BlockChain, NFTs, AR, VR, or whatever comes next, it’s always good to stay up to date with trends. However, instead of following them blindly, we can have our own take on the competitive advantage they are offering. The Metaverse isn’t entirely in existence. It doesn’t have to be, but containing metaverse-like elements can benefit your business. The Metaverse may seem like a buzzword, but it accurately points to a shift in how we interact with technology. Awareness of what’s coming up next is crucial to prevent finding ourselves in for a rude awakening.
But what exactly is the Metaverse?
In its simplest definition, the Metaverse is a concept of an online, 3D universe that combines multiple different virtual spaces. It refers to a shift in how we interact with technology, specifically virtual and augmented realities. That being said, the Metaverse for eCommerce is much more than Travis Scott’s in-game Fortnite tour, although it brought a record number of 12.3 million players online. It’s an opportunity to gain some competitive advantage and get to the fore. Here are four trends on how the Metaverse is influencing the eCommerce world already.
The rise of Cyber Fashion
If you are looking for a niche to start an eCommerce business, creating a Metacloset business may be something for you. People have already begun to buy digital clothes that serve purely virtual purposes. You may think that Metaverse has purely digital character, but so does Instagram and you can buy clothes just for the occasion of a new post. Your digital look may be ready in just a few moments.
Clothes applied to photos were first introduced by the Scandinavian company Carlings in 2018. They launched a limited line of digital jackets, coats, and pants that sold out in a month. There’s been a rise in eCommerce platforms selling virtual clothes like DressX, XR Couture, or The Fabricant. They look just like any other e-commerce brand, but they offer a slightly different purpose.
Many traditional brands have prepared virtual clothing lines. Nike has acquired digital collectibles company RTFKT Studios, which will allow the retailer to sell virtual sneakers to people for their online avatars. As you may have predicted already, Nike’s first collection of shoes for the Metaverse is fetching astronomical sums.
The first Metaverse Fashion Week was held in March this year. The platform Decentraland gathered dozens of global brands and thousands of visitors who watched catwalk avatars presenting the newest trends. It is the most evident proof that the world of fashion has already embraced the shift towards the Metaverse.
Creating unparalleled shopping experiences with augmented reality. Home and decor
Augmented reality shopping apps can really make a difference. They have the potential to completely transform the way people shop for their homes by letting customers envision what a piece of merchandise looks like before buying. It can have a tremendous impact on conversion and churn rates.
Augmented reality is something that can significantly influence a customer’s purchasing decision. The Metaverse will allow consumers to be fully confident in their choices through a customized shopping experience. Let’s take IKEA’s app, Ikea Place, as an example. It enables customers to virtually ‘place’ furnishings in their homes. No more daunting measuring, just visualization of your enhanced living room.
There’s ample opportunity here as the use of augmented reality is still in its infancy. Despite the fact that the first AR app was released five years ago in 2017 by Home Depot, this market still presents a lot of opportunities. We can expect many eCommerce stores to tread in Wayfair or Target’s footsteps with augmented reality apps to make it easier for customers to buy without leaving home.
Facial recognition and social selling in the beauty industry
Metaverse in the beauty industry is yet another example of an emerging digital trend that integrates digital and physical elements. Beauty brands can benefit from the Metaverse by gaining more involved audiences and expanding their customer base outside of large urban areas with shopping centers. Now, everyone can try on a new beauty product.
Big retailers like Sephora have already launched apps using facial recognition technology to allow customers to try on beauty products of their choice digitally. The effect? A quicker and easier decision-making process and more purchases. However, it’s not only Sephora that gave Metaverse a play. In 2019, Amazon teamed up with L’Oreal to bring augmented reality to its beauty shoppers. Integrating digital and physical elements allows customers to try on experiences and sample things like accessories and beauty products like never before.
The smaller brands that do not operate at scale like Sephora can benefit from the Metaverse’s wide range of accessible choices. How? The answer is live selling. Social commerce flawlessly blends social experiences like hanging out together and e-commerce transactions. Live shopping events held by brands and influencers are becoming increasingly popular. They let brands get in touch with customers and provide them with highly immersive experiences. It may be done via Instagram today, but it’s a trend that might take on a new meaning thanks to the Metaverse very soon. Next in Personalization 2021 Report states that companies who excel at demonstrating customer intimacy generate faster revenue growth rates than their peers. And the closer organizations get to the consumer, the bigger the gains.
Happy medium – 3D online visualizations
It started with product photos and movies; then it went on to 3D visualizations, interactive models, and augmented and virtual reality. One could almost argue the Metaverse has been around for quite some time.
While creating an avatar and switching to virtual reality may still be far-fetched for some, the 3D online experience looks like a happy medium. It can give customers easy access to more complicated concepts like designing without prior knowledge of graphic tools. A good example is Packhelp, an online platform that simplifies the process of packaging design through its online editing software. SMEs, enterprises and SOHO businesses can now see their packaging design projected in a 3D space before placing their order.
Big retailers, smaller brands, and startups disrupt traditional eCommerce with new technologies. Whether it’s an app using AR, monthly live selling or a 3D online tool, it all comes down to the Metaverse in which the virtual world intersects with the material one. The only limit is creativity and maybe the budget.
Summary
It looks as though the metaverse universe is here to stay, with more and more business to be conducted in this cutting-edge social space, and eCommerce is no exception. The Metaverse development will likely span the next decade and evolve several times. However, to prepare for this next era of online interaction, brands can start now by investing in AR and VR, social commerce, and other tools that enable seamless, omnichannel, and personalized experiences.
