How will the Metaverse impact the Retail Industry? - Retail Economics

Are you wondering how the metaverse will impact the retail industry in the future?

This video explores this question and introduces the idea in the context of the retail industry at a general level. Watch Richard Lim, CEO Retail Economics discuss the potential direction and impact this virtual world environment and what this could mean for many businesses.

From virtual shopping, to virtual trading, to enhancing your avatar, the metaverse (if fully embraced) has the potential to further disrupt an industry already in significant flux.

What will the metaverse mean for retailers and their propositions?
How will customer relationships evolve in a virtual world?
What role will retailers play in a virtual setting?

All these questions may have some profound answers, as online communities begin to discover the various virtual worlds that can be inhabited - and shopped in!

For now, the metaverse is still in its infancy, but as technology evolves, retailers and brands will look to leverage opportunities within virtual settings.

Many retailers and brands will be keeping a close eye on how the metaverse evolves and what they might need to do in order to catch this oncoming wave of opportunity. And if the technology and uptake evolves rapidly, what strategies, skill sets, investment and infrastructure will be required?

There are still many 'unknowns' at present.

However, the big question is whether in the future, the metaverse will have the same impact (or greater), as what the internet had on the retail industry. Or in other words, is the metaverse the next big thing?

Contact us to find out how we can help you.

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The opinions contained in this publication do not necessarily reflect the views of Retail Economics. Whilst Retail Economics endeavours to ensure that the information in this publication is accurate and that the articles contain nothing prejudicial to the position or reputation of any party, Retail Economics shall not be liable for any damages (including without limitation, damages for loss of business or loss of profits) arising in contract, tort or otherwise from this publication or any information contained in it, or from any action or decision as a result of this publication.

(C) Retail Economics (2022). The contents of this publication and those of all ancillary documents and preparatory materials are the sole property of Retail Economics and are not to be copied, modified, published, distributed or commercially exploited other than with the express permission of Retail Economics. All rights reserved.

[johannescrilly]

We need a crushing euphemism for when people use stock footage of actors using 3DoF headsets pretending to be in a 6DoF VR environment.