The Metaverse is the new frontier for ecommerce and retail, with exciting prospects to revolutionize how we buy things.
E-commerce platforms like Amazon and eBay changed the way we shopped as their convenience, speed of delivery as well availability at any moment offered huge advantages over physical retail, but there were always some drawbacks like not being able touch an item before buying it which made many feel unsure about making purchases online, especially if they didn't know what else would happen after purchase was completed. I’m sure that we all know a few individual hold outs on purchasing online, and I’m confident that we have all been burned at least once purchasing something that didn’t fit properly or didn’t arrive as expected.
In the emerging digital world these two formerly distinct commerce experiences are coming together and now we're on the cusp of a new era of commerce: immersive commerce in the metaverse.
What is Immersive Commerce?
Immersive commerce (iCommerce) is the next stage of eCommerce that takes place in a virtual world. Through the aggregation of several technology advancements working in unison, iCommerce is improving the customer experience with through NFTs, community commerce, augmented and virtual reality, and more. Through the metaverse, you will be able to virtually visit a retailer, browse their inventory, view 3D images of product or virtually try on items to see how they will fit. Consumers get the best of online shopping, with elements of physical stores, while retailers can merge multiple sources of data like social media, demographics, etc. to build customer profiles and refine their offers in real time.
If you are interested how Metaverse and NFT’s work, feel free to read our article about a NFT & Metaverse Project. The metaverse has already started establishing itself as the next phase in the digital economy, even if we are only beginning to understand how these technologies will affect our lives.
How Metaverse Merges
Offline and Online Commerce
The Metaverse will undoubtedly grow in the upcoming years. As technology and its adoption develop, more brand-new services that integrate offline and online purchase will be released. As mentioned above, with augmented reality becoming more and more common, consumers can confidently assess the fit and quality of a product before making a purchase. Consumers gain not only convenience but also confidence in their purchase decisions. Easing prepurchase and post purchase anxiety is a massive upside to the potential the metaverse can bring to the online retail environment. Retailers also benefit as returns are reduced and they expand their customer profiles, creating better offers. Customization and product awareness will accelerate. Brands will be able to provide customers with fully personalized digital experiences.
Metaverse Community Building
Communication between buyers and sellers is still somewhat clunky on e-commerce platforms. Consumers can read reviews, may be able to ask a question or possibly even live chat with a representative, but this is a significant shortcoming to conventional retail where people can haggle over prices or ask questions, and get immediate responses.
The ability to build community is one of the most important advantages of the Metaverse and iCommerce over brick-and-mortar commerce. Businesses are not limited to local communities but can reach a global audience. This is especially important for businesses that cater to niche markets. Your location can become a go to online destination, not just for shopping but for activities and social groups.
The Famous Early
Adopters of Metaverse
Amazon
Nike
Why This Trend Is Important For Customers
2. It's also convenient. You get all of the benefits of eCommerce combined with many of the benefits of physical retail. You can shop from the comfort of your own home, check the fit, ask questions in real time, and have your purchases delivered right to your door.
3. And finally, it's efficient. With immersive commerce, businesses can reach a global audience.
Takeaway
In summary, the Metaverse will transform online shopping as we currently know it. It provides a more open and sociable marketplace for buying and selling, which boosts output and earnings. Both customers and sellers should get ready and explore the Metaverse era of e-commerce so they can benefit from all of its advantages.
