What does the Metaverse could be a significative for retailers

A rebranding strategy, as well as the complete change of name, Facebook Inc. has changed its name to Meta and revealed their new “parallel universe” they’re developing dubbed”theMetaverse.

You’ve probably heard of this term being used in recent times, but what exactly does it mean ? And how will it affect the retail sector? Could “see me within the Metaverse” be an innovative catchy phrase? There have been a lot of questions following the announcement, and with good reason. Facebook boasts 2.74 billion monthly active users and none of the other social media platforms gives retailers this kind of advertising reach.This article will go over some of the Metaverse is , and what you could expect from the virtual world of shopping and consumer experience.

What is the Metaverse?

The explanation of the Metaverseand the myriad of its complexity isn’t an easy task due to no a lot of information currently available to the general public, and also because it’s not yet in its initial stages of being live. Based on what we know it’s essentially an imaginary world that is that is powered by 3D technology such as augmented reality, virtual reality and virtual reality. The Metaverse will have social spaces that allow you to connect with others, study about, work, exercise and more.

Experts say we’re at a minimum 10 years away from any type of Metaverse product or service However, there are companies in the process of creating a parallel world that appears and behave differently from any virtual reality we’re familiar with currently. If it is created, the Metaverse will exist continuously and won’t turn off or on like the virtual reality games for instance. It is a completely different world to be a part of for the duration you wish for it to exist.

The rise of virtual and augmented realities

There have been some amazing advances in the 3D/augmented/virtual market, and numerous retailers have already embraced the technology. Many large companies have designed applications that allow their customers to experience their products in their stores or even in their homes and the ability of Augmented Reality provides a brand new dimension to shopping that was not available prior to.

Consumers have been expressing interest in the air for some time but as more businesses implement these technologies in their business plans the interest in AR is growing. In reality, 66% of people claim to be keen on using AR when making purchases. Many are keen to envision how the product will fit into their daily lives while shopping on the internet.

For many retailers, the world of e-commerce has gained a significant amount of attention and growth especially due to the spread of the pandemic.Thus, using these virtual and augmented technology is an additional option for retailers to take advantage of the potential of e-commerce and provide an omnichannel shopping experience that combines the physical and digital worlds for shoppers.

What will the Metaverse affect the retail sector?

As we’ve mentioned before The Metaverse is a completely new virtual universe to participate in and, therefore, in the retail industry, think along ideas of virtual stores malls, opportunities for branding your company and much more. However, the Metaverse isn’t yet a reality and there isn’t a way to know what the public’s reaction will be to the metaverse. If it’s an success then the Metaverse could be a shopping experience online with a multiplier of 1000.

As a result of the screens on our phones the internet does not necessarily give consumers the tangible satisfaction that in-store shopping provides. Even though the retail market in Canada is expected to be growing steadily for the foreseeable future many customers enjoy the experience of walking into an establishment and interacting on the product(s) they’re about to buy. Of course, shopping online is a convenient option that many consumers appreciate, therefore, when retailers mix in-store shopping with digital components it is easier to satisfy the needs of your customers.

The Glory defined

The Metaverse in all its digital glory offers that experience for consumers. Users are able to interact with products they would like to buy in real-time, by using their personal virtual avatar. If, for instance, the company sets up an online storefront within the Metaverse where customers can walk into the store, browse through the store, view the items they would like to purchase and interact with other customers and learn more information about the product(s) before they make a purchase. This is a complete reversal of the idea that we had previously of physical and virtual stores , and provides an entirely new approach to shopping, which will also introduce new consumer behavior patterns.

The concept also suggests the idea of an direct-to-avatar-based business model which isn’t at all far-fetched. What kind of clothes will avatars wear? Are they wearing clothes that could one day be as important like what the clothing we wear today in our world? The answers to these questions will require a long time to develop however the idea of purchasing clothes and other items from actual brands using real money to create an avatar in virtual reality might be something to look forward to in the metaverse.

This implies that retailers will need to establish an positive Metaversepresence and adapt the in-store and online experiences they enjoy currently, into this new virtual world. This might mean buying the virtual property, hiring experts to create the digital storefront and the items that are sold and ensuring that there is sufficient stock available to those who buy from the Metaverse and so on.

The Metaverse is very much an “to be kept” situation right this moment, which means that retailers should not be rushing to create virtual stores or avatar-appropriate sweaters. But it’s an excellent idea to consider your brand’s digital presence and ways to integrate 3D/augmented/virtual realities into your offering. The Metaverse may or may not come to reality, the use of this kind of technology is gaining popularity among the public.