Online shopping has increased thanks to the pandemic. Most shoppers now rely on delivery apps and eCommerce stores for their needs. However, it appears that online shopping can be taken to a whole new level– in the metaverse. The question remains, can you shop in the metaverse?
Current Landscape and Metaverse Potential
Retailers have a physical, online, and social media presence. These are platforms where consumers can buy their products. However, with the introduction of the metaverse, retailers can leave their mark; then, users can purchase these products using only their VR headsets, allowing people to shop in the metaverse. Plus, consumers will have more opportunities to try out new products even without leaving the comfort of their homes through 3D.
Retailers in the Metaverse & Gaming or Virtual Platforms
Fashion
PacSun and Forever 21 have made an impact in the metaverse. Forever 21 started its journey to the metaverse (so to speak) via Roblox, an online gaming platform. Like Forever 21, PacSun also collaborated with the online gaming platform to sell virtual clothing. Gamers can use exclusive PacSun items for their worlds or characters in-game.
But these aren’t the only retailers that have stepped foot in digital spaces beyond their online stores. Gucci, Louis Vuitton, and Dior Beauty are the few businesses that have offered a virtual shopping experience.
It seems Roblox is a popular choice for retailers to collaborate with since Gucci also partnered with them. They sold a Dionysius bag on the platform, costing more than $4,000. Meanwhile, Louis Vuitton released a video game in 2021 wherein gamers can earn 30 NFTs and ten from Beeple, an artist. Finally, Dior partnered with Harrods to create a virtual version of the department store where users can browse gifts.
Balenciaga and Fortnite also had their collaboration. You can dress up your avatar in Balenciaga. The two brands partnered to create a collection released in September 2021.
Food & Drinks & Restaurants
One of the biggest brands that made a leap to the metaverse is Coca-Cola. They created the Zero Sugar Byte, giving consumers a taste of pixels. The beverage company says that it’s the ideal companion for every game, and when drunk, it will taste like a game powering up.
Wendy’s has also left a footprint in the metaverse, which they call the Wendyverse. The fast-food restaurant used Meta’s Horizon platform to create the Wendyverse. Here, consumers can interact with one another. Users could walk around the virtual community using their Oculus Rift. Plus, during the launch, visitors got food for $1.
McDonald’s will also venture into the metaverse. Business Insider reported they registered for a trademark for a virtual restaurant. The trademarks were for NFTs, a virtual restaurant, food and beverages, and concerts. Josh Gerben, a lawyer, tweeted what people could expect with McDonald’s in the Metaverse.
How Can Businesses Leverage Metaverse with Data
Bloomberg reveals that the market in the metaverse could reach a whopping $800 billion by 2024. With brands making waves on virtual or digital platforms, many businesses may consider using the metaverse to connect with a younger audience. Plus, Bloomberg says that live events and ads could drive the numbers higher.
Telling A Story Virtually
The metaverse offers an opportunity for brands to tell their story without having to set up physical spaces and other location or construction costs. With the metaverse available for retailers, users can access their products anytime, anywhere.
Retailers can partner with SaaS companies to help them design their virtual stores and update them with new products. Plus, they can even integrate their ecommerce stores into the metaverse for seamless browsing or checkouts, and it would be easier to shop in the metaverse.
