According to a report by Gartner by 2026, 30% of the businesses in the world will have either products or services for Metaverse. It is estimated that a person will be spending around 1 hour each day in Metaverse by 2026.
The metaverse is going to continue expanding in the upcoming years and more companies are starting to use virtual and augmented reality to increase business revenue and gain a competitive edge. When smartphones and social media became an integral part of a man’s daily life, businesses were forced to swift from normal e-commerce to social commerce. Popular brands like Nike, Gucci, Adidas are pioneers in Metaverse and already offer rich customer experience using Metaverse.
What Changes and Opportunities Does Metaverse Offer Retailers?
Retail sector seems to be the biggest beneficiary of Metaverse and some brands have already started selling their virtual products in the Metaverse platform. Among the retail industry, it is the fashion brands that have taken the lead in offering products in Metaverse.
Focus on seamless integration
Digital commerce is no longer a replacement for physical stores, instead the trend has now changed. Brands have realized that they need to strike a good balance between physical and digital stores. Brands have to engage with customers wherever they are and it seems more and more people are spending their time in the Metaverse. According to JP Morgan, Metaverse will generate over $1 Trillion in revenue. To everyone’s surprise, Gucci sold their virtual Dionysus bag in Roblox marketplace for more than $4000 that is much more than its real bag’s price.
Cohesive experiences to increase sales
The concept of buying transformed into shopping when malls were introduced. It became a place to shop, socialize, eat and also a space for entertainment. Now brands are using their physical stores to offer cohesive experience to enrich customer experience. Digital displays in retail stores can customize content based on the user’s gender, age, etc. This offers a rich shopping experience for customers that will not only increase engagement but also increase sales.
Increase engagement and fostering trust
Metaverse has enabled brands to increase their engagement with customers both in the physical stores in malls and also in their digital stores like websites and mobile apps. Bumbleride, a stroller company witnessed a 33% growth in conversion ratio after they introduced 3D models of strollers in their online stores.
How Can The Retail Industry Evolve With The Metaverse?
“See you in the metaverse” — is a popular phrase and the retail industry seems to have understood the significance of metaverse earlier than other sectors. The last decade saw the evolution of omni-channel sales and customer experience, whereas now the brands are focussing on the virtual world to interact with customers. The retailers are making the best use of both Virtual Reality and Augmented reality to offer rich and immersive customer experience both in their physical stores and online platforms.
New Shopping Experience
One of the biggest advantages of Metaverse for retail is that they let their customers shop on virtual platforms. Customers can virtually visit a 3D store and surf various products and even try on garments in a 3D fitting room. Sitting from the comfort of their homes, users can try on various makeup items to their virtual avatar in the Metaverse. Nike, Ralph Lauren, Louis Vuitton, Tommy Hilfiger, Balenciaga, Burberry, Gucci, Vans, Zara, and Forever 21 are some of the top brands that are already collaborating with gaming and Metaverse platforms to offer rich customer shopping experiences.
Virtual Reality
In addition to the brand showrooms that showcase their products, businesses have started to offer VR showrooms. Users from all over the world can enter the VR showroom and try on products before actually making their purchase. To further enrich virtual reality shopping experience, staff from the real stores can interact with the customers in the virtual world using Video and audio calls. Read more
