Navigating the Metaverse: A Global Shift in Shopping Trends

The metaverse is becoming a vibrant market where businesses compete to win customer attention and loyalty. Why should businesses join the metaverse and what are the benefits they can reap? In this article, we have summarized interesting use cases, facts, and statistics.?

The number of purchases taking place outside physical stores (i.e. online or virtual purchases) is growing rapidly.? The virtual world of the metaverse has become a new driving force for industries, such as hospitality, fashion, information technologies, and real estate, and one of the favorite shopping destinations. Besides material possessions, buyers today seek memorable moments, emotional connections, and experiences. In a virtual store, you can have an experience similar to real-life shopping – “walk” through the store, examine products, grab items, and make a purchase.?

Some Metaverse Statistics?

As of 2024, the metaverse user base is exceeding 600 million individuals globally. Around 60 percent of users utilize metaverse for purposes beyond gaming, such as socializing and shopping. About 52 percent of global internet users engage in the metaverse for professional endeavors, while 48 percent are drawn to it for entertainment.??

Some VR Statistics?

?According to a study, the number of VR users grew to around 171 million people in 2022. Half of US consumers think that the virtual reality metaverse is exciting, which marks a significant shift in how consumers engage with brands and products. Convenience is now key in shopping decisions and virtual stores offer increased convenience for consumers with round the clock accessibility, instant feedback and unlimited access.?

Metaverse Use Cases?

The Gucci Garden on Roblox is a series of high-fidelity environments with personalized textures and patterns for each visitor’s mannequin and a special avatar editor, enabling visitors to purchase and wear exclusive Gucci virtual items. Nike opened its virtual store - Nikeland on Roblox in 2021. Here, besides exploring products, consumers can engage in various sports games. Ralph Lauren, an international fashion brand, offers its customers the opportunity to virtually explore and stroll through its retail locations in New York, Beverly Hills, and Hong Kong. Virtual reality can turn shopping into an unforgettable experience where fun is as important as shopping.?

Tips For Success in the Metaverse

If you’d like your business to go virtual, note that every detail counts. Here are some tips:?

• Carefully select a virtual platform provider, known for reliability and innovation.
• Ensure your store’s UI/UX is spotless. Even minor errors can deter shoppers. Make navigation easy and seamless.
• Limit the number of showcased products, so as not to overwhelm shoppers. You can gradually showcase additional products.?
• Customize your virtual store to target and cater to specific geographic markets.

?Before launching your virtual store, you will need to define or redefine your business strategy, to consider the products and services you want to offer and the target audience you want to attract.?

What are the Key Business Benefits Metaverse offers?

Through metaverse, companies can change the way they engage with their customers, optimize internal operations, tap into new markets, find new revenue streams and marketing channels, and increase brand awareness.?

Experts predict that in the upcoming decade, online and virtual commerce will dominate, with virtual reality becoming mainstream. Hence, to stay ahead of the wave you will need to adapt and adopt virtual commerce at an early stage.??