Mark Zuckerberg has tongues wagging with big claims about his “Metaverse”, and while he’s since shed very little light so far on what this will entail, or how far it’s progressed, we know the aim is to create a ‘phygital’ world where people can work, play and hangout, accessed by virtual and augmented reality tools.
For the physical retail world, the thought of all this taking place within the Metaverse could seem like a real threat. After all, the convenience of at-home shopping is only going to be heightened as metaverse capabilities become more sophisticated.
But the human desire for in-person interaction and a community feel at our local highstreets will never fully diminish. In fact, I foresee opportunities for brands to find ways to re-establish lost loyalty from at-home consumers and create a seamless experience between physical and digital stores that encourages consumers back to the high street.
The metaverse is the congruence of identity and omni presentation channels, so that rather than detract from the physical world it will instead compliment it.
Recreating your store in a virtual setting or providing interactions, beyond standard web-based technologies, can help re-establish the connection to physical shopping that has been lost amid the growth in online shopping and delivery services.
We know that the physical retail world is working hard to create experiences that encourage footfall. We also know there’s only so much that can be experienced in a virtual world. Using your virtual world to “tease” instore experiences can be an effective way of getting people into the store. Another example is planting perks and rewards exclusively within the virtual store, that can only be redeemed physically.
But perhaps the most important point of difference will hinge around identity and community. Highstreets have long been considered the “centre” of the local community and people build that community around their personal identity. In the context of commerce this has gradually been lost with the rise of online shopping. Some brands have been hugely successful in creating online communities that create brand affinity, but this is not every brand.
With the advent of web3, though. people will be able to present a unified “this is me” which will mean that the metaverse will become a place where people will be able to connect like never before, and promote and share beyond anything we see today with social influencers.
Rather than reducing physical sales, I see the metaverse unlocking opportunities for retailers, by bridging the physical and the digital, and creating a cohesive customer experience allowing for brand ambassadors to thrive.
