3.
E-commerce and the opportunities offered by the Metaverse (The application
of metaverse in E-commerce)
* Improved Storytelling
As marketers, we know the importance of storytelling. It’s a powerful way to
connect with our audience and generate interest in our products or services,
and improve brand’ s awareness. But what about when that story is extended
into virtual space? The rise of metaverse platforms offers a whole new world of
opportunities to tell our stories in creative and engaging ways.
In 2021, Hyundai - an automobile manufacturing companies has launched
Hyundai Mobility Adventure, a metaverse space on Roblox, users to drive
newest models of Huyndai, explore stories behind each of their car models and
future mobility solutions. The launch is targeted at young consumers who are
already familiar with virtual worlds. This gives them a sense of ownership over
the story and allows them to discover its secrets for themselves.
This freedom of choice ensures that every viewer will have a unique experience
and that they’ll remember your story for years to come.
* Virtual Events
The Metaverse allows you to host virtual events like product launches, fashion
exhibitions, and trade
shows. These events have the potential to reach a worldwide audience while
also providing an immersive experience that can engage customers and spread
the reputation of a brand or product.
In 2021, Samsung staged a virtual event named "Galaxy Unpacked: Virtual
Experience" in the Metaverse. The event held as a virtual introduction to
Samsung's new products, which included the Galaxy Z Fold3 and Galaxy Z Flip3
smartphones. The virtual event took place in the virtual world "Samsung Island"
and included interactive experiences like product displays and a virtual concert.
Samsung was able to reach a global audience and deliver an immersive
experience that engaged customers and generated excitement about their
products. 2022, Samsung continued opening a store in Metaverse, allows users
to experience and even purchases products online
[Link]
So it is obvious that the Metaverse allows firms like Samsung to create highly
participatory and engaging virtual events, which can help boost sales and build
brand awareness.
* Data Analytics
The Metaverse delivers a wealth of information on customer behaviour and
preferences, allowing retailers to acquire important insights into their
customers' purchasing habits and preferences. This data can be used to improve
product offers, marketing efforts, and consumer interactions.
Many big firms has been exploring the use of the Metaverse to gather
information about customer behavior and preferences and Amazon is the
pioneer. Amazon can track how customers engage with virtual products and
locations in the Metaverse, providing important insights into their purchasing
habits and preferences. With the data collected in the Metaverse, Amazon can
gain a deeper understanding of its customers, which can be used to improve
Amazon's product offers, marketing campaigns, and customer interactions. The
Metaverse gives corporations a strong tool for collecting data on user behaviour,
allowing them to make better decisions and provide better products and
services to their customers.
4. The Challenges And Potential Projects With The Metaverse
a. Challenges
The internet and the global network of social media took a few years to get going, and the metaverse is
in its early stages. There are many metaverse challenges to overcome before it becomes the next
generation of human connection.
Security
The metaverse must be fundamentally reliable to evolve and expand. Without reliability and security,
users won’t feel safe spending time or money in a virtual environment
The most popular problem comes from the hardware needed for metaverse, this will create new
endpoints that hackers will seek to exploit. Attackers can potentially manipulate platforms to create
physical dangers. Participants in the metaverse may also be subject to various forms of harassment
Identities can be stolen, as can e-wallet that are used to pay for goods and services. . For now, the lack
of security continue to happen and must be urgently addressed to gain people’ trust. So the first line of
defense against security threats is a set of tools that can make it difficult for outsiders to attack a site
As you can see, there are a number of tools available to achieve security on metaverse platforms.
Privacy
The metaverse has the potential to greatly expand how much data and personal information tech
companies collect on individuals. The data is used to increase the immersive experience of technology,
offering things like voice recognition and recordings. However, that level of data collection opens a
world of possibility to identity theft. Criminals could use voice recordings from metaverse platforms
against someone. Some solutions suggested are: Enforcing privacy regulations, Developing strong user
authentication, Ensuring privacy of user data…
Cost and Technical Barriers: Cost and technical barriers are significant challenges that businesses face
when adopting the Metaverse. Building immersive virtual experiences can be expensive, and it requires
specialized technical expertise. Businesses may need to invest in hardware, software, and infrastructure
to create virtual environments that can support large numbers of users and provide a high level of
interactivity. Businesses that want to remain competitive in the Metaverse may need to invest in
ongoing research and development, which can be costly and time-consuming. To address these
challenges, businesses may need to consider collaborations with technology providers, developers in the
Metaverse ecosystem. These partnerships can provide access to expertise, infrastructure, and resources.
This can help reduce costs and technical barriers while still allowing businesses to take advantage of the
opportunities that the Metaverse offers.
b. Potential Projects With The Metaverse
A large ecosystem will be accompanied by potential projects in terms of both economic and social
benefits. Based on current and future applications of the Metaverse, potential projects include:
1. Develop highly realistic 3D entertainment applications and games (immersive entertainment).
Especially NFT and Blockchain games;
2. Projects related to enhancing and improving the quality of education and training, especially
training with visual simulation.
3. Projects use virtual space to promote, introduce products, and market AI, IoT, and Big Data
applications.
4. Producing hardware needed for the Metaverse
Vietnam is experiencing a surge in Metaverse adoption, with its tech-savvy population embracing virtual
reality platforms for socializing, gaming, and e-commerce. Metaverse-inspired projects in Vietnam are
mainly in the online game segment and part of advertising - marketing based on the platform provided
by Meta (Facebook).
In conclusion, whether the world has Metaverse or any other more developed platform, the core value
still lies in creative ideas, new perspectives and feelings about people's own lives.
