How is eCommerce Positioning in Metaverse?
Okay, we all heard about it. But who among us really dived into all the changes Metaverse is about to trigger? How it could shift our entire perspective of digital reality, and how it’s actually one big fat elephant in a room the majority of the affiliate world is staying away from.
But for how long?
Industry predictions say around 30% of organizations all over the world will have a service or a product ready for Metaverse by 2026. The same source claims that by that time, a quarter of mankind will spend at least 60 minutes a day in this virtual reality on a regular basis to work, shop, learn, or simply entertain themselves.
Are you scared, or do you see an opportunity?
Probably both, which is completely understandable.
What is Metaverse?
So let’s see what the Metaverse is and why it is such a big deal for eCommerce.
Metaverse is a coalition of real people and an unreal, virtual environment that displays digital items and relies on digital assets like cryptocurrencies and NFTs (non-fungible tokens). And all you need to bridge the two worlds is the VR headset. That, and a bit of curiosity and open-mindedness.
“Basically, the Metaverse is a fancy way of saying “the convergence of all virtual realms” — think augmented reality, the Internet, cryptocurrency, and your favorite video game worlds all rolled into one”
explains Mobidea, a world-known CPA affiliate network.
You know how the cool kids these days put on their VRs and get lost in a strange parallel universe just to have some fun? Well, from up until recently, it’s not just about having fun, and this virtual universe is becoming more and more familiar.
Some major industry names are currently working on creating and upgrading their virtual offices where you can “go” and actually work from. Microsoft is one of them, and their virtual platform called Mesh provides so many options – brainstorm eye to eye with people from different parts of the world, or simply use your personalized avatar or a hologram to meet with your colleagues. Surreal!
On the other hand, there is Nike which teamed with Roblox to create a Nikeland – their own branded virtual world that offers its users the possibility to dress up their avatars into the latest Nike items head to toe, among other things. And don’t get me started on the stunning and fabulous Virtual Gucci Garden.
“Metaverse is gaining more popularity each day with more celebrities and brands joining the digital reality. And with this, they cannot but influence the development of e-commerce: brands show their products, and with e-wallets and cryptocurrencies, it’s even easier to purchase than in the real world”,
says CPA network Zeydoo on the subject.
Now, what does this mean for global eCommerce?
It means the ground is about to shake. The Metaverse is offering something new and exciting – a 3D experience. The click&buy concept is so outdated, what people want now is something more tangible.
Nike understood that right on time, but so did some other huge industry names like Amazon who’s launched an AR Room Decorator – a tool that actually allows you to see the pieces of furniture through your phone display in your space in 3D. Awesome, right?
Here’s how they see it in Mobidea:
“The Metaverse of eCommerce is set to revolutionize the way customers shop. Through virtual reality (VR) and augmented reality (AR) technology, shoppers can have an immersive all-encompassing digital experience. Metaverse customer experience focuses on creating better engagement with customers while obtaining a more detailed understanding of what they enjoy — it’s a win-win situation from all perspectives”.
Proof that the people’s mindset is already changing and that it is inclined to Metaverse lies in a Google survey that says 66% of people would be interested in being assisted by AR when shopping. And more importantly, Shopify pointed out that interactions with 3D products or AR content lead to a 94% higher conversion rate.
“The potential of AR/VR within eCommerce encourages better customer conversion rates and opens up new opportunities for shops in our physical world to reach people in the virtual one” – Mobidea confirms.
Regular online eCommerce VS VR eCommerce
The biggest advantage of good old online eCommerce is that the Metaverse is still in its early stages and its foundations are still too fragile for brands to immediately go all in. But they exist, and they are quite intimidating with their size; there’s no denying that. And the fact is, the walls of this kingdom are coming up quite fast.
“The platform already has a multi-million audience, and it is structured by interests. Users just need to find a supply for the demand”
says AdCombo, another well-known CPA network.
Yes, investing in Metaverse sounds quite logical, but how much exactly and will the investment be viable in the long run, it’s up to every product manager to access. The range of Metaverse investment is huge right now – it goes from $25,000 to almost half a million. And the synergy of all technologies it needs to be able to breathe and exist makes Metaverse at this specific moment a bit risky choice.
According to Mobidea, those wanting to measure their performance in the Metaverse may find themselves without a platform or intermediaries equipped to handle it at present:
“How, then, will you be able to monitor and optimize your strategies? How do you measure the performance of your marketing ventures if you don’t know the metrics and indicators to look into? What kind of engagement are we looking at — is it impressions, clicks/interactions, leads, or plain purchases and subscriptions?”
According to them, these are the questions both brands and affiliates will need to find the answers to before diving into Metaverse mitigating the risks.
However, talking about Metaverse, Andrew Kiguel, CEO of Tokens.com, said:
“Places where people gather have a higher value for retailers and advertisers who are looking for ways to gain access to this demographic”.
And it’s so to the point. People are already engaging with Metaverse, and the extent to it is only gonna get bigger.
When it comes to VR eCommerce it gives us the best of two worlds – the convenience of shopping from home and the physical experience that relies on our senses. These are the benefits Metaverse is bringing to the table:
- Revenue increment
The ability to touch, actually see, and access from a close by any product inspires reliance and creates a sense of trustiness in a consumer. That itself is enough to increase the overall brand’s revenue. On top of that, it turns out people are willing to pay up to 40% more for a product they can test in 3D.
- Decreasing return rates
This, without a doubt, is the strongest “pro” point when talking about merchants that report high return rates.
The Metaverse experience will dramatically lower the number of returns, especially when it comes to products people are having problems judging properly when purchasing online. It will undoubtedly lead to confidence in purchase decisions.
- A better understanding of brands
Through the Metaverse connection, brands are building firmer bonds with their customers. They are providing them with a closer insight, making sure the brand users are participants in all their major activities and tending to understand customers’ needs better by observing their brand-related and shopping-related habits in this virtual space.
And most importantly, they are adding storytelling to building the brand’s identity.
- Global reach
And finally, there are no borders and boundaries in Metaverse. It is a place for all, well, for all who can afford it, but still. Thanks to this VR world, brands can reach people who are located in every part of the world, so that must count for something. And another thing – Metaverse cannot belong to only one company, so there cannot be a monopolization of virtual reality space.
What about affiliates in Metaverse?
“Metaverse is going to open exciting new doors for our industry” – claims Mobidea.
And we agree.
But to understand where and how affiliates can position in Metaverse, you need to know there’s not only one Metaverse, there can be plenty of them. And even though the rules of entering and behaving in one of these virtual worlds are, in general, pretty similar, there could be significant differences. For instance, regarding cryptocurrency accepted and used in one Metaverse.
You will get a clearer picture of the Metaverse universe after seeing it through the eyes of Mobidea:
“Although there are digital worlds that use blockchain technology and Non-Fungible Tokens (NFTs), they are fairly self-contained — like islands in the ocean that do not appear to connect to each other just yet. We’re slowly but steadily transitioning towards designating this group of worlds as one true Metaverse, but we’re not there just yet”.
Now, when it comes to opportunities – even though the world of virtual reality is yet in its primary stage and is just starting to spread its wings, there are more verticals and possibilities to embrace than you may have hoped for.
So how to make money as an affiliate in Metaverse?
#1 Metaverse equipment
Promoting devices people need to enter the Metaverse is probably the safest step you can take. It has become clear by now that a VR headset is a necessity for being part of virtual reality, but there are also other items.
#2 Fiverr affiliate program
At Metaverse, you can buy real estate, build a house and equip it, practically, you can do most things as if you are in the real world, but you will most definitely need help to do it properly. By promoting Fiverr Metaverse services to people who are already deep into VR you can earn quite a lot of money.
#3 Computer components and software development
The VR and AR software must continue to develop in order to provide adequate support for the rising Metaverse platform. There are apps and games for both 2D and 3D worlds you can promote, just like the computer components people will need to create a better Metaverse experience in general.
Sure, at this point, you can get to Metaverse only via VR headset, but experts claim that in the near future, we will be able to use our computers and even smartphones as entrance cards.
#4 Crypto program
It’s pretty clear people in Metaverse need cryptocurrency to buy and sell things. But the fact is very few of them actually know enough about crypto and how it works, so here is another idea!
There are crypto affiliate programs you can become part of, and all you‘ll have to do is promote and teach people how to buy virtual assets on platforms like Binance or Decentraland using cryptocurrency.
Final Thoughts
Metaverse is a revolution that will change the way the game is played for sure. Is it a new market for eCommerce? Absolutely. It’s fun, interactive, exciting, and crazy fresh. Given its potential and significance, it will be impossible to ignore pretty soon.
But is it the right time to jump in?
“Despite the widespread popularity of the Metaverse, it’s now used mostly by enthusiasts and giant companies, which have large budgets for marketing and research of new niches. Alas, it’s too early for the average affiliate to test the platform”,
says AdCombo and elaborates on it further:
“The niche is still pretty green, and it’s still developing. Anyone who succeeds in doing business there now will make good earnings in the future. However, we believe that the platform isn’t yet suitable for affiliate marketing, but over time it may become a good source of income, especially for those working with Facebook before”.
However, even though Mobidea agrees the time is not right yet, they do believe the risk may pay off:
“Being an early adopter of innovations can be both a blessing and a curse. While you get to reap the benefits of the rewards before anyone else, it also involves great risks — not only are there no clear sailing routes to success, but mistakes made along the journey can come with hefty price tags”.
They also added:
“That being said, if you decide to take the plunge into a world of opportunities, could there ever be a better time? After all, with technology and trends continuously evolving, somebody has got to blaze the trail — why not you? Investing in yourself and in these technologies could result in returns further down the line, and if you can brave any potential hardships along the way, then why not jump in now?”
Now, there is a third party here believing the time is absolutely right for affiliates to enter Metaverse. Marketing agency and CPA network Zeydoo comments it this way:
“We believe it is the time to jump in now: the faster you learn the ropes of marketing in Metaverse, the easier it will be to earn money in the future. There are pitfalls, of course, including difficulties with targeting and the lack of understanding of which sources will convert with such offers. Also, the equipment you need for Metaverse is also extremely limited and thus quite pricey. But, despite all that, we do believe that those who don’t risk, don’t reap the benefits.”
In the end, we asked our affiliate networks to give their affiliate colleagues a little piece of advice if thinking about entering the Metaverse.
AdCombo: “Test new niches to get a huge volume of traffic sooner”.
Mobidea: “For affiliates looking to stay ahead on the Metaverse and eCommerce front, investing in personal development is key. The constant evolution of the market means that what worked yesterday may not be successful tomorrow, so staying up-to-date with industry news, engaging with webinars, and taking courses can be a brilliant way to keep refining your strategies to mirror the changing environment.
It’s also essential to maintain a diversified portfolio — don’t put all your eggs in one basket, as there’s no telling when revenue growth could level off or dry up. Don’t forget: knowledge is power!”
Zeydoo: “Try to research the field, get yourself into the Metaverse, and talk to people who are already in there. Find as much information as you can so that you can make an informed choice of whether advertising in Metaverse is worth it.”
It seems things are pretty clear – the Metaverse is happening, whether we like it or not. It’s already here. So how big of a risk is it? Are you willing to put on the VR glasses and take a deep breath before diving in? Tell us your thoughts on the subject, we will be thrilled to hear from you.
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