The Ultimate Guide to Metaverse eCommerce Platform Development

The rising adoption of Metaverse eCommerce platform development is one of the major reasons why retailers are curious about it.

Metaverse is an emerging game changer for many industries & fashion retails is one of them. Hence, the demand for metaverse retail stores is increasing in diverse eCommerce domains.

But is it worth using the Metaverse in shopping website development?

Well, there is a wide section of retailers who deserve to understand the benefits of integrating Metaverse & eCommerce. Especially, those aiming to modernize their online shops must know how Metaverse can add value to sales growth.

The global Metaverse eCommerce market is set to reach US$22.72 billion in 2023 with a contribution of over $5.71 billion from the US. In the annual forecast period (2023-30), the market value of Metaverse retail will increase at a CAGR of 36.62%. This will result in its projected market volume reaching US$201.8 billion by 2030.

Want to give a more immersive shopping experience to your customers? It's the right time to launch your own Metaverse e-store to enter the real world of virtual shopping spaces.

If you are a retailer & want to get started with Metaverse retail platform development, then you must go through this blog to explore how it can benefit your business.

Let's begin with a brief on Metaverse first!

What is Metaverse? A Short Overview

The term 'Meta' means beyond while 'verse' is synonymous with the universe.

Metaverse is a virtual reality-based technology that combines artificial intelligence and human technology. It was introduced in an internal source of Meta formerly known as Facebook. It later became a medium of social interactions and real-time virtual experiences.

However, the concept of Metaverse evolved from science fiction novels including Neuromancer and Snow Crash. With time, Metaverse turned into advanced technology, resulting in the advent of role-playing games.

When AR games like Pokemon Go began gaining popularity in the gaming era, Metaverse continued stretching out its reach. The union of Metaverse and eCommerce is a current sensation in the retail industry due to the strong capabilities of this technology.

According to Statista, the user penetration rate in the Metaverse eCommerce market is 2.9% in 2023 which is set to reach 8.6% by 2030.

Curious to know more about Metaverse eCommerce platform development? Read on to the next section!

What is Metaverse eCommerce & How Does it Work?

Metaverse is a virtual reality platform that combines a wide network of virtual environments. It allows users to connect, interact, & shop around virtual spaces with a real-world feel.

From interactive gaming to trading digital assets and metaverse shopping, the technology uses VR headsets to bring a multidimensional user experience. It's even used for immersive learning purposes such as online courses and virtual field trips.

But what does Metaverse eCommerce mean?

In simple terms, a metaverse eCommerce platform is an open 3-dimensional store where shoppers can explore products in a fully immersive ecosystem. It enables the collaboration of real and virtual worlds, making it possible for retailers to explore & shop in their own isolated space.

Imagine you own a fashion retail store, and you're done with Metaverse eCommerce platform development. By doing so, your customers will be able to interact & share their preferences with buyers in the other stores. They can even visit, explore, and try products in your retail store same as they used to do in physical stores.

Building a Metaverse eCommerce store enables retailers to deliver a stunning shopping experience to customers. As a result, customers are more likely to get back to them & shop more.

The advantages of getting a Metaverse store over an online eCommerce platform are more desirable. And it makes sense if you get to learn how Metaverse retail store works.

• Shoppers visiting a virtual store can try products in a multi-dimensional view.

• Virtual shops are digital storefronts that give immersive buying experiences and retailers can replicate them across many virtual environments.

• More engaging and exciting ways to preview products will make shopping experiences engaging, enjoyable, and mesmerizing for sure.

Buyers can make their own shopping choices without being interrupted by other fellow shoppers.

Latest Statistics on the Metaverse eCommerce Market

Let's grab quick stats on the current Metaverse eCommerce industry. 

• The estimated number of users in the Metaverse eCommerce segment will be 698.30 million by 2030. The average revenue per user is set to be US$101.7.0 for the Metaverse eCommerce shopping businesses as per Statista report.

• Key consumer countries observing high Metaverse eCommerce web development demands are- the US, UK, China, Germany, & Japan.

• According to a report, the Metaverse eCommerce industry will witness significant growth due to higher adoption in the computer segment.

Keeping these stats in mind, you must be wondering how Metaverse can add value to your retail app development plan. Let's get you to the answer!

Important Benefits of Metaverse eCommerce Platform Development

Metaverse is revolutionizing wider segments of retail fashion, healthcare, social media, and digital trading. However, the impact of Metaverse technology on the online retail industry is exceptional.

Any eCommerce development company can integrate Metaverse for various good reasons. And here are they:

More Personalized Shopping Experience

Online retailers can take the benefits of Augment Reality and Virtual Reality with Metaverse retail store development. With this, an eCommerce business can offer a more interactive & customer-oriented shopping experience.

The latest eCommerce trends include Metaverse integration for enhanced customer experience. It's like previewing any product, let's say trying apparel or furniture virtually in a real-world environment.

Both IKEA and Wayfair are two major retail giants that invested in Metaverse eCommerce platform development to boost customer experience & engagement.

Broader Customer Reach

Migrating from static and physical in-store shopping to virtual Metaverse store experiences can also stretch out your market reach. Unlike visiting physical stores, customers to enter any Metaverse eCommerce store to explore, view, and try products from any location.

It means that retailers won't face geographical restrictions as anyone can visit their Metaverse store from any region and country. Luxury brands including Gucci, Dior, and Ralph Lauren are already using Metaverse technology to mark their virtual presence at every home. And this helps them build a strong customer base.

Better Understanding of Buyer's Needs

To ensure a successful eCommerce customer journey, it's imperative to analyze your customer behavior. Getting familiar with the likes, dislikes, and preferences of buyers is a critical factor to know exactly what they're looking for.

Metaverse eCommerce platform development enables retailers to get deep insights into customer shopping behavior more efficiently. They can track visitors' activity so that they can determine the products they've most interacted with.

Offer Various Gamification Options

Gamification is one of the most effective tools to boost mobile app retention. It brings interesting games and challenges to engage users for longer sessions. And this increases conversions.

A report says that gamification can enhance customer acquisition by 700%. With gamification, top retail brands including eBay & Walgreens have observed a 30% spike in customer loyalty and engagement.

Metaverse eCommerce stores utilize a gamification strategy that incentivizes customers for playing games. It not only increases the engagement time but also boosts the chances of purchases. This will also encourage them to revisit a retail store in the future.

Higher Return Over Investments (ROI)

Not being able to convert your eCommerce web traffic into sales is one of the biggest challenges of online shopping businesses.

Metaverse eCommerce platform development is a solution for retailers struggling to upscale their conversions for higher ROI. Many luxury retail brands using Metaverse stores are offering easy product customization options to customers. Their stores are alike digital showrooms where visitors can filter their searches and add desired features to the product before finalizing the purchase.

What are the Key Components of the Metaverse Retail Store

Now let's get familiar with the key elements of the Metaverse eCommerce store.

Digital Avatar

It captures the physical personas of the customers and presents them in a digital form. Metaverse eCommerce brings a try-on option for customers searching for a product. Digital avatars enable them to try and buy any product with more confidence.

3-Dimensional Models

3-D models add more intuitiveness to the customer shopping experience making it more interactive & engaging. Shoppers at Metaverse retail stores can see the digital versions of themselves more dynamically in real-world environments.

Non-Fungible Tokens (NFTs)

Trading a digital asset is one more advantage of the Metaverse ecosystem. Business eCommerce stores using Metaverse can engage customers to exchange digital products or NFTs. They can be in any form, like fashion apparel or artwork on sale.

Cryptocurrency

Digital currency is one of the major Fintech trends to make your business lucrative. Even Metaverse retail owners launch their cryptocurrency to ensure seamless payments for digital products.

Decentralization

Have you ever heard about decentralized finance? No worries if not. Metaverse made it possible to decentralize banking, trading, and other financial operations to let users manage their finances easily. They don't have to depend on one centralized body to access their accounts, services, and offerings.

Similarly, Metaverse eCommerce runs on a decentralized ecosystem to provide limitless access to products and services to the users.

Must-have Features of the Metaverse Retail Platform

As we move on to our topic, check out a list of features you should keep in mind while building a custom Metaverse shopping store.

Custom Avatar Creation

Creating a digital Avatar to represent your brand & customers' persona is a core aspect of Metaverse eCommerce platform development.

Custom avatar creation should be on your priority list so that your customers can enjoy the fun of a virtual shopping experience. Check the qualities of your web development company & ensure that it has previous experience in eCommerce and Metaverse technologies.

Building Virtual Store

A virtual store in the Metaverse eCommerce shopping platform will showcase your products in more interesting ways. This could be one of the major things that grab the attention of web visitors to your online shopping store.

Digital Currency Integration

Allowing customers to pay in virtual currency is a great idea to boost their shopping experience. It's another way to simplify payment gateway integration in the eCommerce web development process.

Digital Transaction & Payments

You don't need to worry about payment gateway integration if you're hiring a full-stack Metaverse eCommerce app development company. Your web developers will ensure that the checkout process is seamless and secure for each transaction.

Inventory Management

Metaverse goes well with the eCommerce automation needs to maximize efficiency with inventory management. It enables retailers to keep track of the available stocks, check sales, and update product listings.

Social Media Integration

E-commerce development marks social media integration as a must-have feature for Metaverse retail stores.

It allows customers to share their product journey, stories, and shopping experience to their social media channels directly from the Metaverse store. This will improve your social media presence and brand visibility among other users.

Advanced Analytics & Reports

Metaverse eCommerce allows retailers to get deeper insights into the buyers' shopping habits and preferences. It works like a popular business analytics tool so that store owners can track and analyze valuable insights. This further helps them to come up with a customer-centric business strategy in the future.

Building an online shopping store? You must use open-source frameworks for online store development.

At BluEnt, our dedicated experts are well-versed in Magento 2, WooCommerce, Shopify, & other trending eCommerce shopping website development tools.

Take a tour of our step-by-step approach to building the Metaverse retail store.

A Roadmap to BluEnt's Metaverse eCommerce Development Approach

Building a Metaverse retail store is not an easy-going task. We at BluEnt, provide a dedicated team of experts of hire to deliver future-ready Metaverse eCommerce solutions in the shortest timeline.

Our Metaverse eCommerce store development approach goes around these 4 stages:

Stages-1 Market Research & Analysis

At the initial stage, our project strategists conduct market analysis to learn more about the industry trends. It helps us give the right direction to your Metaverse eCommerce platform development project.

We determine the market challenges and realistic expectations of your target audience in this phase. After all, this stage covers our fundamentals in the eCommerce app development guide.

Stages-2 Understanding Target Audience

Once we're done with market research, our next priority is to get familiar with the target audience. It involves understanding the demands of your customers, their moods, and shopping decisions.

Stages-3 Clarity on Platform Requirements

In this stage, we will outline the core features and functionalities of the Metaverse eCommerce store.

Stages-4 Defining Technology Stack

Upon getting clarity on the features, our programmers take a lead to set the right technology stack for development. We suggest using these technologies & tools for building Metaverse retail.

• Front-end development- HTML, CSS, Websocket, & React Native.

• Backend development- Nodejs.

• AR integration- Unity and Unreal Engine

• VR integration- Valve Index

• Blockchain development- Ethereum, Solana, and Polygon

• AI development- AWS

• 3D modeling- Gravity Sketch, Blender, and 3ds Max

After going through these four stages, our Metaverse eCommerce web designers & development collaborate for the next phases. From building MVPs to UI/UX designing, blockchain integration, testing, and deployment, we take care of everything from scratch.

With years of excellence in IT & software consulting, BluEnt is gearing up to master the software development industry, building custom mobile apps, websites, portals, and digital products.

Want to explore more about our services & clientele? Take a glimpse of our featured portfolio to see our clients and projects we've done so far.

Any questions or ideas to share? Don't hesitate to contact us!

Frequently Asked Questions on Metaverse eCommerce Platform Guide

How to monetize the Metaverse eCommerce platform?

The best monetization strategies for Metaverse retail businesses are:

• Launching virtual product sales

• Introducing subscription-based revenue models

• Setting in-store advertising campaigns

• Getting more sponsors and partners

How much does it cost to build a Metaverse eCommerce store?

Depending on the platform type and complexity of features, the cost will vary. In most cases, Metaverse store development needs a budget ranging from $30,000 to $450,000.