There are almost 8 billion people in the world. Yes, crazy. And more than a quarter of them are active online shoppers. E-commerce sales are on the verge of reaching $6.5 trillion within a year.
What was once the future has finally become the present. Anyone reading this probably buys everything from groceries to clothing on a regular basis. But we’re only human.
We are always looking for the next big thing. Both as shoppers and investors. What’s next for retail?
You read the title, so you know the answer.
The Metaverse. A virtual, immersive world. It gives you an experience similar to that of your smartphone. However, it is much more advanced.
It’s in 3D, so it’s much more engaging and realistic. You can actually see and interact with different things in this world.
The concept is still too futuristic and new for some. For now, only 16 out of 100 people fully understand what the Metaverse is.
But brands are now experimenting with it.
What has Metaverse done for retail so far
Some of the biggest brands in the world used early Metaverse Technology to develop more awareness, increase engagement and learn in the process. D&G, Gucci and Nike are just some of the brands that have used NFTs, virtual concerts and VR to boost their online presence.
And it makes sense why.
Augmented reality headsets can provide consumers with unique, one-to-one interactions with brands and products. All around 73% of consumers are willing to spend more money on a brand if they build a genuine relationship with it.
Shortcomings of online shopping
Let’s go back a bit and ask ourselves: will the Metaverse have any practical use or is it just a gimmick? We’ve seen a lot of new technologies come and go. They all looked promising. However, they could not deliver.
Is the Metaverse different?
Studies show that nearly 60% of consumers actually like to buy clothes, shoes and other accessories online. It’s easy to see why. It’s really very convenient. You can do it from the comfort of your own home.
But there are some things you can’t do online. You can’t try on the clothes or take a close look at the fabric. Not to mention you don’t know how it will look on you until you receive it. That brings us to the next point.
How the Metaverse can help address that
The Metaverse can help solve some of the problems associated with online shopping.
This way you can try on clothes virtually before you buy them. You can see how they look on you and what goes well with them. Do you want to inspect the fabric? Thanks to HD graphics and haptic feedback, you can do just that.
People who work for brands are all too aware of this. In fact, they are already doing it.
Some of the brands working on the metaverse include:
Finally
The Metaverse is the future of retail. It has the potential to solve some of the biggest problems online shoppers face.
It’s still in its infancy, but brands are already experimenting with it. And this is just the beginning. Sooner or later we all go shopping in the Metaverse.