The world of retail and shopping has yet to escape the changes and innovations that other industries and fields have been experiencing. Small retailers turned to high-street brick-and-mortar stores, and not long after, online shopping took the spotlight. Today, another digital innovation is set to change the retail industry: the metaverse.
Many people and companies wonder how the metaverse will redefine retail and shopping experiences for companies and if there will be an increase in 3D design for the metaverse. What will this evolution bring to the future of retail? How will brands use digital experiences and virtual shopping to get their products and services to market and into the lives of their consumers?
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What is the Metaverse?
The metaverse may sound like a complex digital world as virtual reality covers everything from games to art, shopping, and work. Simply put, the metaverse is the digital universe or worlds that will soon house virtual experiences. The metaverse enables the possibility and rise of virtual shops, gaming platforms, cryptocurrency purchases, and more.
The metaverse is poised to continue to grow in the coming years. More and more companies are also expected to leverage augmented and virtual realities soon to gain a competitive edge and increase business revenue. For instance, freelance metaverse architectural designers can design virtual properties and land within Web3 digital real estate.
Social media and smartphones are more of a necessity than a mere luxury in people’s everyday lives. Businesses are shifting to social commerce from typical eCommerce. Popular brands like Adidas, Gucci, and Nike are the pioneers in the metaverse, using it to provide richer customer experiences. Companies are using 3D design for the metaverse with the aid of metaverse 3D designers.
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Opportunities and changes that the metaverse offers to retailers
The retail industry enjoys the most considerable benefits from the metaverse. Some brands are already starting to sell virtual products using the Metaverse platform. Fashion brands are the ones that take the lead in offering their products in the metaverse in the entire retail industry.
- Increased sales through cohesive experiences
The concept of buying turned into shopping with the introduction of malls. These buildings became places where people could shop, eat, socialize, and entertain themselves. Today, brands use their physical shops to provide a more cohesive experience to enrich the overall experience of their customers.
The digital displays available in retail shops allow customization of content according to the age, gender, and preferences of the user. It gives customers a richer shopping experience that can help improve engagement and boost sales simultaneously.
- More seamless integration
Online commerce no longer serves as a replacement for physical shops. The trend has significantly changed as brands realize they must balance their digital and physical stores well.
A brand must engage with its customers no matter where they are, which is made possible more than ever with the help of the metaverse. The seamless integration is made even better as the metaverse is expected to generate more than $1 trillion in revenue.
Gucci showed the possibility of this seamless integration when the brand sold its virtual Dionysus bag in the Roblox marketplace for a whopping $4,000, which is significantly several times higher than the price of the actual bag.
- Foster trust and improve engagement
The metaverse can also help brands improve customer engagement in physical shops in malls, and even in their digital stores in mobile applications and websites. The stroller company Bumbleride, for example, has noticed a significant 33% growth in its conversion rate after its online shops introduced 3D models of their strollers.
Future evolution of the retail industry with the rise of the metaverse
The phrase “see you in the Metaverse” is gaining traction and popularity, showing that the retail industry has understood the importance and potential of the metaverse sooner than other industries.
The past ten years witnessed a change in customer experience and omnichannel sales, and today, more and more brands focus on the virtual world to reach out and interact with their customers. Retailers are leveraging and harnessing the power of virtual reality (VR and AR) to provide their customers with richer and more immersive experiences in their online platforms and physical stores.
Here are some of the aspects and possibilities of the metaverse that are expected to redefine companies and their shopping and retail experiences:
- Augmented reality
Augmented reality, or AR, is at the heart of the growth of the shopping experience in the metaverse. Makeup brands, for example, give customers a chance to try on different beauty cream palettes with the help of a virtual avatar before deciding to make their final purchase. 3D avatar design and freelance CAD services are more prevalent than ever before.
With the help of AR, people can try on different products, such as jewelry pieces and clothing, before buying them. This immersive shopping experience will allow customers to shop in stores remotely that would have otherwise been impossible to visit in person. For instance, a shopper enjoying her tea in London can have a virtual experience of a store in Greece that might encourage her to personally visit the shop the next time she goes on a trip to the country.
Nike is the perfect example of AR’s use in the metaverse shopping experience. The brand even recreated the Smith Rock State Park of Oregon with the help of geo-fencing and AR.
- Integrated gaming and shopping experiences
The metaverse was initially regarded as a platform for gaming, but the introduction of shopping has transformed it into a commercial platform. Users can make their virtual avatars and explore virtual worlds like Decentraland.
This virtual world features all kinds of businesses found in the real world, from restaurants to branded stores, sports stadiums, vacation resorts, and more. Users can also visit the different virtual brand stores and try on various products. Once they decide to purchase, they will be directed to the eCommerce website.
It is where gaming meets shopping, and this seamless integration ensures that the users will never feel like they are doing their usual online shopping, made possible by the immersive customer experience. An excellent example of this integration is Balenciaga. The luxury brand started to offer virtual skins for digital avatars in the Fortnite gaming platform. Users can shop for virtual skins for their avatars straight from the Balenciaga shops.
- More sales channels
The metaverse has become the newest hotspot where retailers can sell their products. The best thing about the metaverse is that brands can sell physical and virtual goods using virtual platforms.
Several up-and-coming businesses even exclusively create virtual products they intend to sell in the metaverse. With the help of AR and VR, the metaverse has become a substantial sales channel for various businesses, and these opportunities are expected to continue to increase soon. Users can find the best products for them through the immersive shopping experience.
One brand that remarkably uses the metaverse as its sales channel is Dyson. It introduced the new Metaverse app called Dyson Demo VR, where users can test and experience Dyson products first-hand with the help of VR and AR. Users can also explore each product and understand the technology behind their development.
- A whole new world of shopping experience
One of the top benefits of metaverse for the retail industry is that they allow customers to shop using virtual platforms. You can virtually visit a 3D shop, browse through products, and try on clothes in the 3D fitting room. Users don’t have to step outside the house to try on makeup items because they can easily do so using their virtual avatars in the metaverse.
Some of the leading brands that already collaborate with Metaverse and gaming platforms to provide richer shopping experiences to their customers include Balenciaga, Burberry, Forever21, Gucci, Louis Vuitton, Nike, Ralph Lauren, Tommy Hilfiger, Vans, and Zara.
- Creation of virtual closets
AI or artificial intelligence has a huge potential in the metaverse that it will allow creators to enable users to make personalized virtual closets. You can store your existing clothes in your virtual closet and receive personalized outfit suggestions according to your shopping history and existing clothing items. The AI store assistants will also analyze your virtual closet’s existing clothes and provide customized style tips and advice.
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AI designers will allow brands to create unique fashion designs for virtual avatars that are impossible in the real world. Several luxury clothing brands, including Balenciaga and Gucci, are pioneers in producing and selling virtual clothes over the Metaverse platform.
- Enhanced personalization
Thanks to the metaverse, the whole world is bound to witness personalization on its highest level, which was never imagined or seen in the past. Brands can give customers a chance to play and have fun with the use of VR and AR technologies. In-depth details of products can be checked and scrutinized for a better shopping experience.
Nike’s gaming platform Nikeland, released in Roblox, is an immersive virtual environment that allows users to play games and create games using the Nikeland toolbox. The metaverse is a new world poised to change the game for companies and consumers.
How Cad Crowd can assist
Discover the future of retail and shopping experiences with the transformative power of the metaverse. Explore how this emerging technology will reshape how companies engage with customers and revolutionize the retail landscape. Join us on this exciting journey and unlock the potential of the metaverse for your business.
Dive into our blog post to learn more about the possibilities, benefits, and strategies for leveraging the metaverse in your retail endeavors. Embrace the future today and stay ahead of the curve. Contact us for a free quote, and let us guide you in harnessing the metaverse to redefine your retail success.
