What's Shopping in the Metaverse Like?
With notable brands such as Nike, Gucci, and Chanel entering the Web3 space, what could shopping in the metaverse be like?
Jan. 24 2022, Published 10:10 a.m. ET
Everyone seems to be preparing themselves for Web3 and entering the metaverse, a virtual realm. With notable brands such as Nike, Gucci, and Chanel joining the space, what could shopping in the metaverse be like?
Here's how you can start shopping in the metaverse.
Why and how are people shopping in the metaverse?
The COVID-19 pandemic has influenced the way consumers shop, with many limiting their trips to brick-and-mortar stores. Supply and demand are also changing the shopping landscape.
One key difference between shopping in the metaverse and traditional online shopping is how users interact with sites. Often, online shopping requires users to sign in.
Meanwhile, shoppers in the metaverse will first need a wallet installed and connected before interacting with a platform, as it's based on the blockchain. Although there are still technological limitations in the metaverse, more companies and platforms are joining to offer their products to shoppers and assist other companies in building virtual stores.
Where are people shopping in the metaverse?
One company that's joined the metaverse is Obsess, a shopping platform supporting virtual stores where digital goods may be sold and bought. The company helps merchants improve their metaverse strategies. There's also The Fabricant, which will allow customers to try on clothing from high-fashion names by dressing their avatar.
Walmart has also announced its entrance to the metaverse. Rolling out its own cryptocurrency (the Walmart token) and NFTs, the company is jumping on the bandwagon of virtual retailers.
How will metaverse shopping impact brick-and-mortar stores?
As technology advances, so will certain conveniences. The rise of malls in the 1960s was a disruptor to downtown shopping districts, drawing away consumer spending. Similarly, e-commerce (namely Amazon) has greatly impacted brick-and-mortar shops and department stores.
Not all malls are becoming obsolete, however. According to a report in CNBC, malls located in more affluent areas tend to receive much higher foot traffic. Furthermore, malls that offer an experience in addition to shopping are more likely to succeed.
