The Metaverse: a high-tech vision of the future that could revolutionize the retail industry

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A rising number of companies are showing interest in the metaverse. Walmart’s trademark filings last month revealed that the business is prepared to launch its own NFTs and cryptocurrency, as well as sell virtual electronics, toys, appliances, and home décor. In fact, a real estate metaverse owner intends to construct a virtual mall.

Retail brands are already seeing the metaverse as a significant opportunity to revolutionize how consumers engage with their products and stores, as well as to improve their marketing game. The immersive quality of the metaverse is critical to improving this experience.

Reasons Why Retailers Are Leaping Into the Metaverse

Enhanced shopping experience

Since 2016, when eBay introduced the first virtual reality store, virtual showrooms and stores have come a long way. Virtual stores are not only handy and time-saving for customers, but they also assist merchants reduce returns and extend their customer base. Customers will be able to discover things more quickly, and customization for each user will be significantly better than in physical stores. Online buying does not provide the same level of visualization and involvement that the metaverse does. Many of the features are specifically designed for retail businesses. Customers can experiment with different features and models, while their time spent in stores (a sales statistic) automatically grows.

Customers can use the immersive experience to try out products and incorporate them into their homes before purchasing them. IKEA has released an augmented reality catalog app that allows customers to view how a light might look in their room before purchasing it.

Attracts a young clientele

The metaverse is a good fit for Gen Z because they are very familiar with the virtual experience. According to the survey, 40 percent of Gen-Z and 40 percent of millennials, or one-third of all respondents, want to buy virtual products. Retailers have realized that going where the customers are rather than trying to attract them to physical stores is the better option. Furthermore, virtual connectivity has increased throughout the world. According to a study conducted by Snap and Deloitte, AR will be used by nearly 75 percent of the world’s social app users by 2025.

Omnichannel in Retailing

According to Morgan Stanley, the fashion market will be worth more than 55 billion dollars by 2030. This is a massive market in the retail metaverse, prompting clothing companies to begin selling digital clothing and accessories in virtual worlds such as Zepeto. In Zepeto, Ralph Lauren’s metaverse store already sells branded digital apparel.

Dolce & Gabbana’s metaverse store auctioned digital couture built on NFT for $6 million, breaking the previous record for fashion NFT. Burberry has released a new online game called ‘B Bounce,’ which can be played with NFTs. Users can add quirks to their metaverse shopping experience by purchasing virtual accessories such as jet packs, armbands, and pool shoes in this retail metaverse.

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