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Retail and Metaverse

Shopping in the metaverse brings to mind immersive experiences and VR suits. But if you’re still the old school variety who needs time to get used to the idea of shopping with a headset and gloves, well not to worry you probably have a decade to get used to the idea.

But while this new retail style in the Metaverse will take time to become mainstream according to experts, and customers can sit back and wait for the future of shopping to come to them, brands have to start getting future ready right now. Many are already making strides in that direction and have already set up shop, so to speak, in the Metaverse with great success. Luxury fashion brands from Gucci to Louis Vuitton to Burberry and Balenciaga as well as huge global brands such as Nike and Adidas are now selling their NFTs aka their virtual digital collections on different Metaverse platforms.

But it’s not just global brands that can begin to make their mark in the Metaverse and if the thought of just how to do that is daunting here’s a few steps you can take to get your brand started.

Understand the Metaverse

It is not just the average consumer who is largely unfamiliar with the Metaverse but several companies as well are not as well versed in the Metaverse as they perhaps should be. Well the first suggestion we have to get Metaverse ready is that companies should start educating themselves about the Metaverse in order to crucially understand for themselves whether the Metaverse is hype as many like to call it, or can the Metaverse add real value to their business.

 

Start with lower risk use cases

It makes sense to start with lower risk ventures into the Metaverse such as virtual tours of existing stores, selling digital versions of physical products and venturing into NFTs at least to begin with.

 

Simplify the customer journey

Once a brand is more confident it can focus on how it can provide a whole new level of convenience and ease to the customer. This includes presenting products in unique ways, ease of payment, a plethora of delivery options, considerably reduced waiting times etc.

Mohit Goel CEO and Co-Founder of Metalok a blockchain technology and Metaverse developer offers more advice for companies big and small looking to enter the Metaverse. Mohit Sir “quote here on what is the first big step that brands need to take to ready themselves for the Metaverse and weave in how Metalok can help with that”

Whether it’s a small big or medium brand there seems little doubt that the Metaverse is going to be huge for the world of retail. Gartner predicts that by 2026, 15% of people will spend at least an hour a day in the metaverse.

Simplify the customer journey

From the stars to a more down to earth perspective of the advantage of blockchain and how builders and homeowners can benefit from it. Most of the time when people acquire possession of their flats, it’s not what was promised to them at the time of the booking. This has led to a lot of nervousness amongst potential home buyers. To solve this issue Mohit Goel CEO and Co-Founder Metalok Solutions Pvt. Ltd. has noticed this trend amongst builders of late. He says,”Many builders are showing interest in registering on a blockchain. They want to have whatever plans and designs they have created for example a 2D and 3D diagram of a flat’s plan and design registered on the blockchain. This way any 2D or 3D tampering is greatly reduced.”

Data saved by builders and developers on blockchain is good enough to win the trust of any home buyer because he can always also refer to the area map and diagrams and pay for what was promised.

Blockchain also helps to keep all property documents safe and sound which helps to keep homeowners minds at rest.

Metaverse market report by Bloomberg Intelligence.

Says Mohit Goel CEO and Co founder of Metalok,” what needs to still be done for Metaverse to become more mainstream and how Metalok is working towards changing those obstacles”

With the many benefits of blockchain it is not surprising that the government sector is opening up to the potential of blockchain. After all the government holds the largest record of data on each individual in their databases, making it an obvious target for hackers. Reducing this risk to such crucial data is extremely important for any government. However with blockchain, the fact that there is no risk of a single point of failure means that data is more secure and that breaches can be prevented.

Some of the issues that need to be ironed out before people flock to malls in the Metaverse include:

VR sickness

Many still find the headsets that come with VR suits too bulky and cumbersome to wear.

Lack of awareness

In a Commerce Next Customer Survey almost 48 per cent of the respondents had never heard of the term Metaverse. Those who belong to Gen Z not surprisingly however are much more aware of the Metaverse.

Lack of awareness

The Metaverse in its current state does contain challenges in the spheres of security and regulations. Any brands looking at entering the Metaverse should have a firm strategy in place on how to mitigate potential security risks. Blockchain technology can be extremely efficient in helping companies to protect their interests.

So while the technology and awareness may not be quite there yet, it doesn’t mean that brands shouldn’t start focusing on preparing their journey into the Metaverse. In fact many experts advise that even if companies don’t end up being a part of the Metaverse just getting Metaverse ready which includes becoming more agile, discovering new core competencies and becoming more comfortable with virtual products can only mean good news for a company’s future.