Reshaping the Future of eCommerce with Metaverse

Imagine creating a virtual avatar to explore a virtual store the same way as you would in a physical outlet. Your avatar can connect with other shoppers, letting you talk and socialize with real people in the virtual world. Impressive, isn't it?

Well, this is not from a sci-fi movie script. Thanks to the Metaverse, it has become a reality for modern eCommerce.

The way customers interact with brands and shop online is evolving. Real-time immersive and interactive content formats like 3D gaming platforms and?social media AR filters have already become popular. As time goes on, consumer behavior will continue to shift toward adopting more complex technologies that provide a better customer experience, like the Metaverse in eCommerce.

Organizations have been attempting to bridge the gap between offline and online buying for years. However, their techniques primarily rely on discounts and free shipping. These benefits may be effective in the short term, but they are not long-term solutions. And when retailers began to reconsider their approach to online customer experiences, a blend of technologies such as virtual reality, augmented reality, and Metaverse appeared to be an unavoidable approach.

What is Metaverse?

The Metaverse results from the internet's transition to web3.0. A 3-Dimensional universe (just like our real world) that combines multiple virtual spaces, the Metaverse will allow users to connect, work, play, and socialize virtually in these 3D spaces. With Metaverse catching global business attention, major companies like Facebook (Meta), Microsoft, Google, and Apple are investing big money in its research and development, projected to become an $800 billion market by 2024.

Understanding AR, VR & Metaverse

The Metaverse cannot be defined as either AR or VR. Instead, both are aiding elements to access the Metaverse. People often misunderstand Metaverse as using the internet in virtual reality. But, a VR headset is just a key to accessing the Metaverse.

Undoubtedly, VR and AR are the cornerstones of any Metaverse project. For instance, AR programs are being used to deliver essential features of Metaverse, i.e., coupling the real world with the virtual space, providing exact 3D visualization of physical objects, and ensuring real-time user interaction.

The combination of AR and VR lets us introduce consumers to a wholly simulated and sensory experience in a virtual environment that matches precisely with its physical reality. Although VR requires customers to have additional equipment such as head-mounted displays, AR, on the other hand, does not require any ad-hoc wearables for the experience, making the latter more economical than VR.

Use of AR & VR in eCommerce

As discussed above, AR and VR are the two types of Extended Reality (XR) allowing brands to transform their online shopping experience. Another fine application of Augmented Reality (AR) is the 2016 Pokemon Go, which allowed players to chase virtual Pokemon characters in the actual world.

Augmented Reality (AR) allows customers to view and interact with digital content superimposed on the real-world view. In eCommerce, AR enables a 360-degree 3D view of a product, making it easier for customers to make a purchase decision. Another example of AR in eCommerce is the Virtual Try-on of clothes, shoes, or eyewear, which offers a great alternative to the present-day 2D eCommerce platforms.

On the other hand, VR in eCommerce offers a more immersive buying experience by enabling customers to explore a simulated store environment via head-mounted displays. Customers are able to enter a virtual store and browse through various products as if they were in the real world. Furthermore, VR applications in the home decor industry help customers analyze the right fit for different categories of furniture, storage and linen in their homes.

How Can Metaverse Revolutionize The Modern Shopping Experience?

The Metaverse, however, is a broader concept that moves beyond Mixed Reality to encompass a virtual world where online shoppers can virtually experience the entire store, walk around, try on products, and interact with store employees. The Metaverse empowers users/customers with a much better, personal and interactive shopping experience.

Letting customers have a highly personalized and interactive experience increases overall customer engagement exponentially. In the present eCommerce industry, user experience is limited to static product images and videos, which has always been a primary hurdle to online business. eCommerce companies are unable to develop a realistic product buying experience. But the Metaverse has the potential to get over this obstacle.

Unlike traditional eCommerce experiences over the internet, Metaverse can bring the entire retail store to your home, virtually allowing you to shop just the way you would in a physical store.

So yes, Metaverse can revolutionize and elevate the modern shopping experience. As per reports, it's estimated that the introduction of Metaverse in the eCommerce industry will boost the entire market with hundreds of millions of investments within the next ten years.

Challenges for the Metaverse

Metaverse, theoretically, is a virtual world that enables individual avatars to experience an all-in-one space where they can work, shop, and play together in virtual reality. It requires infrastructure and servers with extensive digital potential. And the world's biggest tech giants are yet to figure out what they can do to transform the entire shopping experience.

The two essential characteristics of the Metaverse are Interactivity and Interoperability among different platforms, and they stand as the most defining elements of the industry. Also, to bring immersive shopping experiences to reality, there have to be effective technical resources mounted onto any Metaverse project. Our proprietary tech, built by a strong technical team with years of experience, allows us to turn these challenges into opportunities.

Conclusion

The rapid growth of the retail industry makes its necessary to stay updated with the latest technological innovations, in order to succeed amongst the competition. Hence, bringing that "Wow Factor" to the user experience becomes a must-have trait for every eCommerce business.

In the coming years, the Metaverse holds the power to transform and revolutionize the entire eCommerce industry. Hence, brands need to work their fingers to the bone and dive into this ocean of immersive virtual experiences. Because this is the next inevitable phase in modern eCommerce.

Online buying experiences are becoming as photo-realistic as possible. Ultimately, the goal must be to connect with customers in the most interactive way possible.

So connect with us today! We are a specialized Metaverse company who provide global businesses the best of both worlds (real & virtual), with unparalleled technical assistance around the globe.

Let's build your world your way and boost customer engagement to a whole new level.