Metaverse development has seen a huge leap in the year. The technologies that make up the metaverse platform are now in a place where the metaverse is more realistic. The immersive experiences when you create your own metaverse store require a certain amount of storage and processing power to support a virtual reality universe.
Virtual and augmented reality: Long gone is the time when Google Cardboard was the advanced virtual reality product available. With products like the Meta Quest 2, users can now immerse yourself into entirely new worlds where you can build, shop, and play.
Blockchain technology: Many see blockchains as an integral and essential part of a well-functioning metaverse. The technology promises to solve issues of interoperability, documentation, proof of ownership, value transfer, and governance. Actually, everything you would want in a physical or digital economy.
THE METAVERSE FOR ONLINE MERCHANTS AND CUSTOMERS
Virtual ecosystems are no longer just sci-fi. The mass adoption of the virtual world will totally change how things work, including Metaverse Store Development for online shopping and business. This has a lot of things to offer buyers as well as merchants. Here is how the Metaverse eCommerce Store Development will affect online merchants and customers.
1.VIRTUAL SHOPPING
The VR will take the shopping experience to the next level through immersive product experiences. The virtual world will have a place to create your own metaverse store where customers can have a realistic experience of the product. Being digital assets, it is possible for the merchants to open the same virtual stores across an array of metaverse platforms. Even Facebook is providing a facility of using Facebook Shop for trading products on Facebook. For customers, exploring products and experiencing them across dimensions will provide a seamless shopping experience. The line of difference between real shopping and VR shopping will almost be nullified.
2.PERSONALIZED SHOPPING
Personalization is the key to success for businesses. Customers love to purchase customized products. There are plenty of tools already available that allow customers to customize products. The eCommerce behemoths are already taking advantage of product personalization by allowing customers to personalize and customize the products as per their requirements. The metaverse will open new possibilities and will take product personalization to the next level. Customers will be able to personalize products and experience them through virtual experiences in real time. This will totally change how online businesses work.
3.CUSTOMER INTERACTION
The hyper-real alternative Metaverse Store Development will bring a massive revolution in how people interact with virtual things. The metaverse has a lot to revolutionize in the landscape of online business, including how customers interact with brands and products. A 3D space where people can interact with virtual assets and other people will replace monotonous 2D product pages. This will improve the customer communication level with the brands and products to almost as high as in-person shopping. Such a highly enhanced product experience will greatly influence the customers’ purchase decisions. It will also enhance the pre-sales and post-sales shopping through various emerging virtual touchpoints. For example, brands can showcase their products in actions through virtual objects in the metaverse.
Either scenario creates an attractive reason to think to start your own metaverse store, and the data supports this optimism.
A recent Google survey found that 66% of people are interested in using Augmented reality for help when shopping, and merchants who use 3D content to their product pages see as much as a 94% lift in conversion rates. And it’s predicted that about 25% of people will spend at least one hour a day in the metaverse by 2026 which includes shopping and entertainment. So it only makes sense that retailers share the enthusiasm for metaverse where people will spend time and spend money benefitting retailers in obvious ways.
EXAMPLES OF ECOMMERCE BUSINESSES USING THE METAVERSE
Metaverse Fashion Week is a prime example where the high-profile fashion event in the metaverse brought together some of the most well-known brands in the world.
We have seen brands take ground-breaking steps in how they sell with Metaverse eCommerce Store Development. Samsung recently opened its doors to Samsung 837X, an event hosted in Decentraland and modelled after the flagship Samsung store in Manhattan. As part of the experience, users will be able to explore a new Connectivity Theater, Customizable Stage, and Sustainability Forest where guests can attend mixed reality dance parties and other live events.
Other brands that chose an Metaverse Store Development Company include Nikeland in Roblox, Gucci Garden, and Dyson Demo VR. The latter, in particular, showcases a 360 degree VR experience where users can test Dyson products without leaving their homes, a practical way to combine digital and a physical product. As the Metaverse Store Development evolves, brands will find new and innovative ways to bring the in-store experience to those who prefer online shopping.
THE METAVERSE FOR LUXURY BRANDS
The emergence of metaverse is expected to influence billions of people and their virtual presence. 3D avatars are going to be everything in the metaverse and will represent their actions and gestures through richer interactions. Luxury brands are already making dollars from this. Virtual assets are being sold through the NFTs in a limited quantity in the virtual world.
Gucci sold a virtual bag in Roblox through NFT for about 350,000 Roblox currency, which is equivalent to 4115 dollars.
In December 2021, Nike took over a popular digital sneaker brand, RTFKT that sold over 600 pairs of shoes worth 3.1 million dollars in less than 7 minutes.
In 2021, Coca-Cola partnered with Tafi and created virtual loot boxes through NFTs, and gained over 1 million dollars.
