As Global Chief Innovation Officer at EY, Jeff Wong helps companies harness disruptive technology and prepare for the future of work.
The retail sector has been on quite a ride. Even before the Covid-19 pandemic, online shopping had transformed business models, markets and supply chains for almost every retailer. Then came the pandemic and the global digital leap forward, followed swiftly by the ongoing supply chain nightmare.
With all of that to contend with, companies everywhere are shifting their focus toward the metaverse as they contemplate what’s coming next: metaverse retail. It might be a niche today, but mainstream adoption is inevitable. Retailers who start preparing now will be ready to move when the time is right.
The retail sector has been on quite a ride. Even before the Covid-19 pandemic, online shopping had transformed business models, markets and supply chains for almost every retailer. Then came the pandemic and the global digital leap forward, followed swiftly by the ongoing supply chain nightmare.
With all of that to contend with, companies everywhere are shifting their focus toward the metaverse as they contemplate what’s coming next: metaverse retail. It might be a niche today, but mainstream adoption is inevitable. Retailers who start preparing now will be ready to move when the time is right.
Metaverse Retail Today
Right now, buying and selling in the metaverse (a real-time “3D internet”) is mainly about online gaming. Players of games like Fortnite and on Roblox buy virtual clothes and accessories for their digital avatars, including products from real-world luxury brands such as Gucci. The virtual goods can cost real money—Gucci’s digital-only Virtual 25 sneakers sell for $12.99 a pair.
Source: https://www.forbes.com/sites/forbestechcouncil/2022/05/03/metaverse-retail-three-ways-to-start-preparing-for-the-inevitable/?sh=1aadfc871efa