From retail, education to real estate, all sectors explore metaverse space

BENGALURU: From retail to education and real estate, almost all sectors are now exploring the emerging technology-metaverse. Metaverse provides one a virtual reality experience, and ecommerce platforms make use of this new technology along with Augmented Reality (AR) and Virtual Reality(VR) to customise shopper experience.

Ahead of Diwali, Flipkart, which has been experimenting with Web3.0 technology, announced its foray into metaverse space with Flipverse, where consumers can discover products in a photorealistic virtual destination. This new experience will attract as well as engage users. Though this will be live for only a short period, this will help the ecommerce company to explore more in the metaverse space.

Flipkart said Flipverse will give brands the ability to generate and create their metaverse-ready digital twin in the virtual world. “The digital twin can then experience brands’ products, win offers and claim digital collectibles that unlock unique experiences and offers,” it said. Flipkart’s rival Amazon launched ‘Amazon Metaworld’ last month.  Amazon had said that in this immersive offline space customers can play games, collect coupons and meet their favourite influence.

In its recent report, Nasscom Centre of Excellence-IoT and AI, said metaverse is not a standalone technology, and it is instead a convergence of multiple technologies that is used together to experience it. Some of these technologies are Blockchain, NFTs, Avatars, XR Technology, 5G, Cloud Computing, etc. Sanjeev Barnwal, Founder and CTO, Meesho said that the potential for metaverse in the e-commerce industry is immense. “It could help companies simulate the offline shopping experience more effectively by making it interactive and fun. Some interesting use cases could be social shopping or shopping with friends, leading to greater customer satisfaction,” he said.

Business possibilities of the metaverse for the retail industry are endless, and we are all just scratching the surface of an exciting future, said Manasvi Sharma, Vice President of Omni-Channel Platforms at Lowe’s.