Is Metaverse the Next E-Commerce Boom?

E-commerce is the new, modern way to sell products and services as a startup. The metaverse is made up of 3D virtual spaces where individual users can interact with one another while shopping, playing, and working. Represented with online avatars, this immersive experience utilizes virtual reality (VR) and augmented reality (AR). Sometimes, there is also blockchain technology integrated into the experience.

The metaverse receives contributions from tech companies such as Meta (which used to be Facebook), Microsoft, and Apple. Popular 3D games like Roblox and Fortnite are contributing to metaverse-based experiences that make it similar to real-life.

The Relationship Between the Metaverse and E-Commerce

Shopping is now more interactive than ever with VR and AR-based walkthroughs of company websites and 3D gaming experiences. Enhancements in the e-commerce industry mirror the many technological advancements

Online platforms like Netbet are popularizing an interactive, virtual experience for bettors. Rather than driving to a physical casino, online platforms allow e-commerce transactions for bettors to fill their bankroll virtually. Spin slots, bet on a roulette wheel, and find your betting tolerance in a round of blackjack.

Some companies are selling virtual versions of their products to patrons who want a simpler ownership experience. For example, Gucci sold a virtual handbag for $4,115 which was higher than the real-life version’s ticketed value. It was the Dionysus Bag with Bee that cost $3,400 for the real version and was only virtually available in Roblox. One user purchased the virtual bag for 475 Robux or $6 and resold it to the recipient for 350,000 Robux.

The Best Advantages for E-commerce Businesses

There are many advantages to operating an E-commerce business, versus operating a brick-and-mortar one. Companies can create new revenue streams with digital goods while maintaining an immersive consumer experience. Other advantages are outlined below.

New Revenue Streams with Digital Goods

Companies selling physical products or a type of service can diversify their earnings portfolio with earnings from digital goods. By partnering with a popular game like Gucci did with Roblox, companies can enhance sales from a different target market. Virtual fashion, NFTs, and branded digital assets are becoming more available to interested consumers thanks to the metaverse.

Immersive Consumer Experience

Consumers who live further away from company headquarters or locations can view products up close and personal with VR experiences. Think about the virtual walkthroughs you may take to tour a home or apartment on a real estate website.

Global Reach On a Digital Front

A virtual shopping experience allows companies to expand sales efforts internationally without having to open physical locations. Running a brick and mortar business incurs more operational costs than offering a virtual shopping space for clients.

Social Commerce in 3D

Shopping is now more of a shared social experience on the digital front. No matter where your loved ones are, you can all join virtual shopping spaces to browse products.

Data-Driven Personalization

As consumers shop in virtual spaces, the metaverse collects data on their shopping behaviors. Businesses utilize these data points to enhance marketing efforts to increase quarterly sales.

The Challenges Of the Metaverse

Some parts of the world still have technology barriers. Therefore, VR and AR capabilities may not be available in their area at this time.

The metaverse collects bountiful amounts of data on consumer behavior and purchasing habits. Certain individuals feel that there are security concerns in relying too heavily on metaverse technology.

While providing a virtual shopping experience does save money in the long run, there are high entry costs with development and design. Companies would have to hire experienced graphic designers to lay out a quality, virtual shopping interface.