Companies in the retail sector are looking for new opportunities with the metaverse
Retail companies and the metaverse are projecting themselves into the future, exploring more opportunities, innovating, and proposing business models that break schemes.
Commerce and the internet are rapidly transforming as consumers do so too, which is why companies dedicated to the retail sector must adapt to the shopping experiences of the future and the changing needs of the market. Besides, important technological innovations in recent years have retail commerce as a point of reference, and due to the business model, it will always need to be at the forefront.
The concept of the metaverse is increasingly renowned. This is no longer just an aspect of social networks, but in industries and businesses, the metaverse occupies an important space in future organizational projections.
Gartner defines the metaverse as a collective virtual shared space, created by the convergence of a virtually enhanced physical and digital reality. This ecosystem works under virtual reality experiences that allow through avatars people can relate to each other and digitally experience the things that are done daily, from work, attending class, buying items, making transactions, having fun, socializing, and much more.
Why is the metaverse important in companies across all industries?
The metaverse is beginning to consolidate as the next great evolution of the internet, according to Statista, it is estimated that 74 million people will use virtual reality hardware this year, a particular fact, because almost a year after Mark Zuckerberg’s announcement about metaverse, this sector is strengthening rapidly, and its investments would also close at 650 billion dollars for this year.
The great boom of the metaverse has caused large companies not to be left behind and for example cases of giants such as Microsoft, Nike and Coca-Cola are already betting on a virtual space, projecting 3D realities as a field of investment in a society that in the future will enjoy more of a digital economy. According to Resnick, senior analyst at Gartner, “Enterprises will have the ability to expand and improve their business models in unprecedented ways as they move from a digital business to a metaverse business. That’s why by 2026, 30% of organizations in the world will have products and services ready for the metaverse.”
Possibilities offered by the metaverse in the retail sector
It is a fact that retail trade has had a very important advance in recent years, especially since the pandemic when electronic purchases increased significantly and necessarily businesses generated structural changes to move towards the boom of online shopping.
Owing to digital environments and e-commerce platforms, customers, suppliers, and other users now have access to almost any product or service quite easily.
Now, e-commerce and the retail sector in particular are no strangers to the new evolutions in the metaverse, on the contrary, this is one of the sectors that finds more prominence in virtual spaces and that has more and more possibilities.
These are some of the opportunities that can be accessed for now:
- Quick commerce: Instant commerce is a novelty even for industries, providing products quickly is a challenge to all types of industries, nowadays technological advances have brought advances like drones, and automated logistics centers that are becoming in the new evolution. Although it is a complex issue, the metaverse is preparing to merge its capabilities with companies in the retail sector to respond immediately to consumer needs.
- Virtual reality experiences in physical stores: Without a doubt, technology is modifying the needs of consumers, currently retail stores add value to the purchase process by implementing, for example, entertaining sensory experiences, such as the possibility for customers to try on clothes digitally or buy a house with a virtual tour coupled in the metaverse.
- By entering the metaverse space, companies can significantly reduce costs in sales processes, proposing a virtual scenario that is undoubtedly easier, more autonomous, and more agile. In this way, the metaverse era proposes business solutions such as remote work in offices designed in this digital reality, where employees can interact as they would in the same way in an office. On the other hand, companies can have access to a digital economy supported by the rise of cryptocurrencies and digital money being implemented in so many transactions worldwide.
Some companies that have already created a space in the metaverse
First, Nike highlights their strategy of immersion in the metaverse through Roblox a video game platform, there the followers of the brand were given a virtual reality space where they could buy virtual clothes of the brand for their avatars.
Nike has continued to concentrate efforts in the field of the metaverse, and this is how in another event together with RTFKT Studios managed to sell 600 sneakers for the virtual and also physical plane generating more than 3 million euros.
Likewise, companies such as Hyundai stand out, which held a virtual event to publicize its latest products and show the innovation of its brand, their customers enjoyed a social space where customers could connect with other people virtually, testing products and even participating in playful activities in a 3D plane.
Cases such as Amnesia Ibiza with a virtual disco or coca Cola with virtual concerts to promote new flavors are more examples of how companies from various sectors are innovating towards the future.
The market has quickly become a more challenging space. The retail sector above all has had to realize that the internet and new technologies are a necessary space within an environment where success often is to go beyond and break the limits.
Metaverse is undoubtedly a new paradigm and a field still unknown to many, but, although the world of virtual realities is in its initial phase, the great digital revolution of this technology in a short time has already given important results. For this reason, retail companies must look at the metaverse as a range of possibilities and the opportunity to stand out in an increasingly competitive market.
Strategically, it’s essential for businesses to stay ahead of the curve with new technologies, such as the metaverse. Experts already point out that companies must look for new business models, plan to grow into the future, predominate in the market, and, above all, go where the consumer is going.
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Metaverse Definition – Gartner Information Technology Glossary. (s.f.). Gartner. <https://www.gartner.com/en/information-technology/glossary/metaverse>
Statista. (s.f.). AR & VR – Worldwide | Statista Market Forecast. <https://www.statista.com/outlook/amo/ar-vr/worldwide>
Key figures and statistics of the Metaverse in Mexico and in the world (2022). HelloSafe. < <https://hellosafe.com.mx/inversiones/nft/metaverso>
Gartner Predicts 25% of People Will Spend At Least One Hour Per Day in. (2022). Gartner. https://www.gartner.com/en/newsroom/press-releases/2022-02-07-gartner-predicts-25-percent-of-people-will-spend-at-least-one-hour-per-day-in-the-metaverse-by-2026
Marr, B. (2022, June 1). The Amazing Ways Nike Is Using The Metaverse, Web3, And NFTs. Forbes. <https://www.forbes.com/sites/bernardmarr/2022/06/01/the-amazing-ways-nike-is-using-the-metaverse-web3-and-nfts/?sh=6888e0c356e9>