Here’s how eCommerce will dominate the metaverse and change the shopping experience forever.
With today’s technological advancements, you can’t deny the importance of e-commerce; however, there are still people who prefer buying products and services the traditional way.
Both ways of shopping have their own merits; for instance, brick-and-mortar shops allow consumers to feel and try on products before purchasing them, ensuring there won’t be any regrets later on. Online shops, on the other hand, offer speed, convenience, and the ability to comfortably compare prices.
However, with the rise of the metaverse, the two different worlds of shopping will converge, re-shaping the concept of commerce.
What is the Metaverse?
Since it’s a relatively new concept, the idea of the metaverse may be foreign to some. To put it simply, the metaverse is a 3D version of the Internet. While you currently access the Internet through your phone or computer, interacting with other users through texts, the metaverse puts you into the internet, itself — just not physically.
The metaverse aims to provide a place that’s parallel to the real world, enabling users to have a “digital life.” In theory, this digital life will allow you to create your own avatar and interact with other people with it.
Evolving Gaming and Mobile Commerce
Gamers, in general, often consider the concept of the metaverse as a new and immersive way to enjoy games. While this is true, one of the main purposes of the metaverse is to elevate mobile and gaming commerce. With that said, if you want your brand to remain competitive, prepare for the following developments.
AR and VR
Both Augmented Reality (AR) and Virtual Reality (VR) are immersive and innovative mediums for gaming. Since both are important tools, your brand shouldn’t skimp on developing and integrating these technologies if you want to engage in the metaverse.
Expand Social Commerce Through Mobile Gaming
Purchasing products online, especially on social media platforms, is so popular that it’s predicted to reach $1.2 trillion by 2025. So, in addition to having a social media presence for your brand, one untapped market is mobile gaming. This is particularly effective since most people access the internet through their phones, and it’s also a great place for advertising.
Hyper-Personalization
Personalization plays an important role in a consumer’s decision making process before buying. In fact, a 2021 survey showed that 71% of customers want brands to offer personalized experiences and that 76% of customers lose trust in a brand that doesn’t offer personalization.
In this case, brands should find ways to target promotions, service recommendations, and relevant products/offerings for each and every potential customer. Fortunately, since the metaverse aims to inject users into the internet, customers may be one step closer to a combination of the convenience of e-commerce and the reliability of brick-and-mortar stores. The marriage between the two ways of shopping opens spaces for hyper-personalization, which is inarguably helpful for companies to provide a great customer experience.
The Rapid Growth of E-commerce
As more companies realize the importance and convenience of e-commerce and the metaverse, it’s no wonder why meta e-commerce is taking the spotlight. In fact, the majority of companies are already investing in ways for their offline stores to have a digital presence. As mentioned above, online retail sales will reach trillions of dollars by 2025, and it’s expected that e-commerce in the metaverse will be a major contributor to this staggering amount. By preparing early, companies can remain competitive and gain an edge over their competition as soon as the metaverse becomes a staple.
Mark Zuckerberg, CEO of Facebook, even assures that the metaverse will reach billions of people, host billions of dollars in commerce, and provide jobs for developers and creators.
How Brands will Benefit from the Metaverse
While there are already studies into the potential of the metaverse, it’s still not clear to many people how brands will benefit from this. Here are some ways that mobile and gaming commerce will help your brand.
Provide a Digital Store
Imagine this: You’re walking into a digital store, viewing different products and their descriptions. Not only will you be able to view the product, but you can also try it on as if you’re in a fitting room.
This is exactly the union between the traditional and digital ways of selling that the metaverse aims to achieve. If implemented, the metaverse will provide the ultimate user-friendly experience, allowing companies to further increase their sales.
Access to a Wide Variety of New Audiences
Since the metaverse is boundless with no geographical restrictions, companies will be able to reach an infinitely wide audience with their offerings. They will also be able to offer new items that aren’t available in any stores now, such as skins and items for metaverse avatars. This is just one way to tap into new audiences, especially the youth.
How TCI Entertainment is Preparing for the Future
TCI Entertainment is a gaming and technology company concentrating on the strategic acquisition of high-growth, disruptive mobile gaming and mobile commerce companies. We have our finger on the pulse of new developments in technology, and we are fully aware of the impacts of the metaverse.
As a start, we’ve already developed a patented in-game, real-world e-commerce platform that promotes incentivized engagement and monetization technologies. These are both helpful when it comes to bringing mobile brand engagement to another level.
If you want your future in the metaverse to be secured, think about how TCI Entertainment; could be a part of it.
Final Words
Even if the metaverse is still in its infancy, it’s time to prepare for this futuristic way of interacting online. If you have a brand on your own, it’s time to get started developing and implementing AR and VR into your company so you’ll be ready as soon as possible. Anyone who’s aware of the inevitable boom in the metaverse may also want to find ways to invest.
TCI Entertainment, which is dedicated to bringing mobile, in-game sales to another level, is paving the way for our technological future.
Learn more about TCI Entertainment, HERE
Sources:
https://www.vice.com/en/article/93bmyv/what-is-the-metaverse-internet-technology-vr
https://www.ogilvy.com/ideas/how-brands-can-shape-metaverse-their-advantage
https://www.entrepreneur.com/article/414761
https://www.socialmediatoday.com/spons/metaverse-whats-to-come-for-e-commerce/622134/
https://investera.com/the-future-of-e-commerce-in-the-metaverse-what-you-need-to-know/
https://artlabs.ai/blog/are-you-ready-4-metaverse-commerce-predictions/