HomeBUSINESSMetaverse: How It Affects The Future Of E-Commerce

Metaverse: How It Affects The Future Of E-Commerce

Thanks to the Metaverse, we will move from the traditional concept of e-commerce to a new immersive eCommerce, and brands will intercept new young audiences. The Metaverse is capturing the attention of many different realities. The latest highly immersive experiences seem perfect for setting-up marketing and digital marketing operations. Similarly, the Metaverse also offers exciting potential in e-commerce and online shopping. To get a more concrete idea, you can start from the numbers: according to industry experts, the Metaverse will reach a value of over 800 billion dollars by 2030.

In less than ten years, the users who will live in the Metaverse will be at least 350 million in over 43 different virtual worlds. This data helps understand why so many brands are gearing up to create new digital products or services. Not to mention all the realities already active in the Metaverse, such as Nike or Gucci. Staying on immersive virtual experiences, Nike has recently attracted more than 5 million users to “Nikeland”: a space created within Roblox. The same universe in which Gucci proposed a branded “Garden Experience” led to the sale of a digital bag for over $ 4,000. 

How Shopping In The Metaverse Will Work

The first goal achieved by e-commerce in the Metaverse will be the possibility of experiencing engaging shopping like never before. Users will use their avatars to visit virtual shops and try out the available merchandise and get in touch with other people from all over the world. Rather than e-commerce, we could start talking about eCommerce: immersive commerce, which combines the relational dimension with that of pure and straightforward buying and selling. The innovative, almost futuristic shopping context in the Metaverse simply seems perfect for carrying out ad hoc marketing campaigns. 

Above all, to intercept younger customers: from Millennials to Generation Z. In this sense, it should also be considered that brands and retailers will gradually develop new communication and sales rules. Languages ​​adapted to current technology and its specific users. Therefore, the challenge will not consist in the simple digitization of physical stores. Instead, the stores will have to change shape again, adapting to the laws of the Metaverse and its population. 

Traditional Metaverse And E-Commerce

Those who perceive the Metaverse as a threat to traditional e-commerce need not worry. The ability to give added resonance to a product or service will only improve the performance of existing stores. This means that online and offline retail could benefit from marketing strategies and, more generally, ad hoc operations developed for the Metaverse. Solutions will allow brands to increase their audience and brand awareness.

The Potential For Brands And What Needs To Be Considered

Despite the numerous success stories, there is no guarantee that brand appearances in the Metaverse will automatically become tremendous growth stories. Instead, it is about opening up this new channel as a brand before the competition, gradually testing the potential and generating learnings in exchange with the community. 

Of course, it is essential to know in advance which goals you are pursuing or which problems you want to solve. For example, if you as a company have the goal of connecting with a target group despite the pandemic, a high-quality and appealing virtual event can be a good solution. If companies want to accelerate their B2B growth, a new collection can be presented in a virtual showroom and ordered directly by the buyers.

Ecommerce In The Metaverse: The Time To Act Is Now

Even if the Metaverse is still new territory for companies and customers today and the development of three-dimensional e-commerce experiences may seem complex, entering the Metaverse can be the right step for brands. Because only ‘first movers’ will gain a competitive advantage and be able to set themselves apart from their competitors. The more extended companies wait, the more extensive the knowledge, skills and competency gap. Right now, it’s time to be brave and open to new things and – just like in the 2000s – to give yourself a push and take the “best Metaverse”.

Also Read: Internet Of Things: What Companies Need To Exploit IoT In Business

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