The revolutionary effects of the internet and virtual reality on retail

meet in the metaverse

The Metaverse will alter the traditional retail industry. Many popular fashion houses are gearing up for an online debut, including Vans, Adidas and Gucci.

The rise of the Metaverse might not hurt brick-and-mortar businesses as much as it might open up new opportunities for merchants, but only if they can successfully combine their digital and physical offerings into a single customer journey.

In order to be successful, phygital shops need to think outside the box and provide their clients with seamless ways to switch between their online and offline experiences.

With the average person expected to spend an hour online every day by 2026, the term “See you in the Metaverse!” is becoming more common.

But then, what exactly are we going to be doing in that place? Non-fungible tokens (NFTs) and digital clothing are two of the most talked-about future applications of blockchain technology. Already well-established are names like Vans, Gucci and Adidas.

What new possibilities and challenges does the Metaverse present for merchants?

While the COVID-19 epidemic continued to grow, people quickly shifted to digital media, which altered the nature of the buying experience. In the meantime, it heightened the value of social connection.

These kinds of social connections already occur frequently in shopping malls, serving as meeting places for those interested in culture, recreation, and health in addition to retail therapy. This function will increase in importance as stores grow more adept at translating their internet offerings to in-store visitors. It’s hard to tell, but it will soon arrive in your area.

If they want to succeed, phygital merchants need to think outside the box and provide their consumers with seamless ways to switch between online and in-store shopping.

Stressing the need for complete cohesion

This changes not just our own but also our consumers’ expectations. More and more, it’s clear that what customers want and need is a hybrid or omnichannel strategy, and the real and digital worlds are coming together.

Additional sources of income are becoming available because of digitalization. It’s not about improving upon what currently exists, but rather about making new paths available for engaging with consumers and generating purchases outside the physical business.

To cash in on this, merchants have to adjust to interacting with consumers in a variety of settings, including the Metaverse. As per J.P. Morgan, the $54 billion that players spent on downloadable material in 2020 is merely the beginning. The virtual edition of the Gucci Dionysus Bag, intended for sale on the Roblox platform, ended up selling for more than $4,000. The genuine item cost less!

Convergent events that boost revenue

The secret to success is in fusing the offline and online worlds to provide a unified consumer experience. According to data compiled by Google, markets and channels that span many devices will be responsible for an increase in sales of 86% in the US and Europe over the next 5 years. This highlights the importance of seamless integration.

The findings suggest that brick-and-mortar stores can compete successfully with their digitally savvy counterparts.

That’s only the next step in the mall’s development as a social hub where people can have fun and make memories; it’s something they’ve always done, but now they’re expanding on.

Retailers are installing video screens that change their content based on things like a customer’s age and gender to give them the same kind of personalized experience they’re used to getting online.

By just grabbing an item off the shelf, shoppers at brick-and-mortar stores may get personalized suggestions or have more product details shown on-screen. Virtual try-ons for cosmetics and clothing are becoming more common. Examples include Chanel’s partnership with FarFetch, which allows customers to browse and reserve items from the brand’s curated collection via mobile app.

Increasing Participation and Building Trust

Engagement increases when companies and consumers communicate in this manner. Bumbleride, a stroller manufacturer, witnessed a 33% boost in sales conversion after adding 3D images of baby strollers to the online store, despite the fact that many expectant parents prefer to test baby items out in person.

The Mall of the Emirates is a prototype for the kind of store of the future, which will use information and analytics to better understand customer preferences. You can improve your customers’ shopping experience by tracking and analyzing data, including visitor counts, consumer profiles, traffic patterns, customer retention rates, reviews, and available space in the business.

Eventually, visitors from beyond the UAE will be able to virtually visit our malls to take advantage of the unique ambience and services we provide thanks to the expansion of the Metaverse. After everything is said and done, it might sway their decision to come to see you in person.

Possibilities exist in the physical and digital (phygital) realms

Instead of hurting brick-and-mortar businesses, the Metaverse will open up new markets for merchants across the board in the next few years, resulting in over a trillion dollars in yearly sales. This shift implies that malls can no longer be judged only by their foot traffic.

We think retail’s bright future is a combination of the digital and physical, with the consumer at the center of five senses and expression of feelings designed to provide them with exactly what they want.

Even if individuals are beginning to congregate in the Metaverse, studies show that shopping malls may still serve as the unofficial hubs of their respective communities.

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About Metaverse+

An NFT Brands Inc. technology (NFTB) – a wholly integrated Web3 development company building end-to-end Metaverse & NFT solutions for brands & creators to unlock new digital potential.