Recently, Facebook Inc. changed its name to Meta and introduced Metaverse – their new “parallel universe.” You may have heard the name, but do you really know how it will impact the retail industry?
This article will give you a deeper look at this platform and help you answer the question, “Can you take advantage of the metaverse for your retail business?”
What is the Metaverse?
“Metaverse” may be derived from “Snow Crash,” a science fiction novel released in 1992 by Neal Stephenson. Simply put, Metaverse is the collective, persistent, parallel reality where we can play, work and socialize. Remember that it is not simply a virtual version of the internet. Instead, it is what completely replaces the internet today.
Mark Zuckerberg demonstrated the Metaverse during the Facebook Connect 2021 conference. The Metaverse works just like the physical world, which means it doesn’t stop working when you go to sleep. This virtual world will continue even if you are logged out.
In other words, you cannot turn it on or off like a virtual reality game. It’s a whole other world as long as you want to join it.
How could the Metaverse impact the retail industry?
Many retailers are trying to take advantage of the enormous advances in 3D and virtual reality. A few of them have created apps that allow their customers to see the products in their homes. So, it is true to say that the power of 3D and AR has given customers a shopping experience that did not exist before.
Consumer interest in virtual reality has been around for a long time. As more companies incorporate these technologies into their business strategies, this interest grows rapidly. In fact, about 66% of consumers say they particularly prefer using AR when making a purchase. This helps them visualize how a product fits into their lives when shopping online.
This is becoming more and more common during the covid pandemic. There is no denying that using these virtual/augmented technologies is a better solution for retailers to join into the e-commerce space and create an omnichannel shopping experience that unites digital and physical worlds for their potential customers.
By utilizing Metaverse, users can interact with the products they want to buy in real-time using their personalized virtual avatar. For instance, if your company creates a virtual storefront in the Metaverse, your customer can get into the store, see the products they are interested in, walk around and engage with others and then make a real purchase.
This completely changes our perception of physical and virtual stores and creates a new way of shopping that will change customers’ shopping habits in the future.
In general, online shopping always provides an element of convenience that many people appreciate. So, if your retail business combines in-store experience and digital elements, you’ll be better at meeting the needs of your buyers. Contact us now to increase the edge of your retail business!