Metaverse shopping: The new reality for retailers

For many consumers, the metaverse is a vague concept that may now start to grab a bit of attention. However, retailers can't afford to stop thinking about metaverse. The metaverse is definitely on its way and by the time the Christmas season approaches, this new world will begin to appear. Retailers need to realize that now is the time to prepare for a virtual future. Successful brands are not only visible in the physical world, but also online and on social media. The metaverse is simply the next step of that presence. By accepting and embracing virtual reality, retailers can empower customers to interact with their brand in a uniquely immersive environment that tells and differentiates a brand's story. 3D spaces encourage shoppers to linger longer than conventional websites or mobile apps have ever done. The metaverse is still young, but data analysis offers a good indication of where we are heading. Bloomberg reports that the metaverse market is on track to approach $800 billion by 2024. That represents an annual growth rate of more than 13% compared to 2020. At the user level, consumers spend more than 14 minutes shopping in 3D virtual experiences, as opposed to less than 2 minutes on static 2D e-commerce sites. That massive increase in customer engagement translates into a conversion rate that has more than doubled. Retailers offering a metaverse shopping environment have seen ROI grow by at least 450%.