This content originally appeared on HackerNoon and was authored by The Blockopedia
The digital world is changing, and e-commerce is leading this change. In a few years, you could be walking around a virtual shopping center, checking out all your favorite brands – trying on clothes on your avatar, and earning rewards for browsing. This isn’t sci-fi: it’s the future of shopping in the metaverse.
\ Statista predicts that spending in this space will jump from $30.6bn in 2024 to $210.3bn by 2030, driven by artificial intelligence (AI). By the end of this decade, there could be 1.3 billion people regularly shopping in virtual worlds.
\ In this article, we’ll look at how AI is changing metaverse shopping – and everything from finding products to engaging customers.
The Rise of Metaverse Shopping
From crowded aisles to endless scrolling through product pages online, our shopping habits have come a long way. E-commerce changed retail; now the metaverse is taking things up another level.
Historical Context:
1968:The movie 2001: A Space Odyssey showed early ideas of immersive digital experiences. \n 
Key Milestones in Metaverse Development:
2012: Oculus raised $2.5 million for its VR headset, a big step towards consumer-accessible VR. Facebook bought Oculus in 2014.
\ 2016: Oculus releases the Rift, the first widely available VR headset, bringing immersive experiences closer to reality.
2020: Over 5 million VR and AR headsets are shipped annually, showing growing consumer interest in immersive technology.
\ 2021: Facebook rebrands as Meta, investing $10 billion and hiring 10,000 people in Europe to develop the metaverse.
AI's Transformative Impact on the Shopping Experience
Artificial Intelligence (AI) has more to give than self-driving vehicles or virtual assistants. It is transforming the metaverse shopping experience into something personal, efficient, and fun. Here’s how:
Your Virtual Shopping Assistant
Your unique preferences are understood by AI through analysis of your purchase behavior, browsing history, and even social media engagements. Mallconomy for example can offer personalized product recommendations that guide you towards items that you will most likely love.
See it Before You Buy It
With virtual try-on tools powered by AI, you can try clothes on your avatar or place furniture in your digital space to see how it looks and fits.
Behind the Scenes Efficiency
SRetailers are helped with demand predictions, hence products being made available when customers need them most at their desired locations resulting in reduced stock outs coupled with quicker deliveries.
Shopping as an Adventure
Engagement forms within the metaverse also get powered by artificial intelligence that is new as well as exciting. Some examples include the “Browse To Earn” model endorsed by different brands where users’ time spent onsite attracts rewards for them.
\ Here's a quick comparison of traditional vs. AI-powered shopping:
| Feature | Traditional Shopping | AI-Powered Shopping in the Metaverse | |----|----|----| | Recommendations | Limited, often generic | Personalized based on individual preferences | | Try-ons | Physical fitting rooms only | Virtual try-on and styling options | | Customer service | Limited hours, potential wait times | 24/7 support from chatbots/virtual assistants | | Inventory management | Less efficient, potential for stockouts | AI-optimized for better availability | | Engagement | Primarily transactional | Gamified, interactive experiences |
Mallconomy: A Case Study in AI-Powered Metaverse Shopping
Mallconomy is an example of the growing field of AI-powered metaverse shopping. It’s a virtual space where users can shop, enjoy entertainment, and socialize with other users. The “Browse-to-earn” model which is one of the key features of Mallconomy, uses AI to reward users for exploring and shopping within the virtual mall.
AI-Powered Features
Mallconomy leverages AI in several key areas:
\
- Personalized Recommendations: Mallconomy analyzes customer data like browsing habits or purchase history through artificial intelligence systems. Using this data the platform suggests items most relevant to each user on their platform based on their interests, making shopping more entertaining for them.
\
- ChatGPT-Powered Avatars: Sales assistants become intelligent thanks to Mallconomy’s integration with Ready Player Me avatars which are supported by ChatGPT too. This makes it possible for the round-the-clock support service to answer any questions about products or help with choosing and buying things.
\
- Browse-to-Earn Model: Mallconomy also has a gamified system called “Browse-to-Earn” which rewards users with $WOOT tokens for looking through different categories as well as purchasing goods.
Community-Driven Commerce and NFTs
The goal behind Mallconomy was community building and creative empowerment. To achieve this, artists can display their work on its marketplace. In this way, they can earn money when people buy NFTs from them.
\ With the adoption of non-fungible tokens, there's a global trend towards digital ownership within metaverses, complemented by collectibility.
MallCard NFTs and Staking
MallCard NFTs work in two ways. First, they act as membership cards that grant various access privileges such as Launchpad. Second, they can be staked for higher rewards thereby making the experience more game-like and encouraging users to stay involved with the Mallconomy ecosystem.
Roadmap and Future Developments
As part of their roadmap, Mallconomy plans to introduce land sales in metaverses where users can buy virtual spaces to run their stores while still operating them digitally. There is also an upcoming Launchpad feature that will democratize the investment process for metaverse projects hosted on this platform.
What Other Brands Are Up To in the Metaverse
Brands are jumping into the metaverse to create exciting shopping experiences. Here are some examples:
Disney - Entertainment
In 2022, Disney started selling "Golden Moments" NFTs with VeVe and is planning a virtual theme park. This lets fans enjoy Disney magic in a whole new way.
Nike - Sports and Fashion
Nike launched "Nikeland" in Roblox in 2021. Over 26 million visitors have explored, played games, and bought digital Nike items. Nike also sold digital sneakers as NFTs, making a big splash in the metaverse.
Gucci - Luxury
Gucci opened the "Gucci Garden" on Roblox in 2021. Here, users can explore a virtual Gucci store and buy digital items. This space gives a luxurious shopping experience online.
The Metaverse Awaits
The future of shopping is immersive, personal, and rewarding – it’s about stepping into the world. This is where you connect with communities who provide incentives for your involvement beyond buying items. This process driven largely thanks to AI systems makes retail shopping more enjoyable than ever before while creating additional touchpoints between brands and consumers.
\ However, there is still much to explore within metaverse space that requires us to not only embrace but also further explore these unknown areas waiting for discovery. By doing so, we will redefine our understanding of shopping patterns and socializing habits when dealing with physical rather than digital outlets. From pixels to profits, let us start on a journey that will change forever how we see markets today! \n
This content originally appeared on HackerNoon and was authored by The Blockopedia
The Blockopedia | Sciencx (2024-06-27T21:56:13+00:00) From Pixels to Profits: The Impact of AI-Powered Metaverse Shopping on the Future of Commerce. Retrieved from https://www.scien.cx/2024/06/27/from-pixels-to-profits-the-impact-of-ai-powered-metaverse-shopping-on-the-future-of-commerce/
Please log in to upload a file.
There are no updates yet.
Click the Upload button above to add an update.