The Metaverse and Ecommerce: Merchant’s Dream, Consumer’s Paradise

The Metaverse is a virtual reality game where users can create, experience and share their own 3D content. It has been dubbed the “Walmart of Virtual Reality.” The underlying blockchain technology makes it possible for consumers to buy in-game items with cryptocurrency without incurring high transaction fees as they would on other platforms like Steam or Xbox Live. Developers are making more than $10 billion yearly within this platform, which could give rise to an entire new ecommerce economy of all kinds of digital goods

The Metaverse is a virtual reality where people can experience anything they want. It will radically change the way retail happens.

Ecommerce is becoming more common, with one out of every four individuals currently purchasing online. With this in mind, and the metaverse looming on the horizon, e-commerce is poised to undergo a significant transformation.

With its inherent simplicity and convenience, ecommerce is quickly eclipsing the actual bricks-and-mortar shopping we once adored.

It’s nice to go shopping with friends and be welcomed with genuine smiles and personal contact. However, how often do we encounter genuine smiles and excellent customer service?

The fact is that going shopping can be a difficult, unpleasant activity that consumes a significant amount of your time and is frequently pretty unpleasant – particularly if you’re caught up in the craziness of weekend shopping.

As a result, the ecommerce age has relieved much of this strain. Enter a virtual store and, with a few clicks, you’re done on a well optimized website or application. Your purchasing has been completed without breaking a sweat.

Enter the metaverse, which has arrived at the ideal moment when technology advances like virtual reality (VR) and augmented reality (AR) are transforming our consumer experience. 

The metaverse will now establish a bridge between our real and virtual experiences as we achieve new levels of immersion in our digital purchasing trip.

In the metaverse, the human touch will be addressed. We’ll be met with individualized experiences in a 3D virtual world, with pleasant avatars aiding our requirements and the ability to purchase online with pals. 

From the comfort of our chair, we will travel numerous virtual islands in search of items in a sea of tranquillity, surrounded by an ocean of possibilities.

You could be saying to yourself, “Wait a minute, the metaverse doesn’t yet exist!” We aren’t quite there yet. We’re still a long way from having a smooth, interoperable virtual world that enables us to freely explore 3D landscapes.

The metaverse is presently in the process of being built. Many big corporations, including as Mark Zuckerberg’s Facebook and Meta, have significant investments in the metaverse. Furthermore, we have a basic understanding of what is being depicted, having watched the Meta and Microsoft video teasers.

It’s more accurate to state that we’re in the early stages of metaverse development. We’re approaching an age when our favorite businesses will be more visible and interact with us online. As a result, we’ll be immersed in a totally new virtual world in the next months and years, defined by exponential technologies such as virtual reality, augmented reality, and non-fungible tokens (NFTs).

Brands are beginning to see the metaverse as a potential source of revenue. Imagine what businesses can accomplish in immersive 3D virtual worlds, with heightened presence and realism, if the internet and social media age was revolutionary for companies.

Last year, Gucci created the Gucci Garden on Roblox, a 14-day experience on the renowned gaming platform that provided a fascinating glimpse into the future of shopping. The virtual garden produced a visually spectacular show that included a Gucci Store where you could purchase limited-edition digital clothing for your avatar. Over $4,00 USD was paid for a simulated Gucci bag.

Last year, Sephora held a virtual event dubbed ‘SEPHORiA: Home of Beauty,’ in which attendees were welcomed to a “virtual 3D game-like setting including an interactive beauty “house” with several rooms to explore.” The ‘family room,’ for example, provided for community participation and talks with industry leaders.

As we approach an unparalleled customer experience in the digital age – propelled by astonishing technological breakthroughs – these instances are merely the tip of the iceberg.

E-commerce Gamification

Built-in gaming experiences will be at the forefront of the metaverse retail revolution.

In 2020, Charlotte Tilbury, a prominent skincare and make-up company, launched a virtual reality online shop, which was followed by “Shop With Friends” in 2021. This new feature, which was accessible on both desktop and mobile, enabled users to invite others inside the virtual store and share an interactive 3D buying experience.

Furthermore, Charlotte Tilbury included a game feature that encouraged clients to scour the shop for hidden keys. Customers had a cause to remain longer and spend more time in the virtual shop as a result. Playing games is both incredibly addicting and drives people to spend money, as we’ve seen in popular games like Fortnite and Roblox. Brands will enjoy the benefits if they master gamification in the metaverse and incorporate meaningful experiences into their virtual storefronts.

As we navigate numerous platforms with our own, individualized 3D avatars, games will be all around us in the metaverse. To keep us engrossed in their worlds, retailers will undoubtedly devise intriguing schemes or activities. Retailers have already used loyalty point systems to get consumers back to their businesses. Imagine the possibilities when you can create your own unique virtual 3D experience for clients.

‘Louis: The Game’ was created by Louis Vuitton to enter the metaverse. You will go through six distinct worlds with the heroine, Vivienne, as she collects 200 candles to mark Louis Vuitton’s birthday.

They just introduced two additional expansion levels to the game, enabling players to gather 10 new NFTs (non-fungible tokens) while exploring a virtual environment and learning about Louis Vuitton’s rich history. This brand’s gaming indulgence is strategic, and it helps the company to reach a hitherto untapped demographic: Gen Z customers.

Furthermore, prominent companies’ experiments with NFTs are only getting started.

NFTs and e-commerce

The metaverse economy will be paved with NFTs, and ecommerce will gain greatly from this technology. Last year, the NFT craze began with digital art collections, but as more businesses connect with them, we’re beginning to see the potential.

To begin with, NFTs are very dynamic and may be used in both the real and digital worlds. Creators may put in whatever benefit they want for them as digital tokens kept on a transparent blockchain with an underlying, irreversible code.

From a business standpoint, this has to be a dream. They may use an NFT launch to generate buzz around a product, assign degrees of rarity to drive up demand, and cooperate with fashionable, hip musicians who have their own fan base.

Furthermore, as the author of an NFT, you may insert physical and virtual world advantages into the’smart contract’ (underlying code), creating a link between the two spheres.

NFTs are being recognized by retailers.

When Nike purchased RTFKT Studios, a maker of beautiful virtual footwear and accessories for the metaverse, last year, they saw the promise of this technology.

RTFKT Studios is well-known for launching an NFT line that combined worlds by enabling buyers to redeem both tangible and digital shoes. RTFKT Studios earned $3.1 million USD with this launch, since the collection sold out in seven minutes.

The ‘RTFKT x Nike Dunk Genesis CRYPTOKICKS,’ Nike’s first collaboration with RTFKT Studios, was a huge success with the community, with one pair selling for $160,000.

In December, Adidas unveiled their first NFT collection, ‘Into The Metaverse,’ in conjunction with Bored Ape Yacht Club. Physical things, like as classic Adidas tracksuits and sweatshirts, are available to holders, as well as “open metaverse land experiences co-created with the community.” That is the way ecommerce will evolve in the future, with your favorite businesses providing advantages in both the real and virtual worlds.

When you contemplate the extent of what is conceivable, the potential for companies in this arena is fantastic. In January of this year, Gap did something similar to Adidas by partnering with artist Brandon Sines to develop an NFT collection on the Tezos blockchain.

Their NFTs came in a variety of rarities, with the ‘Epic’ NFT having a limited edition physical sweatshirt as well as digital art by Since, the artist of the Frank Ape cartoon character.

As a result, firms are becoming more inventive, ushering in a new age of ecommerce.

Ecommerce in the metaverse

Empowerment and ownership

The quick verification of an NFT, with everything kept on a decentralized, public blockchain, enables all of this. As merchants accept the new technology, everything becomes easy for them, and they are able to tap into large, new market sectors.

NFTs, most importantly, empower and offer customers a feeling of ownership like never before. NFTs are not simply collectibles, but also assets that may increase in value over time. As the only owner of an NFT, you have the option of keeping it, selling it, trading it, or even giving it away as a meaningful present.

As a result, NFTs will aid the metaverse economy and future digital civilizations. They’ve ushered in a new era in which artists are suddenly in the spotlight, empowered, and able to communicate with their audiences in ways never seen before. Indeed, the decentralized blockchain is a shelter for artists, since they may retain all of their NFT revenues without the need for a middleman.

Going out for a virtual shopping experience with your favorite avatar, exploring immersive 3D surroundings, and buying NFTs will become more common in the next 5-10 years for consumers and ecommerce.

E-commerce in the Future

Your online buying experience will never be the same again, customers! The metaverse is coming into being, and in the next years, we will witness all of our favorite businesses interacting with their consumers in 3D virtual worlds.

The gamification of our virtual world experiences is unavoidable, and as the usage of crypto currencies grows, marketers will increasingly engage with NFTs. 

Furthermore, as companies follow the example of Nike, Adidas, Gap, and numerous others that have invested in this sector, the developing market for trendy digital items to use in the metaverse will continue to rise.

We’re gradually saying “goodbye” to the Web2 era and “hello” to Web3 technologies. Buying items online by staring at a screen and clicking will soon be obsolete. Brands will instead invest in the metaverse, creating immersive worlds for us to explore, play, and connect with – and eventually spend our money on. The metaverse will need a safe, secure, and transparent mechanism of confirming transactions and demonstrating ownership, and here is where decentralized blockchain and NFTs might begin to supplant more centralized payment methods.

As an example:

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The “how brands can enter the metaverse” is a new ecosystem that has been created. It allows for brand to interact with consumers, and vice versa. This is because it’s an open-ended platform where anyone can create, share, or consume anything they want.

Related Tags

  • social commerce metaverse
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  • brands in the metaverse
  • wix metaverse
  • how to build a store in the metaverse

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