June 9, 2022 – 10 o’clock in the morning
While much and little is known about the metaverse, it is important to emphasize that its application potential is enormous, and well-known opportunities in leisure and entertainment fields (games, shows, travel, etc.) can be extrapolated. The business possibilities in this new environment are endless, and e-commerce is one of the most promising. When the structure of the metaverse is robust and accessible, business transactions will be revolutionized.
With the arrival of 5G (and all the speed, quality and reliability it will bring to data transfer), the network will reach phase 3.0, enabling increasingly realistic, personalized and secure virtual experiences (powered by blockchain) . This situation will drive the expansion of so-called meta-commerce (the amalgamation of metaverse and e-commerce), where capabilities such as artificial intelligence, virtual reality, augmented reality and robotics will often provide consumers with journeys, preferences and expectations that are highly identified with their needs .
In practice, this means that we will be able to conduct business transactions virtually in a very real, human-like way and have enormous control over the process. You can “really” try on a pair of pants, discover a property, or test drive a car without leaving your home, using different profiles, or filling out endless forms. In meta-commerce, the marketplace will no longer be a platform for buying and selling, but an immersive experience in the world of products. We will visit a store, supermarket or dealership just as we do in reality, feeling, seeing, hearing and touching everything that makes up the environment.
Trading of digital assets, non-fungible tokens (NFTs) is also expected to flourish in the virtual world, as both are virtual in nature. NFTs involve transactions using real or digital currency and are available for an incredible range of products, from club membership cards to exhibition memorabilia. Additionally, anyone who buys a song or digital artwork, for example, can be sure that the item is not at risk of being stolen, copied or counterfeited, thanks to the security technology involved in non-fungible tokens.
In the form of avatars, bots and influencers will fully support brands and consumers in this new journey, from research to after-sales, through payment facilitation. They will be able to clarify doubts, anticipate problems, make recommendations and leverage their prior knowledge of buyers (without exposing our privacy). The bots will increase accessibility through voice, video, and more, and are designed to serve people with some kind of disability and immigrants who are unfamiliar with the local language.
This brave new world is for companies of all sizes and industries. The sooner they invest in innovation and improving customer relationships, the better prepared they are to succeed and thrive in meta-commerce.