How does eCommerce participate in the Metaverse
The way that consumers interact online is evolving. The new generation is born in an environment that socializing and shopping through social media filters, videos, games, and getting a full immersion into interactive live-streamed content is an everyday thing. As time passes consumers’ behavior is likely to shift toward the digital revolution. It’s just a matter the time before the metaverse will blend the virtual and the real.
According to Zuckerberg’s words, the metaverse is the process of evolving the web experience as it is now.
It’s a virtual reality in which the social web, online gaming, augmented reality (AR) VR, virtual reality (VR) and cryptocurrency come together to enable virtual interactions between players.
The metaverse’s popularity has increased lately, and this could be the result of the COVID-19 pandemic since a lot of people are working from home and studying.
However does it impact eCommerce?
It’s common knowledge that physical barriers pose an obstacle for companies, however the metaverse could solve that issue.
Imagine you’re an individual and you require some boots since winter is coming to an end and the closest store that you’ve come across selling boots is far from your home. You don’t have time to travel there and so you decide to purchase one on the web. But, the metaverse is distinct. It will take the shop to you virtual exactly like you’re visiting the physical store in real life.
If the people can profit from the metaverse, eCommerce can be worth hundreds of millions of dollars within the next 10 years in the world of metaverses, Facebook said.
To make money from it, one must consider the metaverse as an opportunity to conduct marketing aggressively.Of course traditional advertising won’t perform well in this situation. Instead, individuals could benefit from strategies similar to virtual reality advertisements. Examples:
- VR demo to explain all aspect of the product
- Virtual reality experiences that are intended to be educational as well as to create interest for customers to your product.
In addition to VR experiences virtual stores and exhibitions will also be a factor that people should be aware of as the most important aspect in metaverse marketing is how they can connect physical stores to customers via virtual.
It’s as if you create an online shop for clothing inside Animal Crossing or make a 360-degree lookbook to ensure customers can look at the product just as they would in the store. For example the game on video called Afterworld: The Age of Tomorrow by Balenciaga, where they unveil the Fall 2021 Collection.
In addition to the shift in marketing strategy, more consumers will be interested in digital assets as that they are more online. This is the place to be aware of the Non-fungible Tokens (NFTs).
The token that is most used virtual ownership, which assists in the transfer of virtual assets between users. NFTs are a way to symbolize digital objects like music, art, gifs and videos, and as real objects like tickets to events in the real world and deeds for cars legal documents, and so on. A single NFT can only represent one object and possess one owner, but creators can create NFTs for the items they create.
There are a variety of uses for NFTs One that is used is to boost the earnings of creators. Let’s take the instance of digital art. It’s possible that someone could simply take a picture of the original artwork, however when it’s represented using NFT, like physical objects, the duplicate will not be worth much more than the actual one.
We may, however, not be able to access the metaverse for the time being, because it’s still like an idea. This is one reason it’s still difficult to imagine what the metaverse might appear. To be able to fully immerse in the metaverse, having more technical resources are required.
It’s not a bad idea to start small and begin doing things using VR, and then take your business into the virtual realm. There’s nothing more terrifying than being left behind by fashions.
E-commerce on the Metaverse = Meta-Commerce
Digital commerce isn’t the same as trading in digital products. In the Metaverse the line between digital and physical goods can be blurred. NFTs are an excellent illustration.
Blockchain technology Blockchain is already enabling new forms of commerce such as NFTs currently, which can be exchanged and sold as physical items through Shopify ( source). Digital goods are valued because of their distinctiveness, similar to the first edition of vinyl Michael Jackson’s album Bad or the very first Iron Man comic. Prior to NFTs JPEGs were useless since you could duplicate them in infinite ways. Digital goods such as videos, images or music a distinct and verified time stamp creates new digital markets in the Metaverse.
The most fundamental principle that governs transactions in the Metaverse is interoperability, the ability to transfer information or products from one platform to the next. One example of this currently could be Crypto Punks, which are ” unique collectible characters with proof of ownership stored on the Ethereum blockchain“. The fact that you can use a legitimate Crypto Punk as Twitter avatar already earns them a status among the people who are aware of these characters.
Like Facebook, The Metaverse creates an entirely new environment for people to earn and show status. Klout, which measures the social network’s status was a first attempt but more interactive digital worlds will offer more possibilities.
As we see in this influencer market, fame breeds commerce. Today, those who attract a lot of attention create huge brands (Rihanna: Fenty Beauty, Kylie Jenner: Kylie Cosmetics). This will continue and grow in the Metaverse and possibly, with the introduction of brand new products that we don’t imagine today.
SEO in the Metaverse
It’s hard to know what the role SEO can play in the Metaverse However, we know that the content is likely to be created by users. When multiple agents within the system create lots of output that requires discovery, it is a major bottleneck. Searching in the Metaverse could look different than it does now however, I’m not able to imagine a digital experience with creators and commerce which doesn’t include an element of search.
Today, Roblox is one of the top brands that are searched on the web. On their site, Roblox hosts millions of games invented by creators that drive millions of monthly organic sessions.
Certain games are able to generate millions of daily searches through Google. For instance:
- Grand piece online 59,000
- Project jojo – 17,000
- Counter blox – 12,000
- Greenville roblox – 11,000
Roblox is an excellent example of an ecosystem which is an element of the Metaverse and search-based discovery is an integral component of it.