The metaverse is a virtual world that has gained tremendous popularity ever since Facebook rebranded to Meta to focus on bringing its metaverse vision to life with CEO Mark Zuckerberg calling it, “The future of the internet.”
And although it has a long way to go before reaching global adoption, the metaverse promises a new way of interacting, playing video games, shopping and even working and collaborating with co-workers.
According to global management firm McKinsey, the metaverse has the potential to be valued at $5 trillion in 2030. It also adds that multiple companies are actively experimenting with metaverse commerce from home, food, fitness and apparel.
Utilising VR and AR
McKinsey’s survey shows that in order to capitalise on commerce in the metaverse, companies will need to evolve their strategies by creating immersive experiences that allow consumers to interact with products and brands in a new way.
To achieve this, companies will also need to develop new revenue models that are tailored to the metaverse environment. In today’s world, there are several ways to create immersive experiences in the metaverse using virtual reality (VR) or augmented reality (AR) technology.
VR heads can transport users into a whole new world, while AR overlays digital content onto the real world. And with new VR/AR gadgets such as Meta’s Quest 3, Sony PSVR 2 and Apple’s Vision Pro, customers could soon enjoy enhanced digital shopping experiences from anywhere.
Companies can also create immersive experiences through video game platforms like Roblox and Fortnite which have already amassed millions of users and have popular destinations for shopping, socialising and attending events.
Prioritising security in the metaverse
According to the survey, “No matter the retail category, it seems clear that the foundation of a successful metaverse approach rests on four things: maintaining open channels of communication with consumers, refining offerings, scrapping nonperforming projects and pivoting quickly.”
The article went on to emphasise the significance of developing a robust digital infrastructure to support commerce in the metaverse. This includes building secure and scalable payment systems, ensuring interoperability between different metaverse platforms, and addressing privacy and data protection concerns.
Offering phygital experiences
In addition, the survey discusses the potential impact of the metaverse on traditional retail and e-commerce, suggesting that physical stores can integrate with the metaverse to offer a seamless omnichannel experience and combine the advantages of both physical and virtual retail environments.
“We asked consumers which use cases they were most likely to try or pay for in the metaverse by retail category, from fashion and beauty to food and fitness. Across categories, consumers generally expressed greater interest in experiences and products that augment existing real-world experiences, even when they had to pay for them.”
The metaverse is still in its early stages but as McKinsey’s survey shows, it has the potential to revolutionise commerce. The data firm is encouraging companies to start exploring the metaverse’s potential by developing strategies to capitalise on this emerging digital frontier.
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.
