How Will The Metaverse Transform The Retail Industry?
Published on December 29, 2022
Are you wondering what this Metaverse is that you have been seeing and hearing about all over social media? You aren’t alone; in fact, you can’t get a concrete answer regarding it because it’s still under development, meaning it’s yet to be invented.
However, we all know that it’s a kind of virtual world. It resembles the experience you usually have on the web, but maybe more than that. It also looks like your standard PC screen but with its three-dimensional, absorbing, and more sensorial experience.
In the Metaverse, you can interact with your customers and clients as if you are in front of each other. Meanwhile, the intriguing aspect is, Metaverse is not yet invented, but it’s the talk of the town.
The truth is enormous investment has been made in this world, so we all expect something vast and new to come that will change the entire world’s perspective and enter the crook and nook of every industry.
When it comes to the retail industry, the way you shop is expected to change dramatically. You can be able to do numerous things online using VR retail experience. The retail industry will likely be one of the biggest beneficiaries of the Metaverse.
With a famous phrase shared among retailers, “see you in the metaverse,” sellers are using virtual reality to provide an incredible experience to their buyers in both offline and online stores.
Here are a few things the Metaverse has to offer retailers:
New shopping experience
With Metaverse, you should expect to have a new genuine retailer experience. Your customers can shop on virtual platforms. You can open a virtual reality 3D store where buyers can purchase and try new products in a 3D room.
From the comfort of their home, your customers can buy and try different makeup items. Top brands like Gucci, Burberry, Balenciaga, and many more have already collaborated with Metaverse to provide their buyers with a seamless experience.
- Virtual reality
Aside from brand showrooms where you can display your selling items, you can also leverage virtual reality showrooms. Your customers from worldwide can try your things before making an accurate purchase. Additionally, your staff can discuss with the customers via audio and video conference calls in the virtual world.
- Augmented reality
Augmented reality is similar to virtual reality; it allows customers to try your products using an avatar before purchasing the product. Your customer from London can virtually purchase from Greece; the added advantage of Metaverse is that this will intrigue the customer and make them want to visit your store whenever they come to Greece.
- New virtual clothes creation
Another exciting transformation that Metaverse will bring to the retail industry is that customers can create personalized virtual closets to store and insert their current clothes inside and receive recommendations based on their contemporary clothing style.
- Integrated shopping experience with gaming
Initially, Metaverse was only a gaming platform before being upgraded to a commercial site where you can sell and buy whatever you like. You can create an avatar and even explore decentral. You can visit restaurants, stores, sports stadiums, etc. Once you decide to buy something, you will be transported to the e-commerce website of the product. Imagine the mind-blowing experience you will get by integrating shopping with the game.
- New sales channels
Metaverse is now a new normal for retailers that generate physical and online sales. The most significant aspect of this platform is that you can sell your physical goods and online items on virtual platforms. Numerous new business owners even focus on virtual platforms, primarily because it provides several growth opportunities. With an immersive shopping experience, buyers can try out various products and purchase the ones that suit them best.
With Metaverse, the retail industry is expected to experience a huge change. Customers will be able to purchase products from the comfort of their homes, they can even try some products on avatar, all via Metaverse.
About the Author
Mohammad J Sear is focused on bringing purpose to digital in government.
He has obtained his leadership training from the Harvard Kennedy School of Government, USA and holds an MBA from the University of Leicester, UK.
After a successful 12+ years career in the UK government during the premiership of three Prime Ministers Margaret Thatcher, John Major and Tony Blair, Mohammad moved to the private sector and has now for 20+ years been advising government organizations in the UK, Middle East, Australasia and South Asia on strategic challenges and digital transformation.
He is currently working for Ernst & Young (EY) and leading the Digital Government practice efforts across the Middle East and North Africa (MENA), and is also a Digital Government and Innovation lecturer at the Paris School of International Affairs, Sciences Po, France.
As a thought-leader some of the articles he has authored include: “Digital is great but exclusion isn’t – make data work for driving better digital inclusion” published in Harvard Business Review, “Holistic Digital Government” published in the MIT Technology Review, “Want To Make Citizens Happy – Put Experience First” published in Forbes Middle East.
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