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November 24 2022
Using the Metaverse for Retail
Amidst the heavy competition which exists in the virtual e-commerce world of today, retailers are facing multiple challenges in keeping their customers engaged, actively responsive and loyal to their brands. To address these challenges, modern retailers are increasingly looking at the metaverse to enhance traditional brick-and-mortar store experiences to drive customer engagement, brand loyalty and sales. Offering immersive augmented and virtual reality (AR/VR) experiences, the metaverse is a game-changer for many retailers.
How will the metaverse change retail?
It is expected that within the next three years, almost 75% of the global population who use social apps will be frequent augmented reality users. This opens entirely new markets and revenue streams for retailers looking to target these demographics. It is expected that a person will be spending around 1 hour each day in the metaverse by 2026, and many popular brands are already ahead of the curve by offering cutting edge 3D customer experiences.
What are some examples of metaverse in retail?
Nike was one of the first companies to invest in the metaverse, debuting NIKELAND on Roblox, a gaming platform reaching over 47 million daily users worldwide. NIKELAND lets players dress their avatar in Nike garb and have fun in a virtual world where there are no rules. Gucci also participate in the metaverse through Sandbox, a virtual world built on the Ethereum blockchain, and which promotes Gucci fans to interactively enjoy the brand. Roblox also hosted a virtual Gucci Garden, duplicating real life locations where avatars could buy and discover limited edition avatars from Gucci’s Roblox collection.
Samsung launched its own metaverse experience on the Ethereum block-chain powered Decentraland. Several of Samsung’s smart TVs now come with an NFT (Non-Fungible Token) Platform app for purchasing, discovering, and trading digital art. Customers can now even experiment with the world’s largest beauty brands as L’Oréal, for example, offers augmented reality-powered makeup try-on experiences in partnership with Facebook. BMW allows customers to go into showrooms to customise cars with different colours or styles using their tablets or phones and can even use virtual goggles to experience what it is like to drive the car. Even large furniture outlets today are permitting customers to virtually pick out furniture to visualise in their recreated virtual homes before buying.
What are the benefits of the metaverse in retail?
Retailers who play in the metaverse can create avatars, or digital representations of themselves, that can interact with customers in real-time. This allows retailers to offer a more immersive and personalized shopping experience that can lead to increased sales and customer loyalty. The metaverse is constantly evolving, and as it does, it will continue to change the retail landscape. Retailers who are early adopters of this technology will have a leg up on their competition and be better positioned to capitalize on the changing trends in retail.
Let us help you claim your rightful place in the metaverse!
The metaverse is here to stay and it helps retailers to remain relevant and competitive in connecting meaningfully with its consumers, drive sales and foster brand loyalty and engagement. If you are interested to play in the metaverse space and would like to chat to the leaders in experiential metaverse design, development and metaverse content creation, get in touch with our team. We’ll gladly discuss your ideas, concerns, goals, and answer any questions you have about creating an incredible metaverse experience.
Get in touch with us on +97143475642 or email [email protected] to find out more about building 3D consumer experiences that are immersive, engaging, and retain and capture the attention of existing and potential customers in new embracing ways.