The Metaverse, a new twist on living and shopping
The Metaverse concept is gaining momentum, appealing to thousands of users and even brands that are considering transforming themselves to become competitive and profitable in this new virtual world. The Metaverse aims to improve people’s experiences through an augmented reality that will replicate a real or imaginary environment, where barriers will be left in the background. According to Mundo Fintech, it will be possible to perform actions that we usually do every day in our reality, such as working, connecting with other people, playing and even shopping.
This set of digital, virtual, immersive and three-dimensional experiences will be lived, in this context, by a customizable avatar that will simulate the user’s physical presence in the digital environment. Through that character it will be possible to attend concerts, exclusive events, complete formalities with entities and even go shopping. In this sense the e-commerce scenario will be transferred to this new space through active digital payments. According to the Bolsamania website, the metaverse economy is expected to reach 13 trillion dollars by 2030.
This new virtual experience aims to take people to a fully structured world, where the user will be able to visit rooms of different brands, companies or entities and have experiences almost as we do in real life. Additionally, this context opens up constant opportunities for new markets related to all aspects of avatars and their new virtual life, i.e. outfits, workspaces, living spaces, stores, etc. Therefore, offering extraordinary interaction experiences, as close to reality as possible, will be the new challenge for e-commerce.
Furthermore, the emergence of the Metaverse suggests major changes and transformations in the online store market. According to the IEB-School, any business that wants to sell in the Metaverse will have to implement extended reality to its brand so that users can try out its products in the virtual world. Likewise, this change forces the implementation of new payment methods such as Bitcoin or Ethereum.
However, having the ability to buy and even sell goods and services in the context of the Metaverse means the need for an element of monetary value and the emergence of a digital economy. This represents a challenge, as such transactional movements must be as securely backed up as in real life and even more so, as they will be susceptible to cyber-attacks.
This element indicates a great opportunity for the fintech sector, as it would further boost its development and virtual relationship with customers. It is well known that because of Covid-19, this sector advanced quickly due to the situation. However, in this Metaverse scenario, its opportunity to grow through the exploration of payment methods is monumental, also taking into account that there are no bureaucratic hurdles. According to Simas Simanauskas, director of ConnectPay, “Users will most likely simply want to shop with their cards or other familiar methods. The element of familiarity will be crucial, as users will need to be able to recognize a payment method provider before trusting them with sensitive transaction details.”
Likewise, as important as generating and caring for the customer’s transactional experience is, it will be vital to deliver advertising elements in line with the space and the customer’s new needs. Marketing will become a tool for delivering immersive and fully informative experiences, as customers will be able to try products without even leaving their homes. Although AI continues to change elements of marketing substantially, the future promises exciting challenges for the industry.
At Atento, we update our Next Generation capabilities daily to remain in context with the requirements of any industry, as well as with customer experiences. We know that the arrival of the Metaverse will revolutionize the ways in which we interact, so we strive to ensure that our services keep pace with technological innovations and adapt to the way our clients communicate in order to offer unparalleled service and attention. We know the power of new technologies with the human touch, so our End-to-end CX solutions accompany the customer throughout the life cycle of the relationship, aiming to deliver the best experiences, while reducing costs through the combination of Data Science, Digital Marketing and Market Intelligence.