Indian e-commerce firm Flipkart steps into the metaverse

Flipkart has launched a new virtual space where customers can shop for products, among growing interest in the metaverse.

Worth just $1bn in 2016, the metaverse market is predicted to reach $72.8bn by 2024 as businesses begin to see the opportunities it has to offer.

Flipkart, India’s homegrown e-commerce marketplace, this week announced Flipverse, a metaverse space which will showcase its products in a photorealistic virtual destination to improve its customer experience.

Flipverse has been developed in partnership with art designer eDAO, utilising the organisation’s Web3 tech stack to offer “gamified, interactive and immersive” shopping experiences.

“The future growth of e-commerce will be influenced by the immersive technologies of today, and Metaverse is one of the significant revolutions in this arena with immense potential,” stressed Naren Ravula , VP and head of product strategy and deployment at Flipkart Labs.

“The launch of Flipverse will continue to have an impact on innovative industries like e-commerce and enhance the customer experience while delivering a gamified and an immersive shopping experience, especially in light of the adoption of the metaverse and web3 platforms by multiple brands in India.”

Brands will be able to create product launches that engage the user and at the same time create their “metaverse-ready” digital twin in the virtual world.

Flipkart said the digital twin can then experience brands’ products, win offers and claim digital collectibles that unlock unique experiences and offers.

“By providing customers with access to their preferred brands, offers, SuperCoins, and digital collectibles, we are aiming to improve their shopping experiences in a virtual and immersive setting,” added Ravula.

Flipverse will go live on Monday with brands such as Puma, Noise, Nivea, Lavie, Tokyo Talkies, Campus, VIP, Ajmal Perfumes and Himalaya signed up to offer their products.

A brand that most recently stepped into the metaverse realm was French telecoms company Orange, announcing its first virtual store last month. Click here to read more.