Walmart, Gucci, and Coke are getting meta, and the sales are real!

Imagine thousands of shoppers flocking to your store’s latest opening, trying on clothes and making major purchases. There is no physical store.

This is what the retail industry is poised to capture with the help of fully immersive virtual reality, or the metaverse. With marketers alert, the platform has turned into a marketplace destination, and more consumers are buying into it. Revenue opportunities from the metaverse can, through e-commerce only, $2.6 trillion by 2030McKinsey estimated in a June 2022 report.

And while a significant portion of this revenue goes to games, an increasing share is expected to be collected by retailers and brands.

Retailers, get to know your “Shopatar”.

Virtual and augmented reality (technology that overlays computer-generated images on the real world) can be very successful in encouraging consumerism because the artificial intelligence (AI) that fuels these experiences is constantly building on the data it collects about the behaviors of its users.

Enter virtual influencers and AI shop assistants. These avatars can learn about a user’s style preferences and provide fashion advice or product recommendations, a report by Software maker Acowebs. The report states that “the potential of artificial intelligence technology will allow the creation of virtual wardrobes where users can store their existing outfits and receive new and more individual fashion suggestions”.

Take, for example, RecRoom, a game where players can buy clothes for their avatar or household items for their virtual living spaces. Some of these products could come from real brands.

And it doesn’t have to be virtual products.

Brands Join VR and AR

AR
which is the “real” thing

Pixels become tangible in reality, as retailers and brands use the metaverse to showcase actual products before selling the real stuff to shoppers. Meanwhile, others are creating entire communities that can capture more detailed data points. some examples:

  • coca cola Develop it Sugar free flavour in the metaverse then transformed the digital drinks into a limited-edition product, making them consumable in both real and virtual life.
  • Ralph Lauren in November 2022 Launched digital clothing and accessories on the gaming platform Fortnight, followed by dropping a physical “capsule” set released on their website.
  • Walmart
    wmt
    In 2021, the Zeekit virtual fitting room was purchased, and in 2022 Technology rolled to the Walmart app and Walmart.com, as “Be Your Own Model.” With it, users can upload photos of themselves to see what the clothes might look like. The tool is expected to make it easier for customers to hit the “buy” button.
  • Gucci created a complete virtual destination, Gucci Cityon the Roblox gaming app. In addition to social spaces, the city significantly features a Gucci Store where players can purchase Gucci digital goods, including clothing for their Roblox avatars, Retail Dive reports.
  • Claire, accessories series, also cooperate with Roblox. Launched Shimerville on app in October 2022. Designed for shoppers in their teens and 20s, the digital destination showcases virtual accessories that are also available in its physical stores.

Wait, what does this mean for stores?

Whatever the potential of virtual reality, augmented reality, and all that is the metaverse, consumers can’t be expected to give up on the store. Most people – 67% – He still enjoys shopping at physical locations For convenience, social networking and product comparison, the Consultation morning reports.

However, the metaverse has to play with retail bricks and mortar. McKinsey advises that the key to successful integration of these channels is seamless integration and a unified online-offline experience.

If this is achieved, retailers and brands can expect these benefits:

New forms of data. Insights from immersive virtual retail can represent new behavioral trends and data points that retailers and brands can use to predict future behaviour. This could be especially valuable in 2024 and beyond, when Google
The Google
Phase out marketing cookies.

Lower real estate costs. While stores are not going away, the metaverse could reduce the need for many physical locations, as well as make smaller formats more efficient. A virtual fitting room costs less to maintain than a physical room, for example.

Market building. The metaverse is borderless, so retailers and brands can build not just virtual stores, but global communities. Take Nike’s Nikeland in Roblox, which was in the first five months It attracted 6.7 million people from 224 countries, you mentioned the drum. In these communities, visitors can exchange style tips, share reviews, and participate in company missions, such as charities.

Will the metaverse come to fruition? If the $2.6 trillion spending forecast is anywhere near accurate, it should be worth exploring. Turning virtual experiences into real money requires expert execution, however, part of the workforce must be trained before going live.

Retailers and brands should have their own best analytics teams, and make sure to keep one foot in the ground.

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