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Reimagining Retail with Metaverse expressions etc. You may argue that today Zoom also allows you to see participants but the Metaverse allows you to be in the same room with them. You do not have to look at different windows as you do now. What you may miss is the coffee, but you’ll have to drink it in your real world anyways. Similarly, the opportunities are endless be it travel, banking and even in the retail sector.
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hen I first read in the news that Facebook has changed their name to Meta, I dismissed it thinking that it is a PR stunt to escape the bad publicity it was receiving at the time. Timing-wise, perhaps it was true but the name change also reflected what else was happening around in the world. Today, the term ‘Meta’ or ‘Metaverse’ is a popular keyword. It is everywhere.
So, what is Metaverse? Metaverse means shared virtual 3D worlds that are interactive, immersive and collaborative. Just as how our physical world is a collection of worlds that are interconnected in a space. One may think we are all connected via phones or computers, but the Metaverse is much more beyond being connected online with our devices. Imagine our world, planet Earth, mirrored in digital, where human profiles are avatars, office spaces, homes and everything else can be mirrored.
Let me give you some examples to get the concept. Imagine that you want to get a makeover and are looking at different hairstyles, wardrobe options and looks. You put on a VR goggle and walk into a virtual space where you can try out different outfits and looks. Then you can even see matching accessories on it. Obviously, you may not be able to smell perfumes or feel the texture of the clothes but you’ll get a rough idea of the new look. Will this experience help you decide on your new look? You have a business meeting with people from several countries, everyone puts on their goggles and enter a virtual meeting room. You can see everyone in the same place, talking, making
RETAIL PEOPLE . FEB - APR 2022
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Now that you have an idea of what the Metaverse is and how it may improve (or impact) our lives, let’s zoom into the Retail industry and how brands are already leveraging the Metaverse.
1. Embracing Virtual Reality to Enhance Customer Experience Sephora is a well-known brand for make-up products. Beauty products traditionally relied on their sales teams to drive revenue. However, in order to stay with the times, Sephora has adopted Virtual Reality (VR) to meet its customer’s needs digitally. Sephora’s mobile app allows users to try out products from home. The app uses facial recognition to allow customers to see how the products look on them. With VR, retailers can simulate an immersive environment that customers wouldn’t otherwise experience online. The interactive 3D world provides a compelling real-time experience akin to real life. VR helps to reduce returns and improve the quality of products through instant feedback data.
2. Expanding Total Addressable Market A whole new avenue for luxury brand marketing and sales has opened up through digital avatars. Luxury brands like Gucci, Louis Vuitton, Marc Jacobs and Valentino offer players to put their branded items on their avatars in games like Roblox and League of Legends. This early adoption is allowing luxury brands to expand their target audience to younger populations.
