METAVERSE (META) SHOPPING - SHOPPING IN THE ALTERNATIVE REALITY

Shopping in the (meta) metaverse > Stores have become one of the fundamental elements of metaverse platforms. Consumers are already spending thousands on virtual fashion and collectibles.

Fashion shopping brands embracing the metaverse

Here are some luxury fashion brands making it big in the metaverse

Other metaverse shopping brands

Shopping brands that are engaged in the metaverse

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%.

What products are available on the metaverse?

The choice of products on the metaverse is as limitless as people's imaginations. You can sell anything if you can add value to it. Some platforms allow you to purchase a physical item through a virtual shopping experience. In other cases, the products you buy exist only in the metaverse.

Here are some of the most popular purchases in metaverse stores and auctions:

* Land and real estate
* Admission tickets to entertainment such as amusement parks or games
* Tickets for virtual events such as concerts or conferences
* NFT collectibles
* Virtual clothes, skins and accessories for your avatar

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