How will the Metaverse change the way consumers buy?

Virtual scenes in the form of virtual worlds are changing the face of consumerism. The idea that technology can be used not only for mission-specific business applications, but to create entirely new realities and operational landscapes, is paving the way for future business approaches.

While it sounds like a sci-fi movie, it’s already happening; businesses are investing in land and infrastructure in virtual worlds. While this type of thinking may prove to be a step ahead of general consumerism, elements of metaverse reality are currently being used in business-to-consumer approaches around the world.

Take online shopping, for example, which accounts for about $218.5 billion of the estimated $1,688.6 billion in sales and is still on a steady upward trend, so improving the technology experience is critical.

The popularity and accessibility of e-commerce helps meet many of the key consumer needs, such as safety, hygiene, efficiency, reduced personal travel time, increased choice and greater flexibility. However, there are still gaps in the shopping experience, leading many consumers to choose offline shopping. Advantages of offline retail spaces include human interaction, product displays, reading materials, and the ability to try on and actually hold products.

Some of these missing needs can be addressed in metaverse reality, and many companies are already conducting small-scale tests.

Take Wayfair, which allows consumers to capture their home space and virtually visualize the products in their space. Likewise, Glasses.com, a Luxottica company, allows customers to virtually try on a pair of glasses. These tools enhance the e-commerce experience, but they also don’t say anything about how the Metaverse will transform online buying in the years to come.

Full virtual reality will allow consumers to walk through the store as if they were shopping in a brick-and-mortar store, and talk to retail store employees and other shoppers. Consumers will be able to virtually try on items and physically place items in their shopping carts while browsing shelves and islands. This effect should help create a more authentic feel to the whole process and even lead to an increase in online purchases.

The Metaverse will also allow companies to hire employees in virtual reality environments, allowing them to better select talent for their organizations. They will then be able to coach new employees through a robust virtual reality training experience. Additionally, they can create metaworlds where ideas, products, and consumer responses can be tried and tested through a powerful fusion of metaworld and AI technologies.

What’s the company’s takeaway as we turn to the metaverse-influenced e-commerce marketplace?

1. Companies need to focus on increasing the realism of their e-commerce sites to provide better customer relationships and increase online sales.

2. Likewise, companies may want to consider reducing physical infrastructure in the future to focus more on virtual world space and technology investments as a means of selling.

Incorporating the Metaverse into the company’s sales structure means a more enhanced virtual shopping experience. However, in order to maximize this potential and break down any barriers that may set limits, you will have to consider a few things. First, realism must exist so your customers can simulate a real buying experience. In addition, companies must apply innovation; digital engineers will have to execute more efficient ways to structure these virtual spaces and amplify transactions.

This is an exciting time for tech companies, especially the younger generation and all businesses, as we discover new potential uses for the metaverse every day. In this change, we cannot allow ourselves to let go of our humanity.

We must be prepared to remain truly human throughout the transition, and that means helping each other feel courageous enough to fail and learn. We must take the same approach to building and nurturing our communities in the virtual world as we find communities among our colleagues, friends, and family in the real world.