commerce companies are looking for blockchain business solutions to enter this digital world to grab more opportunities. Digital commerce and trading are also increasing the growth of the metaverse in the e-commerce sector. Let us understand how the metaverse is influencing the e-commerce sector.

E-commerce Development in Metaverse

Firstly, you must understand the meaning behind metaverse to know the e-commerce development in the metaverse. 

Metaverse is a virtual world that depicts the real world. Blockchain technology and real-time collaboration software have led to the development of the metaverse. Avatars represent users in this virtual world. These avatars can interact, socialize, trade, and do other activities with each other. Individuals wishing to enter this world need to utilize virtual and augmented reality with smart glasses and specialized headsets.

Now that you have a basic knowledge of the metaverse, we can jump to the next part-technological innovations in e-commerce. 

Brands can equip themselves with the following technologies to get an advantage in e-commerce development in the metaverse:

Augmented Reality (AR) and Virtual Reality (VR) Innovation

Augmented reality is the process of integrating computer-generated content with the user’s surroundings in real-time. Meanwhile, virtual reality is a computer-generated simulation that gives a 3D environment to the users.

Many brands are exploring both of these technologies for innovative experiences. Some companies like Amazon introduced a Room Decorator tool permitting customers to envision the furniture in their own space.

Furthermore, the hardware and technology to create AR and VR are expensive and bulky. So, for the time being, we have to wait to know the true potential of these technologies. However, some brands are offering low-cost headsets and similar technology. So, it is very likely that these technologies will become more affordable to the general public soon.

Also, Read: Solice The Next VR Metaverse

Hyper-Personalization

Hyper-personalization is a process of utilizing AI and real-time data to give a tailor-made experience to every customer. Now, the requirement for personalized customer experience is tremendously growing. A survey in 2021 showed that 71% of customers expect personalized experiences. And the survey also stated that 76% were frustrated without it. Moreover, brands are searching for ways to provide targeted promotions, service recommendations, and more.

Here, the metaverse can take the personalized customer experience to a higher level. The virtual world removes the issues with the physical world, including gravity, time, location, etc. So, customers can visit and explore a virtual store anywhere and anytime. Furthermore, brands are venturing into new experiences, like virtual games where players can win points to redeem for digital apparel. Additionally, many companies are experimenting with metaverse technology and its uses to customize shopper experiences at a large scale.

Expanded Social Commerce

Social commerce is the use of social media platforms for selling products. Nowadays, social commerce is becoming increasingly popular. Experts predict that it will reach $1.2 trillion worldwide by 2025. Currently, many brands are adopting several tools to enable purchasing directly on Facebook, Instagram, and Snapchat. Similarly, the metaverse is planning to include new platforms where businesses will have the opportunity to sell.

Now, we are not sure how those platforms will look. But we know that brands will need the latest inventory and e-commerce to keep their social shop up to the mark. Additionally, brands can add customized chatbots to ensure the best service to customers. These chatbots will offer customer care directly within the social media platform.

Also, Read: Web 3.0 Vs Metaverse

E-commerce Development for Metaverse

The metaverse development will grow and evolve in the next decade. And brands are preparing themselves for this evolution. So, businesses are now investing in AR and VR, social commerce, and other tools. Brands that begin their journey with the metaverse today will be at the forefront of this technology.

Furthermore, e-commerce development in the metaverse will transform shopping from 2D static products into real-time experiences. It enables the customers to walk around a store and enjoy a 3D-rendered store display. Let us look at a few concepts that the metaverse will explore.

Higher Profitability

People express more engagement in 3D-tested products. The studies show that people are willing to invest as much as 40% for the product. With advanced product visualization in the metaverse, customers can make better-informed purchasing decisions. It could lead to a higher profit margin for brands.

Stronger Community Engagement

Brands can launch some activities for customer engagement. These activities can help to build stronger brand-customer relationships. Additionally, it shows what consumers want from your brands. Moreover, you can use this customer data for an exclusive product launch.

Global Reach

The metaverse store will let you trade with your customers in the virtual world. You will be able to operate your business from anywhere in the world. 

Also, Read: Are Blockchain Solutions Really Capable of Evolving E-commerce

Conclusion

The metaverse will bring a revolutionary change to e-commerce via innovative blockchain technology, NFTs, and extended reality. As of now, it has made the shopping experience more personalized, immersive, and interactive. Thus, the current picture shows that the virtual world is the next big thing in the future. 

At Oodles blockchain, our experts assist you with e-commerce development in the metaverse. Please feel free to share your e-commerce development requirement with our subject matter experts.