The return on investment has increased by 450%, and yuanuniverse has become a new "reality" of the retail industry

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Text:VR gyro ZJ

For many consumers, metauniverse is a vague futuristic concept, which may only now attract their attention. However, retailers cannot be so relaxed about metauniverse because it is accelerating towards us. When the holiday shopping season comes, this new world may really come. Retailers need to realize that now is the time to prepare for the virtual future.

Successful brands need to be active not only in the physical world, but also on the Internet, mobile devices and social media. The virtual world is just the next extension of this existence. By embracing virtual reality, retailers can allow customers to interact with their brands in a unique immersive environment, tell their brand stories, and make them different. Compared with traditional websites or mobile applications, 3D space with rich details and strong interaction can encourage shoppers to stay longer.

Imagine the impact of exciting virtual space on holiday shoppers, and it is not difficult to understand why online sales, customer participation and brand loyalty are bound to raise standards in this hot shopping season.


Early trendsetter 


The fashion industry has long occupied a place in the meta universe, and many luxury brands are inviting shoppers to explore and play in the innovative virtual space.

  • Ligucci promoted a virtual handbag on roblox, a popular and mature game platform, and sold it for $4100, far higher than its physical price tag;
  • Louis Vuitton created a virtual game to celebrate the 200th birthday of the founder, which is full of trivia challenges, prizes and surprises, designed to attract young customers;
  • Ldior beauty created its own holiday virtual store, highlighting gift choices and limited edition products in its atelier of dreams.

Source: Louis Vuitton

" Marketers, store designers, salesmen, etc. will have to start thinking in very different ways about what is & \x27; Store &\x27& quot; Maghan McDowell wrote in vogue business& quot; In a world where any experience is possible, why should we use the retail industry in our industrial age as a template for the future& quot; She pointed out that virtual stores provide "e; The possibility of the third shopping mode, which is neither like a store nor a website "e;, It combines "e; Advantages of physical world and virtual world "e;.


Importance of data 


Metauniverse is still young, but data analysis can well explain its development direction. Bloomberg calls it "e; The next large technology platform "e;, He also said that the market of metauniverse is expected to be close to US $800billion in 2024. The market size in 2020 is less than $500billion, which means that the compound annual growth rate (CAGR) is more than 13%.

At present, game hardware, software, services and in-game advertising revenue are the main sources of revenue for metauniverse, which is expected to reach $413billion in 2024, higher than $275billion in 2020. However, those online game manufacturers (including Gucci and Louis Vuitton) who seize the opportunity to create a virtual world in their games can gain a larger share in future game sales. In general, the market size of metauniverse is expected to exceed the current game market by nearly three times.

Driving in Gucci town in roblox

Source: Gucci

Looking forward to the next decade, Credit Suisse predicted in a report in February 2022, " Even if the metauniverse is used moderately " It can also promote the compound annual growth rate of Internet traffic to increase by 37% from the current 30%, which will increase the current data usage by 20 times.

At the user level, consumers spend more than 14 minutes immersed in the 3D virtual shopping experience, while less than 2 minutes on the static 2D e-commerce website. The improvement of customer participation has also increased the conversion rate by 70%, and retailers that provide virtual shopping environments such as pixel universe have seen a 450% increase in return on investment.

In addition to this advantage, retailers using virtual reality technology can obtain data analysis generated by users' interaction in the meta universe, which can help optimize product placement. Marketers can not only determine which products are more popular, but also analyze traffic and track user activities, which is an important step to improve customer participation, brand loyalty and ultimately increase sales.


Spread brand stories 


Unlike retail space in the physical world, virtual experience has few restrictions. They are not hindered by construction costs, crowded exhibition halls, inconvenient places or the wrong time of day. In the metauniverse, even the seemingly unrestrained vision can be vividly presented and provided by retailers to all consumers.

It is also feasible to manage 3D virtual reality stores with software as a service (SaaS) solutions that allow retailers to fully control these experiences without requiring technical expertise. Once they have established a strong presence in the metauniverse, brands can quickly and easily update their product offerings, store decorations, and narratives. This allows brands to integrate virtual stores with other channels such as physical stores and websites. It is very important to ensure that the brand narrative is unified in all sales channels, which is crucial to the realization of a perfect Omni channel approach. Virtual stores can also be integrated with e-commerce systems already in place to promote inventory management and direct checkout.

Metauniverse can become an exciting and comfortable space where customers can put aside their daily reality and establish contact with the brand at the emotional and personal levels.


Looking ahead 


Cassandra Napoli, senior strategist at WGSN insights, said that it may take some time before the metauniverse substantially changes the way we work, play, communicate and learn. However, many retailers should consider establishing "e; Entry "e;, She said: " Brands must start to consider these immersive virtual spaces and plan their enterprise meta universe strategy, otherwise there will be a risk of falling behind& quot;

The Robin report skillfully summarizes the meaning of the metauniverse and predicts that it will become " A new way to experience the Internet "e;, And become "e; Any brand ready to meet the needs of customers, whether in this world or in a world that has not yet been created& quot;

Original link:

https://venturebeat.com/2022/06/05/metaverse-shopping-retailers-new-reality/

The original author Olga dogadkina is the founder and CEO of emperia.


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