How has Metaverse changed the dynamics of ecommerce platforms in India?

India, a country of over 143 million people, is making great strides in adopting new technologies and responding to changes in the digital realm. Over the last decade we have witnessed the birth of new class tools and technologies that allow us to recreate reality with virtual and augmented reality in the metaverse. They have the potential to change the way people shop on e-commerce platforms by creating simulations of goods and providing interactive consumer experiences. Today’s ecommerce businesses and marketers are also using a hybrid approach to make their offerings stand out, leveraging true omnichannel offerings and fostering stronger relationships with their customers. Because of Metaverse, the e-commerce and digital assets market is expected to grow the fastest. Statista analysts predict that e-commerce sales will exceed $191 billion by 2030.meet

Once known in India only as a trading tool, the Internet has evolved into a medium of communication and entertainment. For example: the new Meta-Vision glasses would be ideal for business meetings or video conferences where holographic avatars would allow us to experience something beyond our everyday lives. Metaverse’s scope is growing exponentially across a variety of industries. In e-commerce, one can create an immersive visual showroom or storytelling to sell products in interactive and closely related formats. According to Technavio’s analysis, the Metaverse in the e-commerce market is expected to grow at a CAGR of 39.65% between 2022 and 2027. Also, the arrival of 5G has actually accelerated the future of AR/VR setups to ensure their seamless performance on Metaverse.

According to a Shopkick survey, 70% of shoppers believe being able to try, touch and see products is the most important aspect of a shopping experience. To fill the gap, online marketplaces are gradually entering 3D space to provide an immersive visual experience that feels natural to their audience. The audience’s revolutionary e-buying experience would be enhanced with a 360° view of the store and its products, as well as a visual sense to understand the outcome of the product.

NFTs (Non-Fungible Tokens) would make an important contribution to the merger of the e-commerce industry and the metaverse. They will support brands in launching new digital products, which may also include receipts, invitations and early access to product launches. Gamification and entertainment can also become a haven for brands looking for user loyalty through rewards and loyalty programs. Not only for e-commerce, but also for retailers, the ability to test and evaluate products in a virtual environment, collect feedback and generate audience interest before the product hits the market. Deploying and validating new prototypes with a large audience and integrating their feedback at high speed could be a game changer for such companies.

On the contrary, there are numerous products that are still preferred to be bought in stores, such as B. Clothing, cosmetics, perfume, etc. A virtual product experience cannot provide the quality assurance that people are looking for. For this reason, there are two types of buyers in the e-commerce industry: those who shop online and those who visit their favorite brand’s store to see the product before buying it online to benefit from better discounts and offers to benefit. Since everything is online, security breaches could also be a big problem in the near future.

In India, only a small percentage of people living in Tier 1 cities are used to this new trend reversal. The process of online ordering/digital payment/delivery within 3-4 days is still an issue for people living in Tier 3 or Tier 4 areas that they want to tackle in the near future. For example, apps like Moj, etc. are doing good business in the regional market, but metropolitan audiences are gravitating towards Instagram Reels. While metaverses, used especially for e-commerce, will help India’s economy, we must also encourage Tier 3 and Tier 4 cities to be confident in using such technologies.

In summary, the Metaverse is a canvas for brands to better write or rewrite their stories. It remains to be seen how well prepared companies and people in general are. Given the recent layoffs at Meta, there is widespread speculation that the trend is premature. It is believed to be still in the learning phase and will take some time for a country like India to adjust to. As these technologies advance and the distinctions between the physical and virtual worlds blur, e-commerce could see a time when people would trust the Metaverse’s product quality as much as that of a physical store.

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