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How The Metaverse Will Change Consumer Buying

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Katelyn R. Zhao, Chairman Lei Kay Med Inc., Biotechnology.

Virtual playhouses in the form of metaverses are changing the face of consumerism – from corporate investment markets to individuals. The idea that technology can not only be used in business applications for a specific task, but rather can create an entirely new reality and landscape of operations is paving the way for future business approaches.

While it may sound like a science fiction movie, it’s already happening; companies invest in land and infrastructure in virtual metaverse worlds. While this kind of thinking may be a step ahead of mainstream consumerism, elements of metaverse realities are currently being used in business-to-consumer approaches around the world.

Take online shopping for example. With online shopping good for about $218.5 billion of the estimated $1,688.6 billion in revenue, and still on a steady upward trend, improving the technology experience is paramount.

The popularity and accessibility of e-commerce has helped to meet many critical consumer needs such as safety, sanitation, efficiency, shorter personal travel times, better access to options and greater flexibility, just to name a few. However, there are still gaps in the shopping experience, leading many consumers to opt for in-person shopping. The strengths of retail spaces include personal interaction, product displays, reading materials and the ability to try on and physically hold the product.

Some of these missing needs can be addressed in a metaverse reality, and many companies are already doing this on a small, testing scale. Take, for example, Wayfair, which allows consumers to capture their home space and visualize the product virtually in their space. Similarly, Glasses.com, a Luxottica company, allows customers to virtually try on glasses. These tools improve the e-commerce experience, but are by no means indicative of the limit on how the metaverse online buying could transform in the coming years.

Full metaverse realities will allow consumers to move around the store as if they were shopping in person and talking to store associates and other shoppers. Consumers can virtually try on items and physically hold items in a shopping cart as they browse the racks and islands. The effect should help make the whole process more realistic and even lead to more online purchases.

The metaverse also allows companies to hire employees in a virtual reality environment, which allows them to better choose talent that fits their organization. They can then mentor their new hires through a powerful virtual reality training experience. In addition, they can create metaverse worlds to test consumer ideas, products and responses through a powerful mix of metaverse and AI technologies.

What’s the takeaway for businesses as we move into a metaverse-influenced ecommerce market?

1. Businesses should focus on increasing the realistic feel of their ecommerce websites to provide better customer relationships and increase online sales.

2. Likewise, companies may consider reducing physical infrastructure in the coming future to focus more on metaverse spaces and technology investments as a sales tool.

Integrating the metaverse into a company’s sales structure means a more enhanced virtual shopping experience. However, in order to maximize this potential and break down any barriers that could potentially limit you, there are a few things to consider. First, the realism must be there so that your customers can simulate a real buying experience. Furthermore, companies must apply innovation; digital engineers will need to deploy more efficient resources to build these virtual spaces and amplify transactions.


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