Metaverse & E-Commerce Industry
By Vishakha Thakur
Metaverse is expected to revolutionise every aspect of our lives, including how we shop online. Metaverse is rapidly expanding in the e-commerce market. The growing popularity of AR technology is a key factor driving the growth of the metaverse in the e-commerce market.
Metaverse & E-Commerce Market Growing Rapidly
E-commerce businesses will be able to provide shoppers with a highly personalised digital experience. The metaverse will provide a completely advanced virtual reality in the field of e-commerce. In fact, using their own virtual avatar, online shoppers will be able to engage with the products of their choice in real-time. Customers will be able to enter, explore, and check out the brand’s items if an e-commerce company uses the metaverse to build a digital shop. The metaverse’s virtual stores will be a huge hit in the e-commerce industry, contributing to market growth during the forecast period.
There’s a huge opportunity for eCommerce Platforms to leverage Metaverse Platforms in multiple ways:
Digital Advertisements:
E-commerce platforms are among the top digital ad spenders in the world, for both top and bottom funnel marketing, using Video Ads, Rich Media Formats, and Standard Banners. These ad formats have been around for a long time and have begun to lose their appeal. The beauty of Metaverse, however, lies in the experiences that users can have on the platform.
Virtual Shops:
On Metaverse, E-commerce Platforms can run highly immersive experiences such as launching a virtual shop, where a user can browse through their entire portfolio of products and take actions directly from them. Such encounters can be extremely immersive.
Digital Products:
As Metaverse Platforms become more popular, we will see an increase in the number of people spending quality time on such platforms, with their Avatar as the central figure, blurring the lines between Real and Digital Lives. Until now, eCommerce platforms have provided digital products and services for the Real World, but consider the possibility of e-commerce companies selling digital products for your digital avatars directly on Metaverse platforms.
Data Privacy:
One of the founding pillars of Web 3.0 is the strict data privacy laws, which act as both a boon & bane for the e-commerce Industry. This will limit the eCommerce players to run highly targeted advertisements to the users on Web 3.0 but will empower them to use the audience data of Metaverse Platforms, which the users are willing to share on such platforms.
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