B2B Blog Writing Sample - Metaverse for Retailers

Four Things Retailers Should Know about the Metaverse 

The metaverse is actually a multiverse. 

When I first noticed Facebook had changed its name to Meta, I suppose I was like a lot of people who shook their head, puzzled by the sudden rebranding campaign for the social media giant.   

The commercials were slick, clearly appealing to the young and the hip and not to someone who once thought it was cool to wear cords to work, like me.  But after watching several commercials with their animated jungle imagery and thrumming music bed, I remained confused.  

In the back of my mind, I assumed the name change must have had something to do with the trouble Facebook had encountered in content moderation, or with disinformation posted on Facebook during the 2016 presidential election.   

 My instincts were not that far off the mark.  Facebook indeed was under pressure to change its ad policy because of algorithms that were perceived to target the sensitive.   

Changes to its revenue stream and social pressure for spreading misinformation were squeezing Zuckerberg and company. The social media corporation, it seemed, needed to redefine itself and saw an opportunity to redefine what social media would look like in the future. 

 So Facebook—er Meta-- took the leap, attempting to change its business model by introducing the metaverse. 

 So, what is the metaverse?  And more importantly, why should ordinary brick-and-mortar retailers care?   

Here are four things retailers should know about the metaverse. 

IT’S REAL AND IT’S SPECTACULAR 

Image of people assembling in metaverse. Creative Common license. 

 In simplest terms, the metaverse is a virtual reality social platform where visitors can interact with each other, buy property in augmented reality suburbs and participate in a rich, virtual culture, doing things like attending concerts, going to museums and most importantly—shopping. 

Meta (it’s hard not to say Facebook) envisions a seamless connection between reality and a virtual universe where retailers can use NFTs (Non-Fungible Tokens) to acquire space in modern shopping malls.  At the moment the virtual stores largely provide a PR experience , but Meta foresees virtual shoppers buying Gucci clothing, Ray-Ban sunglasses and Chipotle burrito bowls soon (all three companies already have a presence in the metaverse).   

Visitors might be able to claim physical items in the real world by connecting their wallet to NFT vouchers. But Meta envisions a virtual universe that becomes so popular that metaverse citizens spend much of their time there, perhaps buying complete outfits for their avatar before spending an evening in a virtual reality club. 

ALL THE COOL KIDS ARE DOING IT 

Chances are your kids have already been spending time in the metaverse—or at least in a metaverse—and the social media platforms that target teens are betting big on augmented reality.  Social media feeds drive 56% of Gen Z’s impulse purchases, and CEO Evan Spiegel wants to evolve Snapchat into the leading augmented reality platform.  

Snap is creating experiential filters for Snapchat users that link to brands.  Teens using the filters can try on clothes virtually, and hit the buy-now option on the app.  American Eagle collaborated with Snap to develop a 3D shoppable jeans lens where users can see specific fits, washes and stylings—and most importantly click the buy-now button.   

Sephora, Nike and Adidas, Abercrombie & Fitch and Target have joined Instagram checkout, and other platforms popular with teens like TikTok are developing their own augmented reality tools for retail.   

If your business targets Gen Z, then it may be time to explore retail opportunities in the metaverse. 

SO, WHAT’S THE BEEF? 

Eric Ravenscraft of Wired Magazine says the technology isn’t there yet—and may not be for some time. He also points out that several virtual reality universes already exist, primarily in the gaming culture where players spend much of their time in virtual worlds such as World of Warcraft and Fortnite.  No one has propriety of the metaverse, so it might come down to the article we use when referencing virtual reality: is it a metaverse, or the metaverse. 

Propriety is one issue, portability another.  The ability to move between platforms may be a logistical problem Meta faces for their virtual world to be fully realized.   

Some commentators say Meta has over-hyped the possibilities of just how people will experience augmented reality as it currently exists.    Ravenscraft pokes fun by pointing out that VR headsets are clunky and can cause motion sickness.  And there is the problem, he says, of looking like huge dorks while people walk around in public wearing them. 

The biggest mistake that Meta might be making, says Ravenscraft, is to pin the metaverse experience on holograms.  Motion-tracked digital avatars that already exists are janky, he says.  Floating holograms that are so real people want to outfit them in designer clothes?  Not happening—at least not anytime soon.   

So, the lofty expectation to play poker with your friends as holograms in the virtual home you just purchased in a metaverse suburb while ordering up some Chipotle may be decades away. Add security concerns and portability concerns with competing VR platforms, and skeptics may have a legitimate beef. 

IS THE METAVERSE FOR YOU? 

It may be time to start planning.  

Augmented reality offers a middle ground between online shopping--often isolated and boring--and the social, immersive experience of shopping brick-and-mortar.  

Shopify and Contentstack named the metaverse as one of the top ecommerce trends in 2022.   

Many of the big anchor stores are already live, and Serge Gianchandani, co-founder of Metamall,  suggests that the potential benefits of setting an experiential store at a Metamall are huge.  

So just how should retailers proceed?  Start simple.  Perhaps set up some in-store virtual reality experiences. 

 Morten Noess says that “retailers can warm up and test low-risk cases that best fit their niche.  Start with strategy. The first step for your retail business might be to start selling digital version of physical goods, because omnichannel is also about connecting brick-and-mortar experience with the digital one.” 

Setting up shop in the metaverse may not make your brand spanking new, but it may give consumers a new look at your brand. 

Do you have thoughts on the future of retail in the metaverse?  Feel free to leave a comment and further the discussion. 

Guest post by Daniel R Austin 

Freelance Writer/Homerowink.com