The metaverse has the potential to disrupt everything from business travel and the future of work to gaming, health and fitness, entertainment, marketing, and education.
Some companies see the metaverse as the evolution of the internet or smartphones, but instead of interacting with keyboards or touchscreens, users are immersed in interactive environments, making them captive and active participants in cyberspace.
Though the metaverse remains a fuzzy concept, a growing number of brands and retailers are jumping on the bandwagon. While the promise of the metaverse for retail holds great appeal (shopping experiences integrated seamlessly throughout immersive digital worlds), the development of the technology to support it is still in the very early stages. We take a look at the factors driving the surge of interest, key opportunities and challenges for brands and retailers presented by the metaverse, and what actions can be taken now to prepare.
Retailers are getting excited about the metaverse, seeing it as an opportunity to deepen customer relationships.
Emma Chiu, global director at Wunderman Thompson Intelligence, held a session discussing why the metaverse shows so much potential: 85% of consumers feel that for brands to be successful in the future, digital presences will be “essential.”
The big takeaway: Despite not quite existing yet, the metaverse may be already too big to fail.
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