How is Metaverse impacting the eCommerce industry?
Technology is changing at a lightning-fast pace. Time and again in our daily lives, we hear about various new and different technologies. Lately, the news about NFTs and metaverse has flooded the web. Meta, formerly Facebook, has come up with a concept that is ready to revolutionize the future.
Backed by a market valuation of $63.83 billion in 2021, Metaverse is all set to make some significant changes to all our lives. Almost every crucial sector will be affected by Metaverse, and eCommerce is one of them.
As of now, we are just limited to using eCommerce websites with AR technology that lets us try very limited products before buying. However, the metaverse will transform all of this. How? Let’s understand this in the article below!
What is Metaverse?
As this is an entirely new concept, let’s drill down the best explanation for it. So, what is metaverse after all?
The technical definition of the metaverse is a bit tough to understand, so here is an example!
Imagine that you are on a date with your partner in a shopping mall. She asks you to check out the sneakers showcased on her phone. Within seconds those sneakers show up on the head-mounted display in front of you. You see the sneakers and like them too. Once you like them, you order them for her while swiping or making gestures on the screen. You purchase the NFT version of the sneakers, while the physical ones will be delivered later. Once all of this is done, you say bye to your partner and tap the smart glasses to leave the mall.
You may have left the mall, but actually, you didn’t even move from your bed at your home. This is what the metaverse is.
As per technicality, Metaverse is a graphics-rich virtual world where you can work, shop, and play just like the real world. The term has countless embodiments to explain itself. Gaming is the area that has explored the metaverse most.
In 2003, a game named Second Life was the first to take on the concept. After that, it spread like fire and was seen excessively in the massively multiplayer online games. The user in the three-dimensional virtual world of the metaverse is defined as an avatar.
What are the technologies involved in Metaverse?
As the metaverse is a virtual world mimicked by the real world, it is backed by a lot of technologies. Here is a brief-up of all of them!
Augmented reality and Virtual Reality
If you are wondering what the metaverse looks like, you can imagine the blend of AR and VR technology.
AR technology is the superimposing or morphing of virtual elements in the real world. Take the example of Pokemon Go. The game shows you Pokemon in the real-world view of your camera while there is nothing there in the actual place. The AR technology is available on the maximum number of devices today. Snapchat filters are another example.
VR is different from AR. Unlike AR, VR creates a whole virtual environment that the users can explore using various devices like VR glasses, sensors, and gloves.
Artificial Intelligence
AI is the next crucial technology that can be utilitarian in the creation of the metaverse. As AI has the power to perform complex calculations quickly, it can be used to create virtual avatars in the metaverse that are accurate and more realistic. On top of that, AI can also facilitate the activities of non-player characters in the games.
3D Reconstruction
The 3D reconstruction technology is a bit new right now. The trend of 3D reconstruction began in the pandemic when the real estate sector leveraged it to produce 3D virtual tours for its users.
In the metaverse, the 3D reconstruction technology can help build virtual places that actually look like real-world places. 3D cameras and powerful online rendering tools can be used to create a virtual replica of the real world.
Internet of Things
The Internet of things enables us to connect all the internet-enabled devices with each other. This serves a great purpose in the metaverse. Virtual objects in the metaverse can behave exactly as one wants with the help of sensors connected in the real world. An example of this can be the weather. Real-world weather data can be used to simulate some elements in the metaverse.
What can one do in the Metaverse?
Though the metaverse has outstanding potential, currently, there are very few things that one can do in it.
- You can purchase real estate using cryptocurrency tokens. The land blocks in the metaverse are called parcels. You can also sell or lease the real estate you bought.
- You can meet, work and collaborate with your co-workers.
- Just like Facebook but on a bit more realistic level, you can socialize with your friends online.
- You can shop on the metaverse for both real as well as virtual products.
- On top of all, you can prevent social gatherings and visit various concerts, learning events, and trade shows.
How are Metaverse and E-Commerce going to collaborate?
E-commerce is one of the fastest-growing sectors. But, how does metaverse affect it? Let’s find out!
The metaverse will serve as a turning point for the e-commerce industry. How?
You can buy exact products
One of the key things that you can do is buy the exact products. Unlike before, when a wrong size product may hit your door. In the metaverse, it will be highly unlikely. As AI will be creating a digital avatar of yours, the accuracy will be close to perfect. It will allow you to see and try products online, and they will not be limited to just glasses or cosmetics. The chances of you getting the incorrect product will be negligible or zero.
You can customize the product
If you don’t like that red top and want it in black, you can get it. Just use your virtual avatar to try on black and other colors. Moreover, you can also try on some shoes or hair bands to create an entire dress for the event. Later on, you can search the store for the products and buy them. This will be way more convenient than trying on different dresses in an actual store.
You can explore better
Unlike an online eCommerce store and a physical store, you can explore the products of a metaverse store better, with full precision and while staying at home.
Buy virtual products
In the metaverse, you can also buy virtual products for your avatar along with physical products. You can even make payments for those products using cryptocurrency.
One of the coolest and closest examples of metaverse implementation in eCommerce is Amazon AR shopping tool. The tool is called Room Decorator and allows the customers to view the furniture or other home decor in their own space.
Metaverse Frontliners!
Metaverse is a buzzword right now, but it has been in existence for some time now. There are two major frontliners of Metaverse as of now!
After the online social networking site, Facebook is ready to revolutionize the world with metaverse. Facebook has even changed its name to Meta. As of now, the metaverse offerings that they provide are,
- A video calling device (Portal)
- An open-world VR game environment (Horizon Worlds)
- Oculus (VR headsets)
Mark Zuckerberg describes the metaverse as an embodied internet where you can actually be rather than just viewing it.
Roblox
Roblox is an excellent example of a platform that has a wide range of different online worlds. It is just behind Facebook being the one to offer metaverse to the world. It allows players to create mini-games and make money from them. Roblox also has its in-game currency named Robux.
Players can create and edit their avatars in Roblox, which is an exceptional feature of the mature metaverse.
Final Thoughts
We can clearly say that metaverse is not here yet, completely. As a lot of development is going on, it is imperative that it will have a massive impact on the eCommerce industry. As of now, the scope of the metaverse is limited, but constant efforts are in practice to create a whole connected metaverse where a person can do almost anything like the real world.
