Metaverse has been named the future of eCommerce and, although not a new thing, its concept, and implications in online shopping are still unknown to many. In this article, we’ll go through the metaverse meaning for eCommerce businesses and why you should be one step ahead of the competition by grasping its power.
Metaverse meaning – breaking it down
The metaverse can be a difficult concept to understand. It comes down to a combination of several technological innovations that all operate seamlessly together. It’s a virtual world that mimics aspects of the physical world using those technological innovations such as virtual reality (VR), augmented reality (AR), and digital currency.
In the metaverse, people can use representations of themselves aka avatars to communicate with each other and virtually build, shop, socialize, etc. In this world, digital currency is used to buy goods and even services. To fully enjoy and be immersed in the metaverse, users have to use virtual reality headsets and controllers.
Is the metaverse meaning sort of clear? Let us know if it needs a bit more clarification
Key characteristics
We have tackled the metaverse meaning, let’s go through some of its key characteristics.
Social and interactive
According to Gartner, 25% of people will spend at least one hour a day in the Metaverse for work, shopping, education, social media, and entertainment by 2026.
Very much like most of the social media platforms we have, people will be empowered to engage with other people, and share ideas and content, either created by themselves or others.
The metaverse can take social interaction one step further by allowing users to interact as they would in real life.
Easily accessible
The metaverse seems a bit out of reach at this point. The tech behind it is still expensive but the fact is that it can be accessed using several forms of hardware. Entering this immersive world will not be a problem once the market evolves.
We’ve been seeing that evolution on a daily bases. Mobile phones now have AR capabilities, for example. This means that one can use a phone camera, see if a sofa fits in the living room or if a hair dye matches one’s complexion.
The metaverse meaning is evolving every day and it’s growing to become increasingly inclusive of all things real.
It’s the bridge between the real and virtual worlds
One should be able to interchange between worlds. Let’s say for example that you are trying out a jacket in the virtual world and you want to purchase it, not only to use in the metaverse but in the real world too. The metaverse could allow you to get a feel of what the jacket looks like on you and help you with your purchase decision.
Are you enjoying this article on the metaverse meaning and its key benefits? Then read more about it here.
It can benefit many industries
The metaverse is often associated with gaming, and rightfully so, for a long time, it was gaming territory. Not anymore. The virtual world is open to industries such as fashion, food retail, entertainment, furniture, and so on. Whether companies want to take advantage of its full potential or start just with augmented reality, it’s an industry-inclusive world.
Top metaverse benefits for eCommerce
Personalization
Personalization in eCommerce can be difficult to achieve, which is why most brands tend to just use personalized marketing. In Metaverse, companies will be able to offer their customers hyper-personalized experiences without worrying about the physical world’s many barriers. It can also work for product personalization. Let’s use the furniture industry as an example.
In the metaverse, shoppers can create a model of their own home and use the metaverse to virtually decorate it, so they can then buy the items in real life, and already know it would work for them. In the virtual world, customers will be empowered to change sizes, colors, and shapes at the same time they change the location of the product to see if it fits their requirements.
Community building
Having a metaverse-friendly brand will help online companies to empower their customers to engage more with their products. For most brands, it is not possible to try on a product or to see it in a context. In the metaverse, all those things will be enabled and brands can even play with other strategies such as exclusive discounts or product launches.
Better customer insights
In the metaverse, companies can have access to all the normal Marketing KPIs but they can also take it up a notch. The virtual world will allow brands to test the penetration of their products without having to manufacture them. Depending on the engagement a certain product receives, brands will have a better knowledge of how much of it to produce and even what kind of personalization to provide.
More profit opportunities
Studies show that shoppers are willing to pay as much as 40% more for a product that can be tested in 3D, which is what the metaverse is all about. Why? Because customers will be able to make better-informed decisions regarding their purchases.
Besides, if the customers are encouraged to interact with the products before they order them, brands will experience lower return rates, since the client will have a better idea of what it really looks like and how it fits into their desired context.
3D configuration in the metaverse
The metaverse is in 3D.
Creating 3D models of every single product and their personalization can be expensive and time-consuming. It requires a skilled workforce and a lot of resources. A 3D configurator can help companies to optimize this process by facilitating the personalization process, and providing great visualization.
Through a 3D configurator, companies are able to create real-life models of their products and allow the customers to change their features at the same time they can inspect every little detail from 360 degrees.
It’s the perfect tool for those who are thinking ahead and want to be ready for the metaverse. Did you enjoy this article on the metaverse meaning and its application? Would you like to know how it could work for your business? Ping us!