It feels like you can’t scroll through your LinkedIn feed, read your favorite news source or open an email today without stumbling across an article (or 5) about the Metaverse. What was once a “concept” to mimic the real world with digital technology, from augmented reality to social media, has been catapulted to the mainstream media. The Metaverse is now a movement that cannot be ignored to engage younger generations of shoppers who move seamlessly between digital and physical worlds at the tap of a finger or the blink of an eye for those Smart Glass readers!
So, is this all simply hype or is something bigger happening right before us? We may be biased at Eyekandy, but retailers and brands need to formulate a strategy and begin to experiment in this unique universe. Below unpacks a few compelling reasons why:
- The virtual shopping experience market in the Metaverse is estimated to reach $800 billion by 2024 according to Senior Analyst Matthew Kanterman from Bloomberg Intelligence (Source: Bloomberg).
- Venture Beat recently published research from Obsess that states 70% of consumers who have visited a virtual store have made a purchase. And, 54% of GenZers reasoned that people should be able to shop anywhere they go online. And, despite a lack of consumer clarity on exactly what the Metaverse is, most believe it will take off in the near future to connect technologies and platforms (Source: Venture Beat).
- Retailers and Brands are taking notice; with major first movers like Walmart, Nike, Ralph Lauren and Miller Lite are already making headlines by entering the Metaverse (Source: CNBC and Marketing Dive).
- LockMeta reported that live events, like Justin Bieber’s 1st Metaverse concert, attracted nearly 10.7 Million participants (Source: LockMeta).
If you are contemplating whether the Metaverse plays a role in your overall business strategy, the best advice that we can give to you is to not try to ‘boil the ocean.’ The Metaverse, like all things digital, is evolving with consumer adoption of technology. It’s better to get in early and identify a few simple wins across your core business to gain learnings. These opportunities can range from purchasing digital real estate to shopping in Augmented Reality to NFTs, and more.
Once you have developed the right strategic approach for your business, begin a methodical and phased deployment strategy that builds a playbook for your organization over time. Believe it or not, the foundation of the Metaverse has been quietly brewing for nearly a decade with a ton of applicable insights and data already in place. Partners, like our team at Eyekandy, are here to be a consultant on this important venture to future proof your business.
Are you ready to revolutionize your business strategy in the Metaverse? Sign up for a free consultation from one of our emerging commerce experts today.