The metaverse: Land of opportunity for retailers

by | Sep 18, 2022 | Technology

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Although everyone agrees that the metaverse is coming, there’s no broad consensus on what it really is, and how it’s going to work. Retailers see it as essential to serving customers, a natural progression from mobile, social media and the internet. But how will retailers shift the intricacies of selling physical goods over to a virtual world? That question and more are emerging as businesses begin exploring how they might navigate the uncharted waters of the metaverse. 

It’s important to learn “how we separate what we do in the virtual space from what we do in the physical world that’s further converging,” metaverse expert Cathy Hackl says. “Commerce is evolving as we head into these new virtual spaces and shared experiences, both in the virtual and physical world[s].”

In this context, technology has a new mission: illuminating how users behave in virtual retail spaces. Detecting who is visiting your virtual store, where and when they’re visiting, how they’re interacting with your products and for how long, why they engage with specific content — all of this information is crucial to retailers. To know what works in the metaverse, retailers need to follow the customer journey closely, and use customer insights to help guide the design and product placement in their virtual stores. 

Researchers have been studying the metaverse marketplace recently, and their predictions are optimistic:

In a metaverse market report, Verified Market Research projects that the market will reach USD $825 billion by 2030; in comparison, the metaverse market was valued at USD $27 billion in 2020.Gartner predicts that by 2026, 25 percent of people will spend at least one hour each day working, shopping and more in the metaverse, while 30 percent of organizations worldwide will offer products and services in the metaverse.A McKinsey report on value creatio …

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