How To Setup Stores or Ecommerce In Metaverse: A Business Opportunity Too Big To Miss
December 27, 2022
The rise of web3.0 and metaverse is changing the world swiftly and profoundly. With plenty of progress, businesses worldwide actively leverage these technologies to expand, enhance customer interactions, and boost sales. For this very reason, eCommerce businesses are moving to the metaverse to go beyond the usual avenues of physical shopping to virtual 3D shopping.
Ecommerce in the metaverse provides massive growth opportunities for businesses and moves from a basic 2D browser experience to a 3D virtual space.
As a top-tier metaverse development service provider, we help entrepreneurs set up their eCommerce business in the metaverse. With our expertise in AR, VR, Blockchain, and AI technologies, we assist eCommerce businesses in providing unmatched shopping experiences.
Planning to set up stores or ecommerce in the metaverse to grab the massive growth opportunities, then reach out to our experts. RisingMax Inc., a trusted metaverse development service provider company, leverages its expertise to build real value business solutions. Our team has completed 3D virtual spaces, Metaverse NFT marketplaces, Metaverse ecommerce, decentralized platforms, Metaverse games, and more metaverse projects. Connect with our metaverse experts and discuss your project needs TODAY!!
Before jumping on to setting up your eCommerce business in the metaverse. Let’s look at some of the intriguing facts about the eCommerce business.
The worldwide retail eCommerce sector is a 4.9 trillion US dollar economy.
By 2025, the eCommerce sector will showcase a 50 percent growth rate and generate about 7.4 trillion dollars.
In 2020, over two billion people purchased goods or services online, and the numbers are growing exponentially.
The eCommerce business in 2021 accounted for nearly 20 percent of sales worldwide, reaching nearly a quarter of the total retail sales by 2025.
Looking at the above statistics it's quite easy to comprehend why budding entrepreneurs are looking to leverage technology to enter the profitable eCommerce sector.
How To Setup Stores Or Ecommerce In Metaverse?
Ready to jump the metaverse bandwagon and take your store or eCommerce to the metaverse? Then this section is a must-read for you. Here we will discuss a six-step approach you must follow if you struggle to find the answer to “How To Setup Stores Or Ecommerce In Metaverse?” Keeping all these things in mind ensures a smooth setup of stores or eCommerce businesses in the metaverse.
Niche Business Strategy
Setting up a business store or eCommerce in the metaverse is not new. Adding virtual reality and augmented reality technology might enhance the user's buying experience, but that will not be enough in the long run.
Setting up a metaverse eCommerce store will become an easy task if you follow our step-wise approach. Before moving to the metaverse, creating a niche business strategy is best, and harnessing technology to dominate your niche.
Launching your store or eCommerce business in metaverse opens up new business possibilities. New-age technologies such as AR, VR, Blockchain, & AI; allow the business to re-brand them in the virtual world.
The metaverse business should focus on images that easily connect with customers and communicate business. Leveraging new-age technology assists in complete re-branding business, which is prominent for marketing.
Popular eCommerce platforms like Amazon have launched exclusive programs for new businesses to help them grow with minimum efforts. Partnering with popular businesses allows us to connect with small businesses and meet relevant criteria.
In a recent survey by Webfx.com, more than 50 percent of businesses do not register or create Google My Business (GMB) profiles. This data might seem a bit odd, but it's true.
GMB is an effective tool to strengthen your market presence and sustain your web presence. Without a strong virtual presence, it might be difficult for customers to locate and interact with the business.
Learn From Past
Ready to embark upon your digital journey by moving your eCommerce store to the metaverse? Then don’t forget to learn from your past. Don’t rush to completely take your business to the virtual world, as things are not as simple as seen from the outside. First, focus on building a strong business foundation by solely focusing on your client's needs and expectations.
Follow Flexible Approach
The last step you must keep in mind while launching your eCommerce store in the metaverse is to follow a flexible approach. Be prepared to make last-minute changes and be flexible to adapt to changing circumstances. Since you are at the initial stages, small changes won’t affect you that much, but their impact can be huge after the next five to ten years.
Leading Technologies That Are Making Ecommerce in Metaverse a Reality
Setting up a store or eCommerce platform on metaverse is not a dream anymore. Businesses around the world are leveraging metaverse technologies to build their virtual presence. Let's have a look at some of the leading technologies that are making eCommerce in metaverse a dream a reality:
Blockchain allows businesses to provide a secure ecosystem to users where they can buy products on the eCommerce platform. A decentralized ledger stores all transactions within the metaverse eCommerce platform.
With the integrated crypto wallet, buying products with cryptocurrency is also possible on the metaverse eCommerce.
Non-fungible tokens (NFTs)
Non-fungible tokens are popular due to their ability to make an asset unique, rare, and non-replicable. Converting products on the eCommerce platform to non-fungible tokens ensures buyers invest their money in unique and rare assets. Listing unique and rare non-fungible tokens on your eCommerce platform will attract Genz and millennials.
Virtual reality and augmented reality (VR/AR)
Virtual reality and augmented reality are one of the leading technologies that are effectively bridging the gap between the virtual and real world. Users can enter the virtual world with a handset and internet connection. These devices allow users to walk around and perform everyday activities in the virtual world.
What’s In The Future for Ecommerce in Metaverse?
With the growing popularity of the metaverse platform, this revolutionary technology is indeed all set to reshape the eCommerce sector. For this reason, big brands like Nike and Walmart jump on the metaverse bandwagon and build their virtual presence.
If you, too, are looking to capitalize on this futurist business opportunity, then contacting our metaverse development team at RisingMax Inc. might be a good start.
Shifting the e-commerce platform to the metaverse allows businesses to be future-ready and enhance users' experience. Here are some of the benefits of eCommerce businesses in the metaverse:
Offer a more personalized experience to customers
The new-age metaverse technologies allow eCommerce businesses to offer a more personalized experience to customers and boost conversion. With a better understanding of customers' needs and effective marketing methodologies, eCommerce platforms can take customers' shopping experience to the next level.
AR & VR technology to offer a real-world like shopping experience
With the integration of AR & VR technologies, eCommerce platforms can offer their users a real-world shopping experience. AR & VR headsets allow users to check a product on the eCommerce platform from different angles, similar to the real world. The interaction with the salesperson will surely be something special for the users while shopping the metaverse.
Help in reducing the product return rates.
AR & VR technologies are becoming an effective tool for eCommerce businesses to reduce product return rates. Users can leverage these new-age technologies to better understand the product they are investing in and thus reduce the return rates.
Better streamlining business processes
Management of inventory, supply chain, delivery, product packaging, and other eCommerce business processes is efficient with metaverse technologies. With all data available for the eCommerce platform in one place, management will become easier than ever before.
The unmatched online shopping experience
Although, augmented and virtual reality is not a new concept in the world now. However, no one can deny that shopping in the metaverse will be new for the customers.
Effective marketing of products and services
Ecommerce businesses can leverage metaverse technologies to gather input from users and use them to effectively target their products and services. With effective marketing, eCommerce platforms can offer personalized product recommendations and boost their sales.
Easy supply chain management
Effective supply chain management is the main pain area for eCommerce businesses worldwide. By leveraging metaverse technologies, eCommerce businesses can effectively monitor inventory levels, product delivery, product dispatch, and supply chain management.
Setting up a store or eCommerce business in the metaverse allows businesses to effectively manage marketing, supply chain, product delivery, and other business aspects. This ensures a higher ROI for eCommerce businesses in the metaverse.
Customized product suggestions based on the user's interest
With these new-age technologies, eCommerce businesses in the metaverse offer customized products based on customers’ interests and needs. This way, eCommerce platforms can effectively market their products and boost sales.
A better understanding of customer’s needs and expectations
Ecommerce businesses can leverage metaverse technologies to better understand customers’ needs and serve them better. With these new-age AR & VR tools, eCommerce businesses can bridge the gap between the real and virtual world.
The rise of eCommerce in the metaverse makes advertising one of the biggest factors. Metaverse makes it easy for businesses to build their global presence and offers plenty of options such as renting virtual land, virtual billboard, and other ways to promote products and services.
With so much to offer, it is no brainer that brands who adapt swiftly and strengthen their eCommerce business presence in the metaverse will rule the next era. Users around the world are quickly adapting to this new age technology, and it’s high time for businesses to reform too.
Brands like Nike, L’Oreal, & Walmart, are some of the leading examples of how businesses worldwide embrace metaverse capabilities. While AR & VR gears are still not that popular among mass users, eCommerce businesses are quickly adapting to dominate the virtual space.
How Much Does Setting Up of Stores or Ecommerce in Metaverse Cost?
The cost of Setting up eCommerce in the metaverse depends upon various factors down below. We have discussed the factors that directly impact the setting up cost.
If you need assistance with eCommerce store setup in the metaverse, then you can reach our experts at RisingMax Inc. anytime. Our team will provide you with the exact setup cost, best business solutions, and estimated time to complete the project.
The setting up of an eCommerce store in metaverse depends upon various factors such as:
Ecommerce store type
Location of the metaverse development company.
The expertise of a metaverse development company.
The time needed to complete the project.
Why Choose RisingMax Inc. for Setting up Ecommerce Store in the Metaverse?
We are a trusted metaverse development company in the USA for a reason. Our clients trust us when setting up eCommerce stores in the metaverse, metaverse games, metaverse NFT marketplace, or any other metaverse project. No one can match our in-depth knowledge and expertise in building metaverse business solutions. Numbers that prove why we are the best:
50+ Blockchain Projects Successfully Delivered
17+ NFT Marketplace Live
150+ Dedicated Blockchain Developers
6+ Metaverse Project Successfully Launched
13 Years in Service
Here’s why choose RisingMax.Inc for stores or eCommerce business setup in metaverse;
Unmatched metaverse development services.
Affordable business solutions.
Well-versed in leading metaverse technologies such as Blockchain, AI, AR, & VR.
Secure, bug-free, and highly scalable business solutions
Transparent pricing policy.
Flexible development models
On-Time Project Completion.
24/7 Customer Support
Set your first foot right in the virtual world with a trusted metaverse development company.
Get in touch over a FREE consultation call and discuss your metaverse project with our experts Today!!