By Dharma Gutierrez | March 29, 2022
The Metaverse is hot right now.
Companies are creating their own NFTs, investors are paying millions for virtual lands, and entertainers are performing both inside and outside the Metaverse. With many new creative opportunities, the Metaverse has become a goldmine not only for tech-lovers but also retailers.
In March, our Hello Wednesday team examined how different retail actors are approaching the early Metaverse and how they are changing customer’s relationships with retailers. Our guest speakers included Martina Welkhoff, Managing Partner at WXR Fund; Mike Cadoux, Managing Director at Qreal Technologies; Christine Marzano, Founder and CEO of BODS; and Neha Singh, Founder and CEO of Obsess. Topics included testing products with VR, the perks of 3D virtual stores, and how the Metaverse can flatter a customer’s interests.
Why retail in the Metaverse?
Many consumers are increasingly engaging inside platforms like Roblox (200M), Fortnite (350M), and Minecraft (140M). Aware of this, platforms have made efforts to appeal to their users’ tastes and personalities. Epic Games, the developer behind Fortnite, has acquired facial mapping and recognition startup Cubic Motion with an interest in providing more realistic animations and authentic experiences for their users. Likewise, Roblox recently launched layered 3D clothing for avatars, appealing to their users’ tastes for customization.
In catering to their users’ interests, these platforms have attracted the imaginations of brands, retailers, and investors. Inspired by the Metaverse, brands and retailers have come up with creative ways to engage with their audiences by flaunting their digital native credentials, testing virtual stores, and offering product experiences that enhance physical products. Ultimately, the Metaverse has open the possibilities for retailers and their relationships with customers.
For more on retail and the Metaverse, watch our video below. Soon Orange Silicon Valley will be announcing the next free virtual event in our popular Hello Wednesday series.