Metaverse eCommerce platform development offers great opportunities for businesses to set up their e-store and make money in this virtual world.
According to technavio’s report, the market size of this decentralized virtual world in the eCommerce industry was valued at $6678M in 2021 and is expected to reach $9263M by 2027 at a CAGR of 39.65%.
The above market state indicates the future of this virtual world and its profitability for businesses to set up their online stores.
Due to its realistic and enhanced experience, many businesses want to enter with their eCommerce stores to target the audience of this virtual world. However, to start your eCommerce business, it is recommended to understand and follow the development steps discussed in this blog.
But first, understand why it is the right time for businesses to set up their stores in this blockchain-based virtual world.
Why should businesses enter the metaverse with their eCommerce stores?
Check this market’s stats and facts to understand why it is the right time for businesses to enter this virtual world with their e-commerce stores.
As per Current’s report, its market size will reach $1542B by 2031
The company “Meta Reality Labs” has already invested $10 billion in this virtual world
The global market size of AR and VR will reach 250 billion by 2028
North America will hold the largest share of this market in 2023
Many big brands, such as Adidas, Nike, Samsung, and many others, have invested billions of dollars in this virtual world.
Check its key features beneficial for business.
Key features of the metaverse
Here are the key features of this virtual world:
1. Exclusive for business
Businesses can take advantage of social interaction and the 3D environment that this virtual world offers.
With the decentralized virtual world, businesses can enjoy many benefits, such as cryptocurrencies, NFTs, and smart contracts. All these help them offer their potential customers the best platform experience.
2. Highly interactive
It offers the most interactive platform through which users can interact with each other with their virtual avatars.
Moreover, with the help of advanced integration of AR and VR-based gadgets, businesses can provide a realistic experience to their customers.
3. Open and easily accessible
Regardless of location and other factors, this virtual world offers an open-source platform where anyone can easily join.
Setting up your e-store in this decentralized online world can help you attract a large audience worldwide, helping you boost your business.
Many technologies are emerging in this virtual world, including cryptocurrencies, virtual reality, and much more. The technology of this decentralized world is evolving continuously.
Adding new technologies helps this virtual world enhance its platform experience, enabling businesses to give their customers better online store experiences.
5. New possibilities
Businesses can create a virtual world relevant to their industries to attract potential customers.
The Blockchain-based virtual world allows businesses to try new things with their platform by creatively experimenting with the latest technologies.
6. Better collaboration
This virtual world allows businesses to offer a digital place where their potential customers can interact with each other. Moreover, many businesses can collaborate together to achieve their common goals.
So in which way will these platforms help enhance the e-commerce platform experience? Let’s understand.
How will the metaverse improve the e-commerce experience?
Check how a blockchain-based virtual world will improve the e-commerce platform experience with its features and functionality.
1. Accessibility with AR and VR-based gadgets
Having integration with AR and VR-based gadgets will help users interact better with the products they buy online.
Many shops have set up 3D models of their available products through which users can interact to get a better view of the size and dimensions of the products they like to purchase.
Giving deep accessibility with advanced integration will help users to choose their products precisely.
It helps business owners to minimize the return rates from their customers by helping their customers to avoid purchasing the wrong products from online stores.
2. Easy payments with cryptocurrencies
Cryptocurrencies are global digital currencies through which anyone can purchase products worldwide with the same cryptocurrency that this online virtual world support, such as Bitcoin, Ethereum, or exclusive ones.
Using cryptocurrencies helps businesses to minimize transaction costs, fees, and conversion rates that generally happen with traditional currencies.
Also, there is no need for businesses to integrate popular payment integrations, as offering support to crypto wallets is enough for users to make purchases from different online stores.
3. Improved ownership with NFTs
NFTs are nonfungible tokens where anyone can secure the ownership of digital assets on the blockchain network. Businesses can tokenize their virtual products through NFT to protect them from piracy and stealing.
Businesses can distribute different nfts to their customers through marketing practices. Distributing Nfts helps businesses improve the engagement level of their online shopping stores.
4. Automation with smart contracts
Businesses can use smart contracts to execute pre-determined conditions. It can be placing orders, registering new users, and much more.
Also, businesses can use smart contracts to work with other businesses by setting up pre-determined conditions that will be executed after meeting the required criteria.
5. Improving audience engagement
This blockchain-based virtual world offers great customizable options for virtual avatars and 3D surroundings that businesses modify to make them relevant to their industries.
Also, customers find it entertaining to purchase products from this virtual world, designed as shopping malls and shops.
Moreover, with the help of exclusive virtual avatars, users can interact with other customers to get product reviews and opinions, positively affecting their buying decision.
So what is the best way to start e-commerce platform development in the blockchain-based virtual world? Let’s understand its development steps.
How to start metaverse e-commerce platform development?
Check the following steps to build your decentralized virtual world-based e-commerce platform:
1. Choose or build your metaverse platform
There are multiple platforms available where you can build and deploy your online store. You can check different factors to help you select the best platforms, such as their transaction fees, speed, audience demographics, traffic, etc.
Each has regulations and rules you need to follow to implement your online store on its platform properly.
However, creating your own platform is advisable starting from scratch if you want total control. You can hire blockchain developersto help you create your own decentralized based virtual platform, starting from scratch.
2. Outsource your e-commerce project
To help you create your e-commerce app on the decided platform, you will need help from app and blockchain developers. It will be best if you outsource your project to such companies that offer both app development in blockchain development services.
You can create detailed documentation about your online store project where you will include all the requirements that you want for your projects, such as
Required features and functionality for your online store
List of crypto wallets you want to integrate into your online store
Integration of the latest technologies, such as augmented reality, virtual reality, artificial intelligence, and much more
Design references from other e-commerce apps or implement unique design concepts on your own.
3. Create a prototype for your online store
After deciding on the selected platform, you can create a prototype of your e-commerce app. Instead of creating your platform on a full scale, you can create its prototype, which will determine your online store’s user interface and dummy functionalities.
Creating a prototype will give you an idea of how your e-commerce platform will look after its full development. Knowing your platform in advance will eventually help you make any modifications that can help you achieve your business goals.
When creating a prototype of your online store., decide
The UI elements of your online store
Navigation for helping your users to select and purchase online products
Home screen where you will showcase all the products available on your online store.
4. Decide the features and functionality for your e-commerce platform
In the back-end development stage, developers will start working on all the decided features and functionalities you want in your e-commerce store.
The E-commerce platform consists of features such as product listing, product description page, add to cart, placing orders, and much more.
Before moving to the next stage, ensure that developers have implemented all the required and decided features on your online store.
5. Test and deploy your digital store
It is the stage where your online shopping platform will be ready to use. However, to make the platform free from technical glitches and drawbacks.
You will need to perform its testing multiple times to ensure your e-commerce platform is performing well as expected.
It is advisable for you to perform beta testing, where only a few selected users will test your product and will submit their feedback about the experience they have taken with your online store.
Based on user feedback, you can again modify your online store to help you offer the best platform experience to a wide range of audiences and potential customers.
6. Promote your shop to attract your potential customers
To make your business profitable in the long run, you can perform different marketing practices to attract potential customers to your online store.
Be active on different social media channels and forums to promote your e-commerce app and get better results in your business by making more sales with your e-commerce store.
So, how to build your online store in your selected decentralized virtual world? Let’s check!
What is the best way to create online stores in the metaverse?
Creating your eCommerce platform will require much effort and time. However, you will need app developers, blockchain developers, and project managers to help you build your shopping platform on your preferred decentralized virtual world.
To create your team of such professionals, you have the following options: hiring freelancers, hiring in-house developers, or outsourcing your project to an app development company.
However, to get the best output on your project, it is advisable for you to go for outsourcing your project to an app development company as they already have experience in creating such apps for their past clients.
The rest of the two options involve challenges, such as when hiring freelancers, there might be a chance that they will leave your project in the middle.
While for in-house app developers, you will need to invest huge amounts of money for different purposes, such as paying their monthly salaries, maintaining your office rent, and much more.
If you decided to outsource your online store project to an app development company but need to know the best one. Here is the solution!
Contact Idea Usher to build your e-commerce platform in the metaverse
Regardless of the industry you want to target with your e-commerce platform. You will need guidance from developers to help you build an online store, starting from scratch.
You can contact our team if you need complete development services, from extensive market research to publishing your online store to your targeted blockchain-based virtual platform.
Our team has already developed many blockchain-based products and services for our clients to help them achieve their business goals.
Loves to explore the latest tech trends in the market. I feel motivated to write topics on Mobile Apps, Artificial Intelligence, Blockchains, especially Cryptos. You can find my words engaging and easier to understand, which makes content more entertaining and informative at the same time.
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