How Metaverse can transform e-commerce and e-retailing?
Introduction
Metaverse is the most trending concept these days that combines multiple and different virtual spaces that can help the people to connect and explore in a different world. It can facilitate a 3D virtual world to ensure a hypothetical iteration of the internet as a universal world. Along with this, it can lead an evolution of social connection to let the people socialize, collaborate, learn, and play beyond their imagination. Moreover, people can make secure purchases of virtual items in the Metaverse using crypto. It protects ownership, money, and item transactions around Metaverse. The advanced features of Metaverse can be reconsidered by e-commerce companies to get incredible benefits for their distributed business.
While representing combinatorial innovation, Metaverse requires multiple technologies to contribute tech capabilities including Augmented Reality, Head Mounted Displays, AR cloud, Internet of Things, 5G, Artificial Intelligence. It delivers a collective virtual space and device-independent virtual economy enabled by Non-fungible Tokens, and digital currencies. It can be stated that the next version of the Internet started independent online destinations and bulletin boards.
How Metaverse can transform e-commerce and e-retailing?
Firstly, Metaverse can transform e-commerce from 2D static product catalogues to 3D rendered store displays that would deliver real-time experiences to the consumers, and they can ‘walk’ around online stores while shopping. It would bridge the gaps between immersiveness of physical retailing and ease of online shopping, and deliver a fused experience at the consumer end. Such fusion can offer hyper-personalized experiences to the online shoppers.
Secondly, with the mixture of technologies, the e-commerce players can deliver advanced product visualization capabilities at the customer end. It would enable the customers to make better and faster decisions, which may influence the sales rate. Meanwhile, frequent sales rate will lead to higher profit margins for companies.
Thirdly, 3D experiences created by Metaverse can excite the customers to search and shop more from the virtual items’ collection. In such transformed stores, the shoppers can see, touch, and feel the virtual products alike in-store experiences. In this way, Metaverse can bridge the gap between physical and online shopping experience.
Fourthly, it is turning e-commerce into i-Commerce that is not just duplicating physical stores in the virtual world but creating immersive experiences for the stakeholders. It is an entirely new distribution channel with its own rules to navigate the immersive internet and appreciate ease of use. Moreover, it provides endless opportunities for customers and retailers. Specifically fashion brands can earn figuratively because it will enable the customers to explore new clothes and wearables in an interactive manner.
Fifthly, the industries can embrace blockchain in Metaverse to create safe and secure shopping experiences for the stakeholders. It is projected that brands sell NFTs with utility to be used by Metaverse or physical world. Such convergence will enable the retailers to sell the same product in virtual and physical worlds with an increased revenue. Moreover, the use of crypto can secure virtual items’ purchase in the Metaverse, and protect ownership, money, and item transactions around Metaverse.
Conclusion
Introduction of Metaverse into e-commerce is opening doors for extensive business benefits. Along with this, it has potential to create inevitable experiences for consumers. Thus, E-retailers and E-commerce players should step into Metaverse and expand their businesses in an immersive manner.
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