The future of online retail in the Metaverse
At the moment, the majority of Internet users see the metaverse as a virtual space in which to communicate, interact and exchange ideas with other users. Most are also familiar with terms such as NFTs and virtual marketplaces, but the potential of trading in the Metaverse goes far beyond that. Since the invention of the Internet, the e-commerce sector has also evolved to provide customers with the fastest and most convenient online shopping experience possible. Getting the product delivered the next day or even the same day with just one click is one way to benefit online shopping. But what if you can try and use a product at the same time as you click on it? We're not even that far away from that, because the Metaverse will make it possible.
How the Metaverse will transform the online buying experience
The metaverse as a new communication channel has great potential to catapult e-commerce trade one more step towards efficiency. We may be moving from the classic click-and-buy scheme to "experience-and-buy" in the near future. The use of AR and VR technologies in the Metaverse will allow us to try out a product virtually before making the actual purchase decision.
The British IT research company Gartner predicts that by 2026, at least a quarter of all internet users will use the Metaverse for work, education, shopping, entertainment, or social media.
The reason why the Metaverse will be a milestone for online trade is the combination of classic e-commerce and stationary trade. The speed and convenience of online shops coupled with the personalized experience of a real in-store visit will manifest itself through so-called “metaverse commerce”.
The first concepts of a meta trade
One or the other YouTube user will be familiar with the video that the American trading company Walmart published in 2017. It shows the prototype of a virtual supermarket visit. Shopping in the Metaverse thus moves away from the concept of a static product website and approaches the idea of real-life experiences in the form of 3D modeled showrooms that can be walked through in the Metaverse like in real life. Metaverse Commerce is intended to bridge the gap between immersive physical commerce and the convenience of online shopping. So users in the Metaverse will be able to walk through a virtual store like they would in real life, all from the comfort of their own homes.
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What can we expect from e-commerce in the Metaverse?
Just like in the case of WebAR for the product presentation on static websites, a reduction in return rates can also be expected here. The principle is the same: by giving customers the opportunity to try out a product virtually before they even buy it. This applies above all to products where it is difficult to assess how they look in real life or whether they fit into your own home, including products such as furniture, decoration, fashion, shoes and cosmetics.
Shopping on the Metaverse enables a shopping experience for customers anywhere in the world. Sometimes better insights into consumer behavior can also be guaranteed. By offering their products virtually to try out, manufacturers and suppliers can immediately measure how a new release is received by customers. This not only makes testing easier, it also saves manufacturers potentially unnecessary production costs. From this you can quickly draw conclusions as to how far the market penetration of the product can and should go.
Further studies have shown that customers are even more willing to pay for products that can be tested using 3D or augmented reality technologies. This aspect is also guaranteed when shopping through the Metaverse and its advanced visualization options.
Last but not least, greater engagement with branded products must not be neglected. As an online retailer, you can use the Metaverse for customer loyalty. Such a virtual marketplace makes it much easier and more numerous to build relationships with customers and prospects than in normal online trading.
The natural evolution of e-commerce
Just as online shopping was established by the rapid increase in internet usage over the past three decades, metaverse commerce is the logical next step in this evolution. It will play an important role in consumers' lives by making buying experiences and decisions more efficient, faster and, above all, more innovative. As a result, the boundary between social media and e-commerce is increasingly being blurred. Community building, especially in the context of the NFT industry, is becoming increasingly important and the Metaverse will prove itself as a means of interacting with brands and companies. The connections between the physical and digital worlds will become blurred as new technologies continue to develop until online shopping is eventually transferred entirely to the metaverse.
In case you want to learn more about trading in the Metaverse, you are welcome to book a free consultation appointment Manuel Messner, the AR-VR e-commerce expert.
