A growing number of brands are expressing an interest in the metaverse. Last month, Walmart’s trademark applications showed that the company is preparing to create its own NFTs and cryptocurrency and would start selling virtual electronics, toys, appliances and home decor. In fact, a real estate metaverse seller is planning to build a virtual mall.
Retail brands are now viewing the metaverse as having a real potential to change how consumers interact with their products and stores and up their marketing game. According to research, 77.24 percent of shoppers stop at just ‘add to cart and end up buying nothing. The immersive nature of the metaverse is crucial to how this experience can be improved.
Better shopping experience
Virtual showrooms and stores have come a long way since 2016, when the first virtual store was launched by eBay. Virtual stores are not only convenient and time-saving for consumers, but they decrease returns for sellers and can help expand the customer base. Customers can discover products faster and the personalisation for each user will be far greater than in physical stores. Online shopping lacks the visualisation and engagement that the metaverse can offer. A lot of the features are tailor-made for retail companies. Customers can explore different features and try out different models while the time spends in stores (a sales metric) also naturally increases.