This is the right time create your own metaverse store! Here’s Why.
Metaverse development has seen a huge leap in the year. The technologies that make up the metaverse platform are now in a place where the metaverse is more realistic. The immersive experiences when you create your own metaverse store require a certain amount of storage and processing power to support a virtual reality universe.
Virtual and augmented reality: Long gone is the time when Google Cardboard was the advanced virtual reality product available. With products like the Meta Quest 2, users can now immerse yourself into entirely new worlds where you can build, shop, and play.
Blockchain technology: Many see blockchains as an integral and essential part of a well-functioning metaverse. The technology promises to solve issues of interoperability, documentation, proof of ownership, value transfer, and governance. Actually, everything you would want in a physical or digital economy.
The Metaverse for Online Merchants And Customers
Virtual ecosystems are no longer just sci-fi. The mass adoption of the virtual world will totally change how things work, including Metaverse Store Development for online shopping and business. This has a lot of things to offer buyers as well as merchants. Here is how the Metaverse eCommerce Store Development will affect online merchants and customers.
The VR will take the shopping experience to the next level through immersive product experiences. The virtual world will have a place to create your own metaverse store where customers can have a realistic experience of the product. Being digital assets, it is possible for the merchants to open the same virtual stores across an array of metaverse platforms. Even Facebook is providing a facility of using Facebook Shop for trading products on Facebook. For customers, exploring products and experiencing them across dimensions will provide a seamless shopping experience. The line of difference between real shopping and VR shopping will almost be nullified.
Personalization is the key to success for businesses. Customers love to purchase customized products. There are plenty of tools already available that allow customers to customize products. The eCommerce behemoths are already taking advantage of product personalization by allowing customers to personalize and customize the products as per their requirements. The metaverse will open new possibilities and will take product personalization to the next level. Customers will be able to personalize products and experience them through virtual experiences in real time. This will totally change how online businesses work.
The hyper-real alternative Metaverse Store Development will bring a massive revolution in how people interact with virtual things. The metaverse has a lot to revolutionize in the landscape of online business, including how customers interact with brands and products. A 3D space where people can interact with virtual assets and other people will replace monotonous 2D product pages. This will improve the customer communication level with the brands and products to almost as high as in-person shopping. Such a highly enhanced product experience will greatly influence the customers’ purchase decisions. It will also enhance the pre-sales and post-sales shopping through various emerging virtual touchpoints. For example, brands can showcase their products in actions through virtual objects in the metaverse.
Either scenario creates an attractive reason to think to start your own metaverse store, and the data supports this optimism.
A recent Google survey found that 66% of people are interested in using Augmented reality for help when shopping, and merchants who use 3D content to their product pages see as much as a 94% lift in conversion rates. And it’s predicted that about 25% of people will spend at least one hour a day in the metaverse by 2026 which includes shopping and entertainment. So it only makes sense that retailers share the enthusiasm for metaverse where people will spend time and spend money benefitting retailers in obvious ways.
Examples of ecommerce businesses using the metaverse
Metaverse Fashion Week is a prime example where the high-profile fashion event in the metaverse brought together some of the most well-known brands in the world.
We have seen brands take ground-breaking steps in how they sell with Metaverse eCommerce Store Development. Samsung recently opened its doors to Samsung 837X, an event hosted in Decentraland and modelled after the flagship Samsung store in Manhattan. As part of the experience, users will be able to explore a new Connectivity Theater, Customizable Stage, and Sustainability Forest where guests can attend mixed reality dance parties and other live events.
Other brands that chose an Metaverse Store Development Company include Nikeland in Roblox, Gucci Garden, and Dyson Demo VR. The latter, in particular, showcases a 360 degree VR experience where users can test Dyson products without leaving their homes, a practical way to combine digital and a physical product. As the Metaverse Store Development evolves, brands will find new and innovative ways to bring the in-store experience to those who prefer online shopping.
The Metaverse For Luxury Brands
The emergence of metaverse is expected to influence billions of people and their virtual presence. 3D avatars are going to be everything in the metaverse and will represent their actions and gestures through richer interactions. Luxury brands are already making dollars from this. Virtual assets are being sold through the NFTs in a limited quantity in the virtual world.
Gucci sold a virtual bag in Roblox through NFT for about 350,000 Roblox currency, which is equivalent to 4115 dollars.
In December 2021, Nike took over a popular digital sneaker brand, RTFKT that sold over 600 pairs of shoes worth 3.1 million dollars in less than 7 minutes.
In 2021, Coca-Cola partnered with Tafi and created virtual loot boxes through NFTs, and gained over 1 million dollars.
Why should you create your own metaverse store?
The promise of a fully-functioning Metaverse eCommerce Store Development sure sounds exciting, especially if you work at a multinational retailer to with a significant marketing and tech budget. But if you are like the millions of small business owners without the resources to create your own metaverse store, the metaverse should be viewed as “not now, but soon.” Today, your top priorities should be to give customers a frictionless shopping on your website and expand your reach beyond your owned physical and digital platforms. That is creating shopping surfaces on social media, concerts, events, and anywhere your shoppers spend time.
Establish a fast-growing revenue stream
Today’s retail channels are divided primarily into ecommerce and brick-and-mortar. The former covers more modern forms of shopping like online, mobile shopping, and live streaming. And the latter is when we go to the grocery store.
When you create your own metaverse store, retailers can add a third channel to their existing toolkit. And this one may even surpass in terms of sales and profitability. A recent study found that 71% of shoppers found Metaverse Store Development a compelling reason to shop more often, while 35% said they would shop digitally more if there were a way to try stuff on virtually.
We have already seen consumer brands make headway as Virtual Artist uses AR technology to let customers even try on cosmetics products before making a purchase. But these types of tools are just the tip of the iceberg. Soon, shoppers will be able to test products or try on clothes and ornaments on virtual avatars with similar physical attributes as their own.
Foster a more inclusive community
These days, building a retail business need a lot more than just pushing products on mobile, desktop, and social. Often, customers are more interested in the purpose-driven initiatives that a brand stands for. So to build trust and loyalty, especially with target generations, brands need to demonstrate that they understand and value consumers’ priorities. A common way retailers use is promotional giveaways and exclusive events. In the metaverse, that has come in the form of cryptos and non-fungible tokens (NFTs). Retailers provide exclusive product launches or access to content for passionate fans who purchase their NFTs.
Other than big-name brands that have launched NFTs, including Nike, Coca-Cola, and Adidas, Lil Nas X hosted one of the first concerts in the world-building game Roblox, which recorded over 33 million viewers, that is almost eight figures in digital merchandise sales.
Perform market research at little to no cost
As the physical and digital worlds get further together, retailers could use a top Metaverse Store Development Company as a way to offer customers’ real-life preferences. For instance, retailers could test products when you create your own metaverse store before producing a similar version in the real world. And similarly, shoppers could use the metaverse to try out products before making a purchase.
Top Metaverse Store Development Company, Shamla tech partners with thousands of retailers who want to make these moves. The industry-leading options from the company improves the customer experience on retailers’ sites, and with Checkout Everywhere, you can now bring that same experience to concerts, bus stops, social media, and much more. And when the time comes to enter the metaverse, shamla tech will be there to bring the same seamless checkout experience to the virtual world.