WHY IMMERSIVE COMMERCE IN THE METAVERSE IS THE LOGICAL EVOLUTION OF E-COMMERCE
The world of e-commerce has come a long way since the first online transaction. From humble beginnings as a flat, electronic catalog to physical stores with virtual showrooms, and now emerging as an immersive commerce experience, setting the new standard for the modern customer. There's never been a more exciting time for this concept.
Immersive commerce in the Metaverse is a more engaging shopping experience. With AR and gaming technology changing the landscape of how we use tech, it's only natural that this trend would take hold in online retailing, too.
Trends that began in the Metaverse are now crossing over into our physical reality. There are several reasons why you should be thinking about adding a metaverse element to your digital fashion business strategy right now.
What is Immersive Commerce in the Metaverse?
The Metaverse has become an expanded and enhanced version of the real world, reflecting the same trends we see in reality. These trends are mirrored in the Metaverse from handbags to current television shows; real-life culture phenomena seep into the virtual realm from the physical world.
Immersive commerce is the first and most important reason why you should be thinking about the Metaverse. This is because immersive commerce isn’t just a trend – it is something that will continue to grow as technology continues to advance.
Immersive experiences are the future of shopping. By 2035, it is estimated that 80% of consumer activity will happen online. This has and will continue to lead to a global growth in e-commerce sales from $585 billion last year to over $16 trillion within two decades.
Consumers are alienated and annoyed with our current two-dimensional retail environment. The brand experiences, such as the tactile moments, immersive brand culture, and human interaction that they have come to enjoy while browsing in stores with their friends, are entirely lost online. The Metaverse is the new way to achieve this interaction, this connection, while modern customers shop online.
How Can Brands Take Advantage of Commerce in the Metaverse?
The Metaverse, a virtual space developed through the intersection of virtual worlds, augmented reality, and internet services, is on the way. It will alter everything. The Metaverse will redefine what businesses are and how they should operate via revolutionizing human interaction and life. Some companies are keeping an eye on things and learning as they go, but very few are being bold leaders. Those who do not innovate will be left behind.
The Metaverse may incorporate digital fashion, social media, augmented reality, virtual shops, and more. Nike, Lancôme, Coca-Cola, and Kenzo are just a few of the well-known businesses that have already embraced cutting-edge technologies such as augmented reality (AR), 3D printing, and gaming technology.
For a deeper look into the importance of brand image and the future of retail, take a look at my crucial findings in an earlier article.
Restructuring the Current Retail Model to Reflect Modern Immersive Commerce
COVID-19, generational shifts and technological advancements, and internet users' increased socializing, gaming, and shopping in virtual worlds have accelerated these trends. Some companies see this as a chance to expand their product lines to include entirely immersive digital experiences.
The Gucci Garden Experience is a stunning example of brands moving toward immersive commerce in the Metaverse. The Gucci Garden is a spectacular showcase of Roblox's most up-to-date development tools and lighting technology.
Developed in collaboration with renowned Roblox creator Rook Vanguard, these goods are inspired by the exhibits seen in Florence and are part of Gucci's iconic campaigns.
Brands have attempted to adopt these styles into the current e-commerce experience, but the trend is to move toward immersive commerce in the Metaverse. Few have yet to step in and restructure the entire retail model. But why?
Restructuring the retail model to be a more immersive experience, of course, is not something that can be done immediately. It requires time, effort, and expertise to be accomplished.
Companies that have succeeded like the first Roblox game include:
Facebook with Messenger bots
Twitter's adoption of Periscope for shopping through live-streaming videos, and
Snapchat integrating augmented reality into its app by way of filters and lenses
Brands will continue to move toward immersive commerce in the Metaverse because this type of user experience truly adds value.
Conversion rates would skyrocket if you could walk around an entire showroom floor where items are tagged with prices, size charts/measurements available, multiple angles from which to view each item—all within your own personal virtual space or booth.
This type of purchase can also take on an entirely new concept. Fashion companies could sell their products using a subscription model where customers pay for access to digital clothing fitting rooms, or they may even produce items that are unique for every user. The possibilities are endless.
Why Is the Metaverse the Logical Evolution of E-Commerce?
Our current e-commerce model is flat, one-note, and static. It is based on information being consumed rather than experienced, with customers clicking through endless pages of product descriptions without ever seeing or feeling what’s in front of them.
As the world of e-commerce continues to evolve, it is time for consumers and brands alike to embrace an alternative way of doing business online. This will allow both parties to engage in more meaningful ways with one another through immersive commerce, where products come alive using gaming and AR technology.
While brands are spending time developing lifestyle imagery within their e-commerce sites, they stand behind a computer screen, unable to make physical connections with consumers. This ultimately makes it difficult for companies to engage shoppers beyond basic brand awareness tactics like email campaigns and social media posts.
This also means that there can be no true relationship between consumer goods’ companies and their valued customers. These interactions happen only when the customer decides to visit your site.
By allowing shoppers access to your brand's story through social media platforms like Facebook Live or Snapchat, which enable people from all over the globe to watch videos or view images as they happen live, companies can:
Create stronger bonds with their customers by providing them exclusive behind-the-scenes content.
Allows shoppers to see products within an AR experience instead of merely sitting on a digital shelf. Hence, they feel closer than ever before with their favorite lifestyle products.
As our e-commerce model evolves, the Metaverse is the only direction we should be headed, both as companies and consumers.
Augmented Reality and Gaming Technology to Advance the Retail Experience
In the past, retail has been a very cut and dry process. Customers walk into a store and purchase products from shelves or racks. Now technology and innovation are opening up new and exciting doors for consumer engagement with retailers.
Using augmented reality (AR) and gaming technology to create an interactive shopping experience, customers can now be given digital rewards for buying certain products at their favorite stores.
This shift can unleash new technologies such as:
3D scanning (i.e., using your iPhone as a scanner to make online purchases)
Virtual dressing rooms and showrooms, and more.
Retailers now have access to more possibilities than they ever imagined. One great example of AR in action at a retailer is Sephora, which uses this technology to create a virtual makeup tutorial when customers are in the store.
Sephora's Virtual Artist allows users to try on different shades of foundation, eyeshadow, lipsticks, and more by simply taking a picture. Customers can even upload their own pictures and try out an item.
Not only does this make for a great customer experience, but it also gives them the option to purchase through their mobile device right there in the store vs. going home and looking up items online or waiting until they get back to their computer.
The future of commerce lies within the Metaverse because it provides an opportunity for customers and brands alike to interact with one another, unlike ever before. This not only simplifies buying behavior, making it easier than ever but also creates stronger bonds between brand and consumer through exclusive behind-the-scenes content such as live product drops or private fashion shows.
Conclusion
AR and gaming technology are changing the landscape of how we use technology, and immersive commerce in the Metaverse provides an engaging shopping experience. The future of our digital shopping experiences is immersive commerce in the Metaverse.
Companies and consumers should be moving in this direction because it offers a whole new level of engagement that was never available before. Just as our digital shopping experience evolved from static images to video content on e-commerce sites, so will they evolve into AR reality-based interactions with customers.