Lately we hear the word “Metaverse” a lot. What is the Metaverse? How does it work? And most importantly, can I apply it to my business?
Right now the Metaverse exists, but more in theory than in reality. It’s true that universities, companies and creators are starting to take steps into the Metaverse, but it’s not yet a widespread reality. The day it is, it will completely transform the eCommerce landscape.
“In 10 years, eCommerce will be the Metaverse or it won’t be at all” Màrius Rossell, CEO of Trilogi
It sounds like science fiction, it’s true. But 20 years ago, carrying the internet in your pocket or self-driving cars sounded like that too. We’re entering a new era and we’ll need to stay alert.
What is the Metaverse?
The Metaverse was announced by Mark Zuckerberg, founder of Facebook (now Meta), in 2021. His vision is for it to be the future of the internet: a digital world with augmented reality where we can enjoy shared experiences. It’s the merging of the physical and virtual worlds.
Clearly, this opens a new frontier for eCommerce. One of the big handicaps of online stores is how hard it is to replicate the in-store experience. Seeing a photo of a pair of shoes, or even a video, will never compare to touching and trying them on. With the Metaverse, the line between digital and real blurs, and the shopping experience will feel more like the real world. This creates a new reality for eCommerce businesses.
The Metaverse promises a new way of experiencing the world and a new economy, moving away from the duality between real and digital. It opens up a new opportunity for brands to create products for the Metaverse, like Balenciaga did when it created skins for Fortnite and sold its pieces inside the game.
How will we access the Metaverse?
The Metaverse will be an augmented reality experience, so hardware devices like VR headsets such as the Oculus will likely become more and more common in every home. With these devices we’ll be able to move around and interact with the environment.
Within the Metaverse, each of us may have an avatar (or several): a digital body that lets you interact with other people. And, as in the Fortnite example, you’ll be able to dress it or customize it however you like.
How can I leverage the Metaverse for my eCommerce?
If we consider that the big advantages of eCommerce are the speed and convenience of shopping from your couch, and those of physical retail are personalized service and experience, the Metaverse seems like the perfect combination.
Right now it sounds like a fantasy, but companies like IKEA and Revlon are already using augmented reality to let you see how their products look. With IKEA you can simulate how a sofa would look in your home, and with Revlon you can see how a lipstick shade suits you.
Other eCommerce trends include Social Commerce and Live Commerce. Buying directly on social media while interacting with live videos is increasingly popular. The trend seems to be heading toward buying directly on platforms like Instagram, Facebook and TikTok.
These kinds of experiences and trends are getting close to the idea of the Metaverse and suggest there’s still a long way to go in the world of eCommerce.
If the Metaverse allows you to create customized spaces to interact with, you’ll be able to build a store similar to a physical one where users can interact and, for example, try on your products digitally
You could also consider whether to sell physical products as you do now or virtual products, as Balenciaga did. Virtual products can be sold worldwide without logistical limitations. There’s no denying the Metaverse has huge potential for eCommerce. Now’s the time to keep an eye on how this idea could revolutionize digital commerce!
