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Metaverse is Pushing the Boundaries of Retail
As we've seen with the advent of e-commerce and shops on social networking sites, the face of retail is constantly shifting. Now is an exciting time for merchants to take their VR efforts to the next level by leveraging the Metaverse as a new and exciting platform for selling their products in a virtual environment.
Suddenly, Metaverse has become an excellent hit in the fashion sector. Global Metaverse market to surpass US$758.6 billion by the year 2026. Amid the COVID-19 crisis, the global market for Metaverse, evaluated at US$107.1 Billion in the year 2020, is projected to reach a revised size of US$758.6 Billion by 2026, growing at a CAGR of 37.1% over the analysis period. The Metaverse market in the U.S. is calculated at US$58.5 Billion in the year 2021.
But, how is Metaverse changing the retail industry? Let's check out!
Before digging into deep, let's quickly discuss,
The Metaverse is a collection of shared virtual 3D worlds that are immersive, interactive, and collaborative. Unlike the conventional internet, which you browse, this version immerses you in it; visitors can enjoy it as a virtual version of themselves - essentially an avatar.
This engaging virtual environment filled with avatars can be utilized for almost anything, including hanging out with friends, playing games, working, attending a concert, or shopping.
Metaverse is the newest technology and currently benefiting many industries, including retail.
Retailers, such as IKEA, have already invested in augmented reality, allowing shoppers to visualize products in real space. Designers and programmers are developing experiential devices to connect shops and customers in this fanciful realm of purchasing. Users will interact with and purchase in this digital avatar's unique experience, which includes augmented and virtual reality, non-fungible token sales, integrated branding, and more.
Companies such as Alibaba have already begun to provide their customers with a unique virtual shopping experience, and labels such as Gucci and Louis Vuitton are also entering the race of merchandise for digital avatars.
Companies focus on better serving customers' demands by combining consumers' digital and physical worlds to create an Omnichannel experience. In this metaverse universe, businesses are already growing, providing ample opportunity for all stakeholders.
Below, we've mentioned a few of the benefits of Metaverse in the retail industry. So, take a look!
The problem with shopping for tangible items in a virtual environment is that size and fit might be difficult to determine. This is where augmented reality enters the picture. Individuals will shop for physical things in the Metaverse using VR eyewear.
Target, IKEA, and Wayfair will be ready to jump when the Metaverse blurs the barriers between physical and virtual buying. All three stores have incorporated augmented reality (AR) capabilities into their mobile apps, allowing customers to see how things will look in their houses and on their bodies. In some ways, AR can make shopping online easier than shopping in-store because customers can see things in their environments.
Thanks to the Metaverse, brands may sell virtual and real things on the same platform. This creates a slew of new business options and changes the face of internet retail. For example, it enables firms to directly sell virtual things to customers within the virtual environment, eliminating supply chain management.
Direct-to-Consumer sales enable retailers to join the market without the use of intermediaries. Furthermore, brands can digitally demonstrate real things before selling them to customers in person. The customer's journey begins in the virtual world and concludes in the real one in this example.
Moving on, let's check,
Brands have a fantastic opportunity to take advantage of this demand by creating virtual products identical to their real-world counterparts.
Some brands that are leveraging the Metaverse are:
Buying digital assets with NFTs is made secure, transparent, and verifiable, thanks to Blockchain Technology. A rise in the number of virtual events will result in more digital assets and more time spent in this virtual world—more virtual outfits, cosmetics, and so on. The ratio among our virtual and physical assets is quite likely to expand considerably. This opens up chances in the Metaverse for sectors other than gaming and retail.
The utilization of digital retail in the Metaverse could pave the way for a new industry sustainability era. Digital retail saves resources, time, and energy while also lowering emissions. In addition, plastic waste might be drastically reduced. Clothing production could be reduced to a bare minimum, especially if self-expression in the digital realm catches up.
As the Metaverse is still in its beginning phase, it is impossible to foresee slight differences in the retail industry world. Stay in touch with us to know more about the emerging technologies. Or, if you are looking to enter the market with such technologies, we are here to help you with the best solutions.
Till then, happy reading...
