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Faster internet, higher disposable income, and increased comfort with digital engagement among consumers are mostly driving these trends. The rollout of 5G and fiber optic will now provide a massive network capacity to support rich content and more personalized interactions which will significantly boost the adoption of these changes further.
In this article, we are discussing metaverse and video commerce and ad monetization.
Metaverse and gamification of shopping
The idea behind the physical and virtual convergence isn’t particularly new in retail. With the rise of e-commerce, consumers started experiencing digital shopping with unprecedented convenience, speed and access. Metaverse and gamification of shopping are now taking it to the whole next level. With a combination of new technologies like NFTs, personalized digital avatars, and AR/VR devices,
metaverse will enable newer ways for consumers to interact, with brands and retailers.
While the initial push has been towards consumer engagement, increasingly brands are pushing the boundary towards commerce on Metaverse. Brands are leveraging virtual concerts (digital events), virtual ambassadors and virtual merchandise for building engagement. Many brands and retailers have bought spaces in the metaverse but some of them have gone a little further. A multinational luxury fashion brand has launched a full range of NFT collectables and is introducing metaverse wearables. An Indian e-commerce brand is piloting gamified, interactive and immersive experiences for consumers in their metaverse offering where the customers can collect loyalty points and digital collectables from partner brands as they make purchases.
Brands have started blending offline and digital experiences in shopping by leveraging AR/VR shopping experiences - With virtual fitting rooms, enhanced in-store AR navigation, consumers are discovering richer engagement opportunities in their offline journey. Apart from selling and collecting digital products, metaverse also allows co-creating digital content with enhanced collaboration opportunities with influencers and even consumers.