Prerna Goel, CMO & Co-Founder, WhizCo. Graduated in English Literature from University of Delhi. Master’s in Business. Administration (marketing) from University of Mysore. Prerna Goel, the co-founder and Chief Marketing Officer at WhizCo, is a young and spirited individual with an entrepreneurial mindset. She co-founded WhizCo along with Aastha Goel and Keshav Jindal in a bid to redefine the digital marketing space in the country, which has conventionally relied on the modus operandi of uploading content across different social media boards. A DU graduate and MBA by education, it was her penchant for new-age technology that persuaded her to disrupt the marketing and influencer engagement ecosystem.
Technology is rapidly evolving in the context of the digital retail industry, and social commerce and instant deliveries are likely to have an increased impact on the retail business. Still, there is another factor that is altering the landscape, and that is the Metaverse. The Metaverse is taking social commerce to the next level. Social commerce in its true sense evolved in 2014 when Twitter launched its “buy now” button, which enabled shoppers to buy products via a social media platform instead of retailers’ e-commerce websites. Ever since then, social commerce and digital retail have evolved exponentially. Users now shop without leaving their social networks from any device of their liking.
A few years ago, most consumers were not even familiar with the term “metaverse,” and it definitely was not heard of to buy clothes that only exist in the digital world and not in the real world. But now, we see the list of retailers opening up digital storefronts is growing, and an increasing number of consumers are participating in the virtual shopping experience to the extent that the Metaverse had its fashion week. This event was the first of its kind and left a mark on the retail industry as more than 60 brands participated in the event. The development of the metaverse will probably continue to evolve several times over the next decade, and it is important that brands prepare for this next era of digital retail.
Social commerce in the Metaverse will grow leaps and bounds in the coming years. As the technology and adoption of these technologies expand, it will bring in even more features that combine offline and online shopping experiences.
A rising number of buyers may now confidently assess the fit and quality of a product before making a purchase, thanks to augmented reality technology. Convenience-wise, this benefits consumers but also helps retailers by lowering returns and growing their clientele.
Personalization and product discovery will both speed up. Brands will be able to provide customers with highly customised digital experiences thanks to metaverse technology. Customers will find it simpler to discover precisely what they want, exactly when they want it, thanks to the seamless experience of the Metaverse. The Metaverse will also give marketers the ability to scale customization of the buying experience to reach more customers than ever before, in contrast to the existing constraints of personalised digital shopping experiences.
In the Metaverse, the space between social media and e-commerce will continue to shrink. As evidenced by the significance of Amazon and other online product reviews, social proof is already at the heart of e-commerce. Building vibrant communities that enable customers to interact with the brand and other customers of the company will allow brands to expand social proof in the Metaverse beyond just a star rating.
Another critical component of the Metaverse is NFTs (non-fungible tokens). NFTs will be helpful to brands for various novel uses to enhance the buying experience. NFTs will be used to develop new digital products. Additionally, they will serve as receipts, passes for special events, or even early access to the debut of new products. NFTs can provide a variety of VIP chances to a brand’s most ardent supporters and customers.
The ways that technology will change e-commerce are still being explored. E-commerce as we currently know it will start to exist almost entirely in the Metaverse as these technologies advance and the distinctions between the real and digital worlds become hazier.