How to be metaverse-ready?

The metaverse will fundamentally disrupt the retail ecosystem and take personalisation from evolution to a complete revolution. The metaverse commerce shopping journey will lead to growth with direct-to-avatar (D2A) models via blockchain, digital twins and non-fungible tokens (NFTs), stated Rahul Jaiswal, Principal Research Director, Retail for Info-Tech Research Group.

Although metaverse commerce is still in its infancy, many retail brands around the world are testing applications such as avatar-driven customer services, augmented reality (AR) and 3D interaction to entice shoppers through virtual stores, products and events.

For many enterprises, realising value in the metaverse is a mystery for now. But ultimately, retailers will need to map out their journey from today to be ready to deliver a metaverse commerce experience that customers will expect through products, customer services, operating models and technology.

As technology advances much consideration will focus on the degree to which retail brands must leverage prospects in the metaverse commerce, or they may have to trade due to the possibility of losing competitive advantage, market share and profitability.

Retailers must validate their strategy and persistently reinforce the enterprise’s core capabilities and construct to capitalise on the value of this new prospect.

Collaborations driving metaverse commerce across the globe

• Balenciaga: Balenciaga has collaborated with the video game Fortnite to release a collection of in-game clothes and limited-edition physical garments. The in-game garments were created through existing 3D scans of Balenciaga’s designs.
• LVMH: Along with Microsoft LVMH has developed a platform AURA that provides product tracking and tracing services using Ethereum. Customers can learn about the origin of the products using this platform.
• Nike: Nike has struck a partnership with fashion start-up RTFKT Studios that makes its own NFTs including sneakers. The brand has filed a trademark for its trainers which prevents anyone else from selling Nike shoes in the metaverse.