While Metaverse is still in its infancy, its potential to bring immense benefits to brands and retailers is becoming apparent, according to Chander Damodaran, CTO of American big data analytics company Brillio.
According to McKinsey research, Generation Z and millennials spend on average five hours a day in the metaverse which means a plethora of opportunities for retailers to woo young customers.
One of the biggest advantages lies in the metaverse’s ability to generate voluminous amounts of data. This data provides the engine retailers need to “capture the voice of the customer more accurately”, said
The best retail experiences will draw on both data and engagement to make smart and data-driven decisions, Mr Damodaran told Express Computer.
With the advent of e-commerce, retailers are increasingly pressured to optimise supply chain costs while delivering flawless customer experiences. Metaverse could alleviate this double burden by providing next-gen retailers with the middle ground between the convenience of online shopping and the immersive experience of physical shopping.
To harness all benefits of the metaverse, retailers incorporate these tactics into their strategy:
Reinventing stores in 3D
Retailers can fuse the ease of online e-commerce with the engagement tools of brick-and-mortar shopping, tapping into its potential to drive footfall and spur impulse buying. For instance, they could partner with suppliers operating stores in multiple cities that aim to enter new territories without expensive physical contracts.
Crafting NFT strategy
Brands can embrace NFTs to sell exclusive items. Luxury brands are selling NFTs for both physical and digital assets at much higher price points. A case in point is Dolce & Gabbana whose decision to sell NFTs representing real-world and Metaverse garments earned them the equivalent of $ 5.7 million. However, it should be noted that customers are more willing to use NFTs when provided with extra benefits like dedicated aisles in physical stores and special offers for exclusive shopping events.
Exploring new horizons for supply chain
As the economy has changed dramatically, it has become vital to reevaluate product lifecycle management strategies and come up with enhanced virtualisation for new product designs to cut down on time-to-market, foster collaborations with suppliers and refine forecast accuracy.
Reimagining customer and field services
Retailers in the Middle East can use the metaverse tool o train their field employees cost-effectively. Virtualisation lets customers interact with business experts and enjoy an immersive customer support experience, with avatars allowing consumers and business customers to become educated on various issues.
However, all things considered, there is still plenty left to be done before the metaverse really takes off: “Blank canvas like the metaverse can be intimidating but also exciting,” concludes Mr Damodaran.
