A new report from research company RetailX shows that retailers are launching more virtual events in the metaverse this year compared to previous years.
Based on the RetailX 2023 Metaverse Almanac report, 2022 marked the beginning of metaverse activities for most retailers. Last year, only 14% of retailers launched events, while a staggering 62% of them launched events in 2023.
Amongst the retailers and brands that have ventured into the metaverse, 34% introduced a single event, while 38% organised two events, and 28% went even further by hosting three or more events in the virtual space.
Nevertheless, the report shows that the majority of offerings in the metaverse were temporary in nature. Specifically, 24% of these events lasted for less than a week. On the other hand, only a small fraction, constituting 6% of events, were permanent enough to last more than a year.
Fashion leads the metaverse
According to the report, “Retailers are using the metaverse in a variety of ways, most categorised as ‘events’. This term covers a range of activities from pop-up shops, the rollout of NFTs in games and other’s pop-up shops, virtual events where consumer avatars within the platform where it is taking place can attend, through to simply putting a retailer’s name up on a virtual billboard within an existing game.”
The report also notes that the fashion industry emerged as the frontrunner in embracing metaverse events. Approximately 34% of fashion retailers have already participated in the metaverse in some capacity. In contrast, cosmetics retailers lag behind with a mere 3% involvement.
The report notes that, “The variety of campaigns and events makes it hard to view any of it as a trend per se, rather it is indicative of retailers and brands trying a wide range of tactics to sound out what they may – or may not – get out of being seen in the metaverse.”
RetailX’s report also reveals that 25% of consumers and businesses believe that they may spend at least an hour a day in the metaverse – gaming, shopping, socialising, seeking entertainment or working.
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
