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The ninth issue of the NEWretail series, in collaboration with the IIHD Institute, focuses on the metaverse and its implications for retail and brand manufacturers. In addition to demystifying and clarifying the core terminology, the publication aims to shed light on guiding principles and technological prerequisites for successfully implementing and incorporating the metaverse.
The metaverse is considered a parallel virtual plane of existence that incorporates multiple digital technologies and unifies the digital with the real world into an immersive experiential space. The metaverse promises not only competitive advantages for companies but also opens new opportunities for staging unique customer experiences. It has a significant potential impact on consumer behavior.
The new issue of NEWretail explores the vast potential of the metaverse as well as the transformation that it entails.
After Web 1.0 and 2.0, the metaverse will follow in Web 3.0, using more artificial intelligence, offering personalization, and being more decentralized. However, the metaverse is not simply a mere evolution of the internet. The metaverse will fundamentally change how users interact with the digital and physical worlds, including brands and products.
The metaverse is not just another marketing channel. It is a modified framework for human interaction that also offers various monetization opportunities. However, as the NEWretail issue highlights, the metaverse cannot fully solve the real-world problems of retail and manufacturing companies. However, it does present an opportunity to make online shopping more accessible and more effective.
Detailed descriptions and explanations of these aspects are in the publication.
Established companies ought to invest in professionalizing their dialogue ability, storytelling skills and building and expanding their analytical capabilities to collect data as well as information on user behavior, intentions, and motivations in order to develop personalized experiences, digital products, and communication strategies.
Kay Manke, Partner at BearingPoint and retail expert
Various tactics can be implemented to integrate the metaverse into a business strategy. What is certain is that the metaverse will be disruptive for retail and consumer goods companies because it is immersive. Learning about the technical possibilities and customers’ wants and needs is indispensable for companies.