Ecommerce and the Future of Social Media and Metaverse

When it comes to online shopping, the exponential growth of technology and changing consumer demands are giving rise to new and previously unimagined changes in the world of ecommerce. The future of social media and ecommerce is all about cutting-edge technology, personalized media and marketing, and creative storytelling – be it B2B, B2C, and D2C.  

How consumer expectations are changing

Despite technological advancements, it remains difficult to make online shopping just as attractive and rewarding as offline shopping. For many consumers, it just doesn’t measure up. And while retailers have tried to bridge this gap with discounts, offers, freebies, and other such strategies, it’s not sustainable. Naturally, the big question is – how can ecommerce businesses recreate the magic of offline shopping and offer customers a smooth, seamless experience? The answer, of course, is in technology.

Ushering in the age of digital realities

Today, real-time interactive content as well as AR filters have become commonplace. From video games and social media to apps and other avenues, most tech-savvy consumers today are familiar with these technologies to some capacity. And with time, these will only get more advanced and more realistic – a potential boon for the future of social media marketing and ecommerce! 

The difference between our digital lives and real lives are becoming blurrier by the day. Virtual assets are just as valuable as physical assets – be it banking (digital transactions and wallets), currencies (cryptocurrencies), or even art (Non-Fungible Tokens and digital art). So the transition to a similar ecommerce model is an organic step up. In addition to the ubiquitousness of AR/VR and other reality-bending technologies, the introduction of 5G and the metaverse are further accelerating our world toward the future of social media.

What is the metaverse?

The metaverse isn’t a single platform or technology, but a combination of tech innovations that work together to mimic real life. Essentially, a virtual avatar that imitates your real persona will experience a virtual world, complete with social as well as economic systems. Imagine taking a walk in the park, hanging out with friends, visiting an art gallery, going shopping, or playing a sport. You can do all of these things in the metaverse – a digital arena that involves AR/VR, NFTs, social commerce, and more.

While the term was popularized by Facebook in 2021, the actual concept originates in 1992, from a sci-fi novel Snow Crash. Along with Facebook, many tech giants are entering the metaverse – from Nvidia and Microsoft to Epic Games. It’s interesting to note that the metaverse can’t really be owned by a single company. Instead, it is considered to be the next stage of mobile internet, where it exists alongside the internet we know today.

According to Gartner, by 2026, 25% of the world’s population will spend an average of one hour in the metaverse every day. This can be for various purposes – from attending virtual meetings and online classrooms to ecommerce shopping, social media, and entertainment.

How will it impact the future of social media for business?

In keeping with the vibe of the metaverse, the goal of ecommerce is to provide a completely immersive shopping experience. The metaverse can leverage VR to make shoppers believe that they were actually walking through a store, ultimately bridging the gap between virtual and real worlds. They can also interact with employees and get hyper-personalized service. This experience can be further ‘augmented’ with AR wherein shoppers can sift through catalogs, pick up products, and interact with content that’s superimposed on real landscapes. What’s more, metaverse could potentially open up opportunities to expand payment options via NFTs.

It’s still early days for the metaverse but it is very likely to evolve and develop into a full-fledged platform in the next few years. And its growth is going to be massive. Bloomberg Intelligence predicts that the metaverse marketplace will be worth a whopping $800 billion by 2025 and over $2.5 trillion by 2030!

The final word on the metaverse of madness

To stay prepared for this futuristic revolution, it is important for brands to invest in certain tools and technologies today. From AR and VR, personalized omnichannel customer experiences, and social commerce to AI-driven analytics and voice-based interactions – the future of social media for business is truly going to change the face of ecommerce. If you want to stay ahead of the curve and adapt your business to these future-ready technologies, Tenovia is the technology partner for you. With our advanced analytics offerings, marketplace support, and end-to-end cross-platform solutions, we can help your ecommerce business embrace the future of social media.

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