Metaverse is a frequent area of confusion and as in many emerging technologies, there is no actual definition for it. Metaverse actually doesn’t stem from one single innovation but is an extension of several existing technologies that have been taken up by consumers at a rapid rate.
Broadly speaking, the technologies that make up the metaverse can include virtual reality, augmented reality, cryptocurrency, and social commerce, just to name a few. Actually, the metaverse is an ever-expanding network of real-time, 3D-rendered virtual spaces that function not just as additional selling channels, but as an economy in its own right.
Metaverse also translates to a digital economy, where users can create, buy, and sell goods, allowing them to take virtual items like clothes or cars from one platform to another. In the real world, you can buy a shirt from the mall and then wear it to a movie theater.
Right now, most platforms have virtual identities, avatars, and inventories that are tied to just one platform, but a metaverse might allow you to create a persona that you can take everywhere as easily as you can copy your profile picture from one social network to another.
Due to its wealth of applications across the shopping experience, AR and VR and metaverse are fast becoming essential for merchants selling products that are traditionally difficult to buy online. Home furnishings, cosmetics, footwear, and fashion typically see high return rates due to the difficulty of judging a product’s suitability online.
Ecommerce has embraced the possibilities of the metaverse where there are numerous brands that are driving into this new digital frontier to create more seamless, engaging experiences that remove friction from the shopping journey and boost customer loyalty.
AR and VR and metaverse have transformed eCommerce from static product catalogs into real-time experiences truly bridging the divide between the immersion of physical retail and the ease and convenience of shopping online, enabling consumers to ‘walk’ around a store, enjoying 3D-rendered store displays powered by AR and VR and metaverse technology.
Metaverse provides greater personalization in eCommerce by not stopping at the point of product recommendations or discounts but more likely providing tailored experiences to buy from a company and as such becoming the table stakes for any brand that wants to build customer loyalty.
The metaverse has opened up new opportunities to brands who want to get more of their customers under the same virtual roof. Where events were once constrained by geography, logistics, and more recently public health restrictions, it’s now possible to open up immersive brand experiences to all, creating stronger community engagement with eCommerce brands.
