Wednesday, March 22, 2023

What is the Future of Ecommerce with Metaverse?

Businesses and consumers alike are adapting to the Metaverse's new realities. There is currently a shift towards Metaverse by companies of all sizes and in a wide range of industries. Popular examples of such companies are Nike, Hulu, Walmart, and Verizon.

Now that the Metaverse is the topic of discussion in every boardroom worldwide, it may be time to learn what it is, why it matters to businesses, and how it can improve online shopping.

A Short Introduction to the Metaverse

There is no agreed-upon definition of the Metaverse, but it can be understood as the result of the convergence of three significant technological developments:

    M-worlds interactive platforms that foster community through gaming and lighthearted social interaction; examples include Roblox and Fortnite, as well as more recent offerings like Meta's Horizon Worlds and Decentraland.

    When the real world is annotated, supplemented, or reimagined, we talk about "extended reality," which encompasses augmented reality (AR), virtual reality (VR), and mixed reality (MR).

    Nonfungible tokens (NFTs) are a type of digital asset that is unique and tradable. It can be used to facilitate a variety of use cases, including product tracking and smart contracts.

Stats for Metaverse Shopping

In its infancy and probably not understood by many, shopping in the Metaverse nonetheless represents the future of online shopping. Companies are seeing a massive increase in sales in the Metaverse, whether in the form of NFTs, virtual goods, or real-world products and services.

    According to Google Trends, there has been a dramatic increase in global interest in the Metaverse since October 2021. But do regular folks grasp what the Metaverse is about? Is it true that they are prepared to make purchases in the Metaverse? asked big-commerce in its Global Consumer Report: Existing and Emerging Shopping Trends.

    Although many topics were covered in the survey, its focus on the future of online shopping was particularly noteworthy. The results showed that 26% of respondents had a deep comprehension of the Metaverse, while 25% reported only a passing familiarity.

    While people of all ages were familiar with the Metaverse, those of Generation Z and the Millennial generation reported a deeper understanding than those of Generation X or the Baby Boomer generation. Those with an annual income of $100,000 or more have a more robust grasp of the Metaverse, while those with a yearly income of $25,000 or less have little to no understanding," BigCommerce wrote.

    Although major retailers like Nike are putting resources into metaverse stores, the survey found that only 48% of consumers are open to making those purchases there. While 46% of respondents said they would be willing to purchase the Metaverse, only 2% said they had done so.

Integrating the Metaverse and E-commerce

Brands and consumers can benefit from the Metaverse's innovative processes, which provide solutions to existing problems and open up new income channels. Some ways the Metaverse will affect the online retail sector are listed below.

Revenue Boost: A Forbes study found that using 3D models instead of static images can increase conversion rates by more than 40%. As a result of the Metaverse, consumers can virtually try out products before buying them. As a result, customer confidence rises, and businesses reap the financial benefits through increased sales. Because of the rising popularity of e-commerce, this could also reduce the need for brick-and-mortar stores in various locations worldwide. Instead, companies could host a unified online store where consumers can browse, try, and buy their products with minimal effort.

Customized Service: Companies can do more for their customers than offer discounts. Companies can learn more about their target demographic's thoughts and requirements by virtually strolling through shopping centers and conversing with customers. In return, brands can provide a high-quality experience for their customers by engaging with them in conversation and other digital mediums. As a rule of thumb, customers interested in navigating e-commerce metaverses aren't looking to view products but rather to participate in an immersive shopping experience.

Lower Return Rates: Consumers are less likely to send back clothing, makeup, shoes, furniture, etc., purchased in the Metaverse because it provides the same immersive experience as traditional brick-and-mortar stores. Warby Parker offers its customers the option to virtually try on any pair of glasses from its collection before making a purchase. Customers can make a risk-free purchase and keep the product permanently. View in Your Room is a service that lets Amazon customers visualize how furniture and other home decor items will look in their homes before making any purchases.

More Personalised Experience: Brands can save significant time and money by conducting product market fit in the virtual world. Brands can create multiple collections for customers to try on before they produce the product virtually. The product's future, quantity produced, and release date will depend on its sales. Brands can keep their customers and cut down on waste in this way.

Reduction of Return Rates: The Metaverse is a great community-building tool. It can facilitate more effective communication within existing groups of customers, allowing you to expand your fan base beyond your regular audience and into a devoted group of people who will undoubtedly help your products thrive. This dedicated group of customers can be used as inspiration for a one-of-a-kind product line. This will increase participation and encourage others to join in as well.

Improve Customer Understanding: A lack of human interaction during online purchases is a common reason for frustration and poor decision-making. Usually, taking action based on comments or reviews posted online is your best bet. The Metaverse, however, changes the game because it makes it simple to talk to other shoppers, hear their opinions, and get advice in a digital store. Therefore, adding excitement to your time spent shopping online.

Interactive Online Shopping: Brands like Adidas and Nike are already staking their market claims by purchasing property in metaverses like The Sandbox and Roblox. Through its purchase of RTFKT studios, Nike also offers a line of virtual sneakers. Balenciaga and other designers have collaborated with the makers of the hit game Fortnite to create virtual garments for in-game characters.

New Streams of Income: Reduced overhead thanks to the widespread adoption of NFTs and digital currencies, which will allow most metaverses to function on distributed ledger systems like blockchain technology. 

Brands and consumers alike may see substantial savings as a result of this. Instead of using expensive traditional payment systems that charge users up to 2% of their money on international transactions, brands in the Metaverse can integrate digital currencies as payment options in their virtual stores. 

Regardless of the amount transferred, the fees for international payments in digital currencies like USDT or USDC are always less than $1. This means that customers worldwide can shop in the Metaverse for items costing hundreds of thousands of dollars or more without paying transaction fees exceeding thirty thousand dollars.

How is Metaverse Shaping the Future of e-Commerce?

The Metaverse could revolutionize the concept of online shopping as we know it. The Metaverse is revolutionizing how businesses interact with their customers by providing a new platform for e-commerce that is more exciting, dynamic, and customized. Companies can increase sales and brand loyalty in the Metaverse by establishing an online presence and interacting with customers more deeply. Businesses can cut costs by moving their operations to the virtual world of the Metaverse rather than renting expensive real estate.

The Metaverse gives consumers an exciting new way to interact with brands and their offerings. In the Metaverse, buyers can interact with products in ways not possible on conventional e-commerce sites, resulting in higher product knowledge and satisfaction. Shopping in the Metaverse is also more immersive and interactive for customers, leading to a more positive and customized experience overall.


Keeping up with the latest technologies that can deliver a "wow" user experience is crucial in today's retail environment, where competition is fierce. In this regard, working with an experienced metaverse eCommerce development firm can be helpful.

In the not-too-distant future, the shopping experience in the Metaverse will inevitably undergo radical change. eCommerce will enter its next, more advanced phase. Therefore, start taking advantage of virtual and augmented reality technology just as tech giants like Meta or eCommerce giants like Amazon focus on making VR headsets and other similar technologies available.

Remember that the key to connecting with customers here and now and in the future is to make the online purchasing experience as realistic as possible.