Meet Me In The Metaverse?

The Metaverse, a new yet futuristic way of the world. Where companies even envision a new digital economy in the form of virtual reality. This new way of life is coming sooner than we think and is even becoming a way to shop. This blog will show what customers really think about a new shopping experience in the metaverse. 

What Even Is The Metaverse?

Why Is It Becoming So Popular?

First and foremost, we want to define what the metaverse means for those who don’t quite understand the new world we’re about to come into contact with. In simple terms, the metaverse refers to digital worlds where people can hang out, buy items, and socialize in. According to the website Digiday.com, the metaverse is a successor state to our internet  with all the same content but less limitations as to how that content can be accessed. This new world will allow for users to generate content to be distributed freely throughout a digital world. It’ll also parallel our real lives because you are able  to do most of the same things we do in real life, like purchasing items and hanging out with one another. 

Some reasons why it’s different from the internet include the idea of being able to see changes in real-time by any user who makes one. This will make for a fresher sense of continuity, since you’ll be able to witness permanent real time changes which will be fully visible once completed. 

In addition, an exciting feature of the metaverse is that you won’t need separate profiles for sites since you’ll have the same one on each. You’ll be able to jump across channels like in the book Ready Player One. This continuity of identity will be an important factor in how customers purchase and use the metaverse. 

How Consumers Feel About The New Change 

Are We Ready For Something Like This?

Although the metaverse is ready for us, we might not be ready for it. Since a lot of people aren’t even sure of what the metaverse has to offer, can we really be sure it’s going to do what we need it to? First off, a lot of people don’t know what the term even means or what it’s capable of. According to a survey of 2,000 adult U.S. and U.K. consumers from Zappi done by Chainstoreage.com, while seven in 10 respondents have heard of the metaverse, more than half say they don’t understand what it is and only 6% say they are “extremely familiar” with it. 

In addition, one concern that came about from this survey was the idea of total isolation from family and friends when the metaverse comes to life. The survey found that alienation from family, friends, and the real world was cited as the biggest barrier to metaverse acception among respondents with a total of 37%. If people are worried about being isolated from the real world then how can they learn to accept the metaverse? 

However, there are a number of those who are excited for the new virtual aspect of the world. A different platform called Suzy also surveyed U.S. consumers about their knowledge about the metaverse and found that 41% of participants were interested in connecting with others virtually. In a survey done by Footwearnews.com, they found that all age segments studied expressed high interest in attending events and shopping in virtual malls when the metaverse becomes more well known and used. 

How Companies Feel About The Virtual World 

Are They Ready To Move To The Platform? 

There are a lot of companies with online platforms, but are they ready for an all online one? With the metaverse these companies will have to transition to metaverse shopping, which can be a little confusing for some, especially if they don’t already have an online platform. 

Companies will also have a lot of work to do when it comes to metaverse shopping. They’ll first have to make their products buyable to those in the metaverse. Then, they’ll have to get customers to shop there and if they’re scared to start shopping in the metaverse than these companies may have a slow start to their online presence. The key to making sure customers will want to go to their store is showing them all the reasons they can benefit from the metaverse. Companies will do a swell job if these reasons are known and shown on their pages and sites! 

In addition, companies will want to keep a close eye on metaverse news since their store could shortly transition into an all online platform in the next couple of years. If they aren’t prepared now, it may be easier for them to lose business since the world is slowly but steadily becoming an online reality. The more prepared they are earlier in the game, the better their site will be in the metaverse, allowing more customers to experience what they have to offer! 

However, some companies are well prepared and already operating in the metaverse or transitioning like Disney, Gucci, and Warner Bros. According to weforum.com, BMW is ahead in the game as well. They’ve created digital twins of more than 30 factories with realistic 3D environments. With the addition of their factories in the virtual and real world, they’ll be able to bring designers together from all over the world for new projects! Seeing what BMW has already done with the metaverse should spark hope for other companies to also join the metaverse movement as well! 

A study by Footwearnews.com showed that in the future by 2026, 25% of people will spend at least one hour a day in the metaverse for shopping, education, social, and work. This means that soon enough we’ll be going on it for everyday needs and activities. 

Although there are still a lot of factors to consider for companies and customers alike in the metaverse, we will soon be using it for our everyday needs. And even though we may not know exactly when it's coming or how it’ll work, it’ll change our world! Whether that’s for shopping or even just hanging out with friends, the world will rely on it soon for the things we need and love. Once we can get used to it, we’ll be able to see all it has to offer!