Any Retail entrepreneur with ambitions for future improvement and expansion has his eye on the famous, yet unknown, metaverse. Among the most common questions are when will it be launched and what kind of jobs will it generate, but the one that is repeated the most is the following: regarding metaverse and Retail, what’s the most important thing to take advantage?
77% of users who reach the ‘add to cart’ phase abandon the purchase; the metaverse promises to improve the figure
That the metaverse will mean a before and after in the dynamics of the Retail sector is a certainty. For the most skeptical, we provide some figures:
· 70% of consumers who visit online stores buy something.
· 40% of Millennials and Gen-Z are comfortable buying products virtually.
· It is estimated that 75% of the world’s population with social networks will use augmented reality according to Deloitte.
· 10% of luxury sales in the next few years will occur in the metaverse (Morgan Stanley)
· It is expected that in the next five years 70% of large companies will have a presence in the metaverse.
· An estimate from Caad-Design predicts that more than 50% of daily activities in 2025 will take place in the metaverse.
Taking this as a reality, what can Retail expect? What are the keys to introduce Retail in the metaverse? In this article we will talk about the main concepts and technologies that a Retail business must master to ensure a bright future in this ecosystem:
· The first and perhaps most obvious technology to talk about is VR or Virtual Reality. It is actually an online space in which the user can interact with complete freedom of movement and options. However, to access it, certain devices are necessary. The main one? Virtual reality visors or goggles, best with a wide field of vision. The definitive format has not yet been created; brands are still researching to find the model with the best features and an affordable quality-price ratio. Those that come on the market have very different characteristics depending on details such as the screen, its sensory capacity, the type of sound, platform, ports and connections, etc… With these devices you will allow interaction between your business and the customer at levels hitherto unimagined, improving the customer experience and, with it, their loyalty and brand image.
· NFT (Non Fungible Token). Unique and exclusive pieces whose authenticity can be proven. Many users are getting hold of this type of product, mostly visual, in the belief that its value will increase over time. Related to this has been the growth of minting, the practice of minting NFT. From the moment they are minted, their ownership can be verified and they can be sold, bought and exchanged.
· Blockchains (some know them as “blockchain”) or blockchain. This is the notarized record, the common digital ledger in a network of exchanges of valuable commodities. This system was born in 2017 and has become the trust and exchange layer of a multiverse environment.
· DeFi (Decentralized Finance or Decentralized Finance). These are the finances developed around blockchain technology. They differ from traditional finance in their higher degree of transparency and decentralization. They are also small pieces that can be combined with each other and from which ecosystems are formed. Some keys about DeFi: they are very secure, transparent and borderless, so it enables financial services to anyone even if they are not banked and makes international financing of companies easier. The world’s first DeFi platform was… Bitcoin, which brings us to the next concept: cryptocurrencies.
· Cryptocurrencies. This is a digital exchange asset that uses encryption to secure its ownership, but does not exist in physical form: it is stored in a digital wallet. Another of the main differences with the physical currency is that it is not possible to cancel its operations, but to reverse a transaction, the opposite one must be executed. But the most important thing is that the value of cryptocurrencies varies according to supply, demand and the commitment of users, i.e. it is not regulated by banking or governmental institutions. Do you think it is a recent invention? Not at all! Cryptocurrency has been with us for a decade, although its fame and use has spread now.
The metaverse is a new ecosystem, changing and under construction, so in a few months the paradigm will change, and with it, the concepts that underpin it. In the meantime, it makes sense to prepare as much as possible and adapt dynamics, functions and strategies to the new business landscape.
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