Advances in technology have led to increased online shopping, or e-commerce. How might the metaverse enhance the e-commerce experience?

Already Here

E-commerce has already adopted technology generally associated with the metaverse.  For example, many retailers are embracing augmented reality (AR) technology on their websites to create virtual fitting rooms or staging areas. Amazon has an AR tool that allows shoppers to see what furniture will look like in their home, as do other furniture retailers. Additionally, Warby Parker has a function that lets consumers try on eyeglass frames virtually. 

Merging Offline and Online Shopping

Metaverse technology may continue to merge offline and online shopping.  For example, the growing use of AR allows consumers to be more confident in their purchases and provide them with a greater level of convenience, essentially letting them shop from the comfort of their homes. 

A survey published in Packaging Strategies emagazine highlighted that 66% of respondents were interested in shopping with AR.  It also found that products that utilized AR in the sales process experienced a 94% higher conversion rate.[1]  Another survey from Whiplash magazine found that consumers were willing to pay 40% more for products that can be tested using AR.[2] Thus, consumers may make more informed purchases, leading to potentially increased efficiencies and higher profits through lower returns and higher selling prices. The additional data gleaned from online shopping may allow retailers to offer a more personalized shopping experience for their customers.

Community Building

The divide between social media and retail may continue to close in the metaverse. Online product reviews are already at the core of e-commerce.  The metaverse may allow communities to engage with the brands themselves and other customers of the brand.

Non-Fungible Tokens (NFTs)

Non-fungible tokens (NFTs) are another element of the metaverse that may help shape e-commerce.  Retailers may use NFTs to create new digital products.  They may also be used as receipts for products, invitations to special events, or early access to new product launches.

Gamification and Entertainment

The line between gaming and entertainment and retail may also disappear as retailers use gamification and entertainment to keep customers engaged and on their website.  Consumers want to be entertained even when engaging in mundane tasks like buying groceries online.  Retailers may use strategies such as having consumers play online games to earn loyalty points or giving tokens that can be redeemed for different rewards.

The potential crossover between retail and gaming can be exemplified in Gucci creating a digital version of its collections for video game use.

Metaverse technology has the potential to erase the line between online and offline shopping and enhance the e-commerce experience. 

[1] Lockyer, Robert, The Metaverse and What It Means for Luxury E-Commerce, Packaging Strategies, 12/2/21

[2] Beth Owens, Ecommerce and the Metaverse: What We Can Expect, Whiplash, 12/7/21