Metaverse and Web3 make us think about transforming gaming gigs and virtual meetings.Still, the metaverse offers $8 trillion Business opportunities, especially in retail. Some hype may subside, but investments pouring into the sector should keep it moving forward. So let’s take a look at what the current metaverse retail industry has to offer.
It is important to distinguish between the terms Metaverse and Web3. Both refer to the same concept, but people use them in different contexts. Web3 applies to the next generation of the web, incorporating advances such as decentralized ownership to move control into the hands of users and communities, establishing control and freedom from censorship. The Metaverse, on the other hand, is a shared digital reality where users can connect, build economies, and interact in real time.
The Metaverse can drive physical product sales, reduce the costs associated with physical stores, and enhance the store experience through personalized environments. allows you to better explore and discover our products. Brings online shopping closer to what consumers can do in brick-and-mortar stores without leaving their homes. This turns your visitors into customers. Thus making online retail a much more viable and worthwhile business.
McKinsey & Company estimates that the metaverse will generate up to $5 trillion in impact by 2030. The impact varies by industry, with an estimated $2 trillion to $2.6 trillion impact on e-commerce.
The Metaverse train, powered by Web3, offers the following features:
- Access to Gen Z and Alpha as customers drives engagement in the metaverse.
- Steal the engineering talent that can build and maintain 3D assets and digital stores in the metaverse.
- Get access to complementary buying channels.Brands Seek More Digital Selling Opportunities and physical goods through these channels.
- The Metaverse acts as a bridge between online and physical earnings. Used to confirm signals for product development.
CEO Anna Nazarenko General softwareSoftware development company . “Recently, one of the leaders in the FMCG market contacted SoftGeneral to augment its technical workforce with skilled professionals to create a bespoke retail metaverse solution. I believe that such pioneers will drive the entire market,” said Anna.
Some brands have started using various Web3 tools to reach their marketing KPIs. We chose four major retailers and analyzed their campaigns to provide a perspective on access to the metaverse.
The retail metaverse allows you to build customer loyalty by creating spaces that keep your customers coming back. Here, brands can offer potential customers exclusive deals, early access to new products, or special events with passes for loyal customers only.
Here’s an example from an industry pioneer, the retail metaverse space.
Hugo Boss They provided me with a retail space in the Metaverse. This is his holistic 360-degree metaverse experience in honor of World Mental Health Day. As for Web3, he launched his NFT collection, the brand’s first. They combined the opportunity to articulate their values through immersive experiences as part of their identity.
All owners of the HUGO x Imaginary Ones NFT will have access to the Imaginary Ones staking ecosystem. There are special offers and benefits, such as his 10% discount on the HUGO online store.
gap Threads is the next iteration of Gap’s foray into the metaverse and builds on the gamification of the first NFT launch. Now, Gap customers can add items to his NFT collection from several drops and gain access to iconic moments in Gap history. The platform has exclusive access to limited-edition merchandise and engaging experiences from our artist partners.
Gap is also a pioneer in Web3 use cases. With this drop, Gap will be introducing a new Discord server where customers can engage with her NFT fans and nurture the community.
Gap is added in the second venture into the metaverse. The company plans to continue testing and learning in this area. Future drops will focus on partnering with creators who reflect the brand’s values and push the boundaries of creativity.
The first brands that come to mind when you think of Metaverse retailers are: H&MThey opened the digital door to the first-ever virtual showroom. The H&M Virtual Showroom is a space for brand activation, including fashion campaigns. They will be realized in new and exciting ways by integrating innovation, digitization and sustainability.
This is a great example of how brands can communicate value in the metaverse retail use case. As a fast fashion brand, H&M is often accused of harming the environment. They are trying to reduce their negative impact on the environment by launching a sustainability campaign. In H&M’s Metaverse, individuals “wear” digital wear through game avatars, augmented reality or edited photographs. For content creators, this is a great opportunity to create content with digital clothes without having to buy real clothes.
On January 3rd, H&M launched an immersive gaming experience. looptopia, in cooperation with RBLXThe game allows players to experiment with materials and patterns to create virtual clothing to dress up their avatar. It tracks young customers who are advocates of contemporary fashion and who like H&M clothes and accessories.
PUMA has announced the FUTROGRADE. This immersive runway show during New York Fashion Week showcased the brand’s past, present and future. Puma We launched a similar metaverse fashion show experience called Black Station. They showcased a limited edition of his NFT with interchangeable physical sneakers.
FUTROGRADE explores a celebration of PUMA’s heritage. The show was the intersection of fashion, sports and culture.
PUMA became one of the first brands to participate. ENS-domain The initiative registered the name puma.eth and has become one of the top Web3 use cases for retail brands.
PUMA uses the Metaverse to articulate brand values and enter new markets.
Businesses can create value for Metaverse consumers in a variety of ways and begin to develop their own strategic plans for the future. Pioneers in their field, these companies gain more engagement from new audiences, increase brand awareness and communicate their brand values.
We are all at the beginning of our journey. So when a company decides to add a metaverse experience to its product, it should start with the important questions of what, who, and when. What kind of solution it should be, who should build it and when you want it to go live.
“As for the presence of experts in the Metaverse and Web3 development, it is safe to say that they already exist. , we expanded our team at the beginning of last year and last year we welcomed a fitting engineer,” commented Anna Nazarenko.
So what does this mean for retailers? First, there are already market players investing in Web 3.0 and the metaverse. Second, if you don’t have engineers to bring your ideas to life, it’s easy to outsource this job to professionals. Third, your company still has a chance to become a market pioneer. Don’t procrastinate, act now.