The world of online shopping is about to undergo a transformation thanks to experiential e-commerce
Over the next ten years, shopping will change more than it has over the past 100 years. Shopping will become more immersive and personalized than ever thanks to technological developments such as machine learning, data analysis, artificial intelligence, virtual reality, augmented reality and blockchain.
Shopping online today is less than ideal as there are so many untapped potentials. For example, if you want to buy a dress or shirt online but can’t try it on first, you may end up buying several sizes before you find the one that suits you best. Another example would be purchasing a mobile phone in a specific color and specification.
The e-commerce infrastructure is therefore forced to deal with a returns nightmare. Recently the ideas of metaverse and NFT have been sweeping the art world. However, we are still unaware of the beautiful utility that is currently being developed to make online shopping much more attractive and similar to a real shopping experience. Stakeholder sectors in the e-commerce ecosystem are spending billions of dollars seeking a solution to current problems. There might be only one in a metaverse using blockchain technology.
Metaverse Virtual Experiential Store
A virtual store is a 3D representation of a physical store, similar to entering a role-playing game like Fortnite, where you take on the persona of an avatar and complete the objectives assigned to you by the game. is that in this case the 3D environment belongs to a company whose digital product displays resemble their physical storefronts in real life.
The brand receives the following: There are no geographic restrictions, and anyone can access the site. The ability to sell, launch, pre-launch test, and do other things digitally without first producing a physical product. Using AI-enabled data, create a personalized and engaging customer experience for every person who walks into the business. Plus, collect real-time, immutable user data and feedback.
What awaits consumers is the real question.
Whether or not a global company has a physical presence in the customer’s home country, they have unrestricted access to that store at any time for window shopping. All digital products listed here are available for full testing, trial and use. Without sacrificing their anonymity, users could offer the company feedback on their product.
You don’t have to leave your comfort zone to have a more intimate encounter. When consumers have unrestricted access to the brand of their choice, it is encouraging to consider the influence that a beautifully produced and realistic virtual location can have on them. Retail brands can now expand into the metaverse thanks to companies like Trace Network Labs.
How to access the virtual store?
You can enter the store as your own digital avatar and have the same freedom to walk around and browse merchandise as you would in a physical store.
It looks like something you can create yourself using metaverse attributes. Although each metaverse’s avatars are uniquely designed, for the best experience it is advisable to have a realistic looking and realistic avatar.
People can build realistic avatars that look like them with help from companies like CrazyTalk, Trace Network Labs, and more. Future experiences are expected to improve with technological advancements like augmented reality and virtual reality. Real-time haptic inputs will also be present, creating tactile and tactile sensations.
Examples of virtual stores with Metaverse support
Improved Insights Companies now predict their store inventory using either past sales data, store consumer feedback, or periodic product testing across multiple sites. Businesses can introduce a product concept to their virtual store in a metaverse and gauge customer feedback in real time without compromising user identity or requiring the production of a product line sample. This will improve a brand’s ability to predict the sales success of upcoming items.
- Product demonstrations: Let’s take a cell phone as an example. We often visit a mobile store first to inspect a model and its specifications before ordering it online if we are satisfied. The user can “enter” a mobile store through the virtual brand stores in the metaverse and examine all aspects of the device there, including holding the camera in their avatar’s hand and evaluating the resolution of the camera, among others. For all pre-release versions, the solution can transparently pass user interaction data to blockchains. Then the user can choose a template based on how customers interact with it. The current state of e-commerce does not offer this.
- Portable NFTs: Fashion companies are using this technology to develop a whole new line of virtual clothes that an avatar can try on in the metaverse and purchase the non-fungible token tied to the dress they like. The user’s avatar can wear these NFTs as a fashion statement in the virtual world. Some of these NFTs can be exchanged for real physical goods.
- Immutable real-time product reviews: Reviews of products in a virtual store can all be recorded on the blockchain. Therefore, a user review can never be edited or deleted. Additionally, there are systems that can monitor user reviews in real time from anywhere in the world. Therefore, regardless of time zone, an Indian user visiting a store in the Indian time zone can see real-time reviews provided by a customer of the same product in Australia.
- Long-term loyalty based on NFT: As a loyalty program that will gamify customer engagement, brands can provide NFTs. A new paradigm of belonging of customers to brands will emerge as a result of the incentive to purchase.
Consumer needs come first in experiential e-commerce and are at the center of every shopping experience. A brand can improve interactions, improve conversion and leave a lasting impression by implementing an online experience. This will give businesses a chance to stand out in a crowded market and encourage growth as modern traders against their rivals. The experiences that can be offered in the virtual world will stimulate mass distribution. All famous companies have developed a strong online and offline presence, whether through social media or mobile apps.
The next step in creating an online presence is simply to open a virtual store in the metaverse. By offering their consumers a unique immersive environment, brands that use virtual reality can stand out from the competition. As people are able to communicate a deeper story about themselves, brand interactions change. Traditional e-commerce websites will be replaced with a detail-rich, interactive and immersive 3D environment that will encourage customers to stay longer, buy more and enjoy it in the long run.
Edited by Prakriti Arora