Retail in Metaverse

Ask yourself, when was the last time you stepped out shopping? Waiting for online festive sales has become a common practice now. From big retail outlets to multiple online marketplaces, the world of retail has changed exponentially since the Internet came into existence. What do you think is going to be the next big revolution in the retail industry? Let’s assume two scenarios, one is a new online marketplace giving better discounts, the other option is a retail outlet in a multiverse where you go and shop. The articles you buy can be used in the real world as well as in the metaverse and what if you also get some exclusive NFTs (Non-Fungible Tokens) as well!  Which one of these scenarios sounded like a probable future to you?

The retail industry in the metaverse is no longer just a theoretical concept. Many major brands have already capitalized on the first-mover advantage, with Gucci leading the way. It seems that virtually every brand is now searching for a way to enter this new space. The metaverse allows brands to create an immersive and multisensory experience for customers that is not currently possible on traditional online platforms, bridging the physical and digital worlds. This trend is not limited to clothing brands, as furniture and automobile companies are also venturing into the metaverse. In a metaverse shopping experience, customers can explore the store, visit different levels, and test products without the need to leave their homes. Nike, Adidas, Tommy Hilfiger, Burberry, Samsung, Louis Vuitton, Balenciaga, and even banks like HSBC and JP Morgan have all joined the trend. According to a recent report, 77.24% of consumers do not complete the purchasing process, and instead, leave products in their carts or add them to wishlists. The metaverse can help to address this issue by providing an in-store experience that improves decision-making and enhances customer satisfaction and retention.

Advantages of Retail in Metaverse

• The metaverse provides effective consumer data such as product engagement, product placement, and effectiveness
• Retail giants can offer tailored retail experiences based on demographics and culture
• The metaverse space should be seen as an extension of offline setups to provide better promotions and discounts
• There is a question of how virtual retail outlets will provide an immersive experience and whether it cant affect human senses that play a major role in customer decision-making
  

Activating the senses in the metaverse:

The metaverse has the potential to activate all of the human senses, creating an immersive experience that can positively impact consumer decision-making. Studies in customer psychology have shown that the first few seconds of interaction between the consumer and the product are critical in shaping their decisions. For the metaverse to truly provide an immersive experience, it must engage all of the senses to increase customer engagement and enhance the overall experience.

Sight:

The first sense that makes the impact is sight. Retailers on the metaverse have to make sure that they incorporate good visuals to attract consumers. Strategic use of colours, shapes and textures will help in building a visually appealing environment. (If you are not a 3D designer and you wish to create a metaverse experience you can buy 3D environments designed by designers on the Convrse marketplace.) Animation and motion graphics can also prove to be great assets in enhancing the visual experience. Keeping the interiors well-lit and playing with the light and dark contrast can help in building a unique visual aesthetic.

Sound:

Sound plays an important role in shaping the mood of the ambience. Incorporating sound can help in increasing user experience. Sounds should be customised based on the experience for example natural sounds or classical music are good for creating a laid-back and peaceful environment whereas upbeat electronic music can help in creating a more energetic space. Research also says that customers tend to move slowly at places where the background music is slow and vice versa.

Smell, Touch and Taste:

Well, the metaverse technology has indeed improved exponentially but it is still a long way to go till it can cater for the other senses. But there are indirect ways to include these sensory effects for example the interior texture can help in generating a cerebral response to touch.

How is Metaverse different?

Product:

Metaverse can be best used for product testing and trials. Brands can also involve in fusing the digital and physical by providing physical access to digitally brought products or vice versa. Licensing and partnering with NFTs is also a great way to engage users on the metaverse.

Commerce:

Commerce in the virtual world will be much more streamlined, The augmented store experience will help in eliminating the problems faced digitally. Because the virtual worlds have no limits, store visualisations and planograms can be executed with much more ease.

Marketing:

With all the hype around Metaverse and its related subjects. Any brand associated with the idea of metaverse rises automatically to a higher pedestal. It can further be a great way of product placement, it can also be used as an immersive marketing platform for product demos and product launches. NFT is also an integral aspect when it comes to brands on the metaverse. Brands can run NFT loyalty programs for customer retention.

Talent:

Metaverse can act as a great platform for employee collaboration and thus can be an effective platform for team bonding exercises. It can also be a great medium for creating immersive experiences to help employees bond and learn from each other.  

Fashion:

In the fashion and luxury retail sector, brands are embracing the virtual and immersive future. They release virtual clothing, launch NFTs, and enter the gaming world. Gaming is key in exploring the experiential opportunities of the metaverse. Gucci showcased its Gucci Garden experience on Roblox, allowing users to buy avatars and clothing. Balenciaga introduced exclusive skins and outfits on Fortnite through Epic Games 2021.

If you are an enterprise that is looking for a gamified metaverse experience, reach out to hi@convrse.ai

Handpicked Metaverse Experiences:

Introducing Eternal Gaze:

A breathtaking fashion environment crafted by Convrse in just seven days. This space is perfect for your product launch, offering an immersive experience that beautifully showcases your fashion brand in the metaverse. Eternal Gaze presents a timeless beauty, combining real-life store elements with optimized, low-poly virtual design. Step into this captivating space and embark on an endless exploration. For all the 3D enthusiasts, we’ve documented the entire process behind creating Eternal Gaze, revealing the secrets behind its creation.