Meta has gone all-in with the metaverse, backing this game-changing technology with billions of dollars. But they’re not the only ones. Numerous other tech companies have invested in the metaverse, and big players in the e-commerce sector are already thinking about how it could be used to their advantage. So, what is the link between the metaverse and e-commerce? What does it all mean, and how can you utilise the metaverse for e-commerce growth?
The Metaverse and E-commerce: What’s the Link? The metaverse is a connected world that blends virtual reality and augmented reality. In essence, rather than using a laptop or mobile phone to visit websites and use apps, you put on a headset and enter a virtual world where you can perform the same actions.
It is set to change the way that we communicate, play games and work out, but there’s also a lot of talk about implementing e-commerce in metaverse technologies.
Benefits of Using Metaverse for E-commerce There are several ways that you can utilise the metaverse for e-commerce growth:
1. Deliver a Hands-on Experience When you run a virtual store, you’re relying on quality images, good copywriting and the “social proof” that comes from testimonials and reviews. Most of this content is there to substitute for touching and examining the product, which online customers can’t do.
But in the metaverse, they can.
A customer can walk down virtual aisles and pick your product from a shelf. There, they can hold it, turn it, examine it and learn more about it.
If it’s a game, they can play it. If it’s technology, they can see it in action. Of course, there are limitations, and they can’t taste or smell anything. But the metaverse gives them more of a hands-on experience.
2. A Reinforced Brand Image Given that the metaverse is currently a growing trend, using it means being at the forefront of the market. Consequently, developers who are able to understand what the metaverse is and how it works in e-commerce are in a privileged position to improve their brand image. Once fully implemented, the metaverse will be a parallel world to the real one, where having a well-established space is key for any company.
3. It Can Be Used to Build Communities The metaverse and e-commerce are both about keeping people engaged and content, so they can be used to improve brand loyalty.
For instance, an e-commerce brand can reward loyalty in the form of in-world items. They can also create communities where their customers can converse. If they are talking about the brand and dressing their avatars in branded apparel, they will be promoting it to other metaverse users just as they would in the real world.
4. It’s Great for Product Testing
Testing products can be very expensive. Whether you’re conducting beta tests or arranging focus groups, it takes time and money. But it’s much easier with the metaverse.
You can launch your products in the metaverse before you launch them on your online store. Users can test them, experience them, and then give their thoughts.
If there are issues, you can fix them and prepare for launch.
It’s considerably cheaper to conduct these tests and they can also be launched in less time.
5. A New World to Develop When the Internet began to function, few of us expected to be using the network to do business only a few years later – to shop, play games or for other activities that used to require our physical presence. Something similar is happening with the metaverse. This technology is in the process of development and great results are expected.
This environment is ideal for launching new products as well as new ideas. In the case of products, the low cost of development and interaction facilitates the process and reduces the costs of introducing and even testing these new products. For new ideas, these are the key to getting more out of this new technology.
Is the Metaverse Good for All Brands? It’s easy to look at the current technology and assume that it’s not a good fit for your brand.
If you don’t sell anything related to technology and there are no immediately obvious benefits, the metaverse probably sounds like something that could pass you by.
But that’s only because the technology is new and the full potential hasn’t yet been realised. It’s essentially a second life, another world, and while the benefits for your brand might not be clear right now, that will change when the technology develops.
Metaverse E-commerce Solutions As things stand, the metaverse is in its infancy. Metaverse e-commerce solutions will evolve over time as the technology improves and more people embrace it.But the future is promising when it comes to this new technology, and it’s going to be exciting to see how companies use e-commerce in metaverse technologies.