How eCommerce will look in the Metaverse world?

The internet introduced a divide between the physical and the digital worlds. Now with the Metaverse, a virtual world shall complement our physical world. The question is since we buy and sell things in the “real” world, why not replicate the same in the Metaverse? People stand to gain through unprecedented convenience, speed and access.

What does the Metaverse mean for eCommerce?

Truth be told, the early stages of Metaverse eCommerce are already here. In essence, the Metaverse converges the previously separate physical and virtual worlds. It seamlessly brings together technological innovations such as NFTs, social commerce, augmented reality (AR) and virtual reality (VR).

The best way to conceptualise the Metaverse, according to NPR, is something the internet brought to life or at least in 3D. Also, technologists such as Matthew Ball, a venture capitalist, posits that the Metaverse shall be persistent and live with an unprecedented sense of presence.

Who is already doing it right?

Amazon, the eCommerce bigwig, has already incorporated the early Metaverse tech. Room Decorator, its AR shopping tool, allows customers to use their smart devices to test the furniture and home décor in their living spaces. Customers can also view multiple products together and even take AR snapshots for later review.

Another brand to experiment with in this arena is Warby Parker. Its virtual try-on app enables customers to try every pair of frames in the catalogue before purchasing.

Further on, these emerging technologies shall continue to reshape the way customers perceive eCommerce.

Metaverse and the merchants

While VR headsets are still far-fetched from the mainstream, several brands have dived into this frontier. The objective is to create seamless, engaging experiences and remove friction from shopping journeys.

Breaking down the silos with virtual shopping

The ‘omnichannel’ phenomenon has led brands to strive towards rendering consistent experiences among eCommerce, brick and mortar and social media. However, this requires an advanced tech stack and the total unification of data across touchpoints. Several brands have leapt forward by building integrated, dynamic digital stores.

Virtual shopping has helped transform eCommerce from static catalogues to real-time experiences. These enable customers to ‘walk’ around a store and enjoy 3D-rendered store displays powered using AR and VR. Charlotte Tilbury, the beauty brand, launched its first virtual store in 2020, owing to the stay-at-home mandate. In 2021, it leapt toward a fully-functioning aspect of the Metaverse. The ‘Virtual Beauty Gifting Wonderland’ offers visitors virtual beauty consultations and a Shop With Friends feature. Also, the store embraces game activations.

Greater personalisation

Personalisation is fast becoming the norm. About 80 per cent of consumers admit to buying from a company that renders tailored experiences. And about three-fourths of the surveyed regard the idea of “living customer profiles” as valuable to shopping journeys.

As of today, personalisation often comes to a standstill at product recommendations or discounts. But, Nike is taking bold steps in the Metaverse through bespoke virtual experiences in addition to filling several trademarks for virtual sneakers and apparel.

Payment gateways

When it comes to merchants, the digital world has several payment providers. And they have a lot to gain from the Metaverse coming to life. Firstly because there shall be no cash-based transactions in the virtual world, with that said, card companies such as Visa and MasterCard should outline the development of the Metaverse and eCommerce. For instance, MasterCard envisioned two friends virtually meeting in a (Meta) park and buying a pair of sneakers.

Traversing through and exploring the Metaverse

Vishal Shah, VP of Meta, took a deeper dive into commerce in the Metaverse. In speaking with Jackie Aina, an influencer with a lifestyle brand, FORVR Mood, Shah and Aina outlined the opportunities for leveraging the Metaverse to aid product design and put forth more exclusive products.

There is something for the fans and followers as well. They could get invited to exclusive launch parties; anyone could visit virtually. So, time and place are made redundant.

According to Matthew Ball, the Metaverse shall become a fully-functional economy. Say you purchase a Ferrari in the physical world, why not also buy a Ferrari NFT for your avatar to drive? In essence, the Metaverse shall feature hyper-personalised experiences. And the best part? Without the worries and barriers of the physical world.

Another aspect is community engagement through PR activations and influencer events.

What the future holds

In all, eCommerce will become a virtual certainty through digital add-ons, immersive experiences, enhanced product discovery, and the likes. The Metaverse manifesto rests upon the architecture that companies such as Meta build for creating an open-source standard. Till then, virtual experiences such as those offered by Nike and Charlotte Tilbury shall remain siloed to the respective brands.