Virtual playhouses in the form of metaverses are changing the face of consumerism—from corporate investment markets down to individuals. The idea that technology can not only be utilized in business applications for a specific task, but rather create an entire new reality and landscape of operations, is paving the way for future business approaches.
While it may sound like a science fiction film, it is already occurring; corporations are investing in land and infrastructure in virtual metaverse worlds. While this type of thinking may prove steps ahead of general consumerism, elements of metaverse realities are currently being utilized in business-to-consumer approaches across the world.
Take, for instance, online shopping. With online shopping accounting for approximately $218.5 billion of the estimated $1,688.6 billion in sales, and still on a steady upward trend, enhancing the technological experience is paramount.
The popularity and accessibility of e-commerce have helped address many critical needs for the consumer such as safety, sanitation, efficiency, reduced personal travel time, increased access to options and greater flexibility, just to name a few. However, voids still exist in the shopping experience, leading many consumers to elect for in-person shopping. The strengths of retail spaces include person-to-person interaction, product displays, reading material and the ability to try on and physically hold the product.