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The metaverse, cryptocurrencies, and NFTs will transform retail

The_metaverse,_cryptocurrencies,_and_NFTs_will_transform_retail

BigCommerce has released its Global Consumer Report: Current and Future Shopping Trends, which is based on a survey of consumers. The goal of the survey is to help retailers understand how current and new shopping trends affect how consumers buy from brands.

Researchers think that the metaverse, cryptocurrencies, and non-fungible tokens will change commerce in some way, while personalized shopping experiences and incentives like free shipping and discounts are the main things that make people buy things. The most popular thing that people bought online was clothing and fashion.

Some important results of the survey were:

55% of people shop online at least once a week, and fashion and clothing are the most common things they buy. When it comes to discounts, they like free shipping best of all.

People use buy now, pay later (BNPL) because it lets them buy things without going over their budget.

Customers want to shop and see ads that are tailored to them, and they are most likely to give out their email address, gender, and name.

The most sought-after brand values are honesty and openness, followed by fair wages and benefits for employees.

Eighty-four percent of consumers said that a product’s ability to be sustainable was important when deciding what to buy.

46% of people are willing to shop in the metaverse, and 51% of those people want to buy both virtual and real goods.

Lisa Eggerton, BigCommerce’s Chief Marketing Officer, says, “BigCommerce is powered by innovation, which gives our merchants the edge they need to beat their competitors and thrive in the new ecommerce era. These results show that changes in technology are changing the way people shop and giving brands new and better ways to connect with customers. The future of business is here, and brands have a great chance to grow very quickly.”

55% of those who answered said they shop online at least once a week, if not more often. People use Google to shop more than a billion times every day, so this shouldn’t come as much of a surprise.

The most popular thing people buy online, according to the report, is clothing and fashion by a wide margin (80%), followed by electronics (56%) and entertainment and media (55%)

When asked how they paid for online purchases, 16% of consumers said they used BNPL. People said that one of the main reasons they chose BNPL was that it helped them fit their purchases into their budgets. In fact, among people who have used BNPL, 34% would be more likely to make a purchase and 49% would find it easier to make a purchase if BNPL was an option.

The goal of the survey was to learn more about what motivates shoppers, such as how personalization affects buying decisions and what information people are willing to give up in exchange for a more personalized shopping experience. Based on what was asked, 37% of respondents were willing to share data, 30% said it depended on the brand, and 28% were not willing at all.

The survey also showed that the metaverse, cryptocurrencies, and non-fungible tokens are all on track to change the way business is done in some way. When it came to metaverse shopping, consumers were split evenly between those who were willing (46%) and those who weren’t (50%) to do it. Still, only 2% of people had already bought something on the metaverse.

In contrast to the metaverse, most consumers say they don’t know much about NFTs. In fact, 26% of consumers say they have no idea what NFTs are. When asked how they paid for online purchases, 5% of shoppers said they had used cryptocurrency. Even though most people haven’t used cryptocurrency yet, a large majority (66%) of those who have do prefer it as a way to pay.

Eggerton says in conclusion, “Our aim in sharing data from the Global Consumer Report is to help brands across these regions better understand consumer buying behaviours. Brands must put consumers at the heart of everything they do or risk losing market share.”

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