The Good Tech Companies - From Pixels to Profits: The Impact of AI-Powered Metaverse Shopping on the Future of Commerce

Episode Date: June 27, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/from-pixels-to-profits-the-impact-of-ai-powered-metaverse-shopping-on-the-future-of-commerce. Learn how AI is changing metaverse shopping with personalized recommendations, virtual try-ons, and more. Featuring Mallconomy's innovative approaches. Check more stories related to futurism at: https://hackernoon.com/c/futurism. You can also check exclusive content about #metaverse, #ecommerce, #metaverse-economy, #ai-in-metaverse, #future-of-ecommerce, #good-company, #shopping-in-the-metaverse, #history-of-the-metaverse, and more. This story was written by: @theblockopedia. Learn more about this writer by checking @theblockopedia's about page, and for more stories, please visit hackernoon.com. AI is transforming metaverse shopping with features like virtual try-ons and personalized recommendations. Mallconomy uses AI for personalized shopping, 24/7 support, and rewarding user engagement.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. From pixels to profits, the impact of AI-powered metaverse shopping on the future of commerce, by the Blockopedia. The digital world is changing, and e-commerce is leading this change. In a few years, you could be walking around a virtual shopping center, checking out all your favorite brands, trying on clothes on your avatar, and earning rewards for browsing. This isn't sci-fi, it's the future of shopping in the metaverse. Statista predicts that spending in this space will jump from $30.6 billion in 2024 to $210.3 billion by 2030, driven by artificial intelligence, AI. By the end of this decade,

there could be 1.3 billion people regularly shopping in virtual worlds. In this article, we'll look at how AI is changing metaverse shopping and everything from finding products to engaging customers. The rise of metaverse shopping, from crowded aisles to endless scrolling through product pages online, our shopping habits have come a long way. E-commerce changed retail, now the metaverse is taking things up another level. Historical Context. Asterisk Asterisk 1968. Asterisk Asterisk The Movie 2001. A space odyssey showed early ideas of immersive digital experiences. N-1973. Maze War, the first virtual world, let users interact in a digital environment,

setting the stage for future virtual worlds. N-1992. Sci-fi writer Neil Stevenson coined the term, metaverse, in his novel Snow Crash, describing a fully immersive virtual reality. 2009. The introduction of blockchain technology with Bitcoin laid the foundation for digital ownership and transactions, a crucial part of the metaverse economy. Key milestones in metaverse development, 2012. Oculus raised $2.5 million for its VR headset, a big step towards consumer-accessible VR. Facebook bought Oculus in 2014. 2016. Oculus releases the Rift, the first widely available VR headset, bringing immersive experiences closer to reality. 2020. Over 5 million VR and AR headsets are shipped annually, showing growing consumer interest in immersive technology.

2021. Facebook rebrands as Meta, investing $10 billion and hiring 10,000 people in Europe to develop the Metaverse. AI's transformative impact on the shopping experience. Artificial intelligence AI has more to give than self-driving vehicles or virtual assistants. It is transforming the Metaverse shopping experience into something personal, efficient, and fun. Here's how. Your virtual shopping assistant Your unique preferences are understood by AI through analysis of your purchase behavior, browsing history, and even social media engagements. Mallconomy Forex Ample can offer personalized product recommendations that guide you towards items that you will most likely love. See it before you buy IT with virtual try-on tools powered by AI. You can try

clothes on your avatar or place furniture in your digital space to see how it looks and fits. Behind-the-scenes efficient size retailers are helped with demand predictions, hence products being made available when customers need them most at their desired locations resulting in reduced stockouts coupled with quicker deliveries. Shopping as a an adventure engagement forms within the metaverse also get powered by artificial intelligence that is new as well as exciting. Some examples include the browse turn model endorsed by different brands where users' time spent on-site attracts rewards for them. Here's a quick comparison of traditional versus

AI-powered shopping. Feature traditional shopping AI-powered shopping in the Metaverse Recommendations Limited. Often generic personalized based on individual preferences. Try-ons physical fitting rooms only virtual try-on and styling options customer service limited hours. Potential wait times 24-7 support from chatbots. Virtual assistance inventory management less efficient. Potential for stockouts AI optimized for better availability engagement primarily transactional gamified, interactive experiences mall economy. A case study in AI-powered metaverse shopping. Mall economy is an example of the growing field of AI-powered metaverse shopping. It's a virtual space where users can shop, enjoy entertainment,

and socialize with other users. The browseowse-to-Earn model which is one of the key features of Mallconomy uses AI to reward users for exploring and shopping within the virtual mall. AI-powered features Mallconomy leverages AI in several key areas personalized recommendations. Mallconomy analyzes customer data like browsing habits or purchase history through artificial intelligence systems. Using this data the platform suggests items most relevant to each user on their platform based on their interests, making shopping more entertaining for them. Chad GPT-powered avatars. Sales assistants become intelligent thanks to Mallconomy's integration with Ready Player Me avatars which are supported by Chadad gpt2 this makes it possible for the round

the clock support service to answer any questions about products or help with choosing and buying things browse turn model mall economy also has a gamified system called browse to earn which rewards users with dollar woot tokens for looking through different categories as well as purchasing goods community driven commerce and nfds goal behind Mallconomy was community building and creative empowerment. To achieve this, artists can display their work on its marketplace. In this way, they can earn money when people buy NFTs from them. With the adoption of non-fungible tokens, there's a global trend towards digital ownership within metaverses, complemented by collectability. M-A-L-L-C-A-R-D NFTs and staking mall card NFTs work in two ways. First, they act as membership cards that grant various access privileges such as Launchpad. Second, they can be staked for higher

rewards thereby making the experience more game-like and encouraging users to stay involved with the Mallconomy ecosystem. Roadmap and future D-E-V-E-L-O-P-M-E-N-T-S-A is part of their roadmap. Mallconomy plans to introduce land sales in metaverses where users can buy virtual spaces to run their stores while still operating them digitally. There is also an upcoming launchpad feature that will democratize the investment process for metaverse projects hosted on this platform. What other brands are up to in the metaverse? Brands are jumping into the metaverse to create exciting shopping experiences. Here are some examples. Disney, Entertainment In 2022, Disney started selling, Golden Moments, NFTs with Veve and is planning a virtual theme park. This lets fans enjoy Disney magic in a whole new way.

Nike, sports and fashion Nike launched, Nikeland, in Roblox in 2021. Over 26 million visitors have explored, played games, and bought digital Nike items. Nike also sold digital sneakers as NFTs, making a big splash in the metaverse. Gucci, luxury Gucci opened the Gucci Garden on Roblox in 2021. Here, users can explore a virtual Gucci store and buy digital items. This space gives a luxurious shopping experience online. The metaverse awaits, the future of shopping is immersive, personal, and rewarding, it's about stepping into the world. This is where you connect with communities who provide incentives for your involvement beyond buying items.

This process driven largely thanks to AI systems makes retail shopping more enjoyable than ever before while creating additional touchpoints between brands and consumers. However, there is still much to explore within Metaverse space that requires us to not only embrace but also further explore these unknown areas waiting for discovery. By doing so, we will redefine our understanding of shopping patterns and socializing habits when dealing with physical rather than digital outlets. From pixels to profits, let us start on a journey that will change forever how we see markets today. And thank you for listening to this Hackernoon story, read by Artificial Intelligence. Visit hackernoon.com to read, write, learn and publish.