Metaverse Gears up to Disrupt Fashion Retail in 2023 & Beyond

In the past decade, retail businesses underwent a series of shifts never seen before. From traditional brick-and-mortar stores to e-commerce and social commerce, it’s been a tech-driven era in retail. And then, early in this decade, came the metaverse—taking the metamorphoses to the next level!

As many of you know, Facebook’s announcement of rebranding to Meta made it a dominating talking in Silicon Valley. Since then, CXOs and consumers alike have created an unprecedented buzz around all things metaverse.

But despite the jargon being relatively new within our lexicon, they're all tied up with essential technology ideas from previous decades. Many startups with a project around these technologies have gained huge attention in the market.

And Metaverse is the most desired transformation that even millennial is excited about. Thus, today, we will understand how shopping in the metaverse will look and which technologies empower this advanced ecosystem.

So, without further ado, let’s jump right into the world of the metaverse!

Metaverse in Retail – Let Numbers Tell the Story! 

• Today, the market size of the metaverse is over 38.5 billion.
• By 2026, one-quarter of all consumers will spend at least one hour daily in this digital world.
• Over half (51%) are those who are thirteen years old or younger; and yet, they represent a whopping 74% of those who have entered or plan to join the metaverse.
• With approximately 400 million monthly active users, there's plenty for everyone out there!

In a nutshell, all these statistics indicate that the metaverse marketplace is going to be one of the major points of attraction among consumers around the world. Overall, it will also boost the investment in metaverse-led services and customer experience. 

And Retail will be an obvious market to leverage metaverse potential for inspiring sales. Let's see how it all will work out.

The Rise of Metaverse in Retail & eCommerce  

The planet is currently being consumed by the Metaverse. Major brands and businesses are all scrambling to take advantage of this new introduction while also establishing themselves in this all-new space. 

One of the key features in most metaverse platforms is the ability to buy, sell, and trade assets. Presently, consumers spend hundreds on VR collectibles and clothes; even physical stores are utilizing metaverse technology. 

More than 40 different retailers utilize VR or AR across their product lines worldwide. The retail sector will be affected thanks to the emergence of the Metaverse.  

Here are just a few ways in which metaverse will transform customer experiences and retail business models: 

#1. Futuristic Shopping Experiences 

Due to its immersive qualities, Metaverse is one of the most promising possibilities when it comes to shopping. As such, numerous fashionwear companies are eager to find ways to participate in this interactive experience. 

In the metaverse ecosystem, customers can access virtual stores from anywhere and try on garments with a 3D fitting room or even get a 360-degree view of what certain outfits look like on them via augmented reality displays. 

They might also be able to buy cars from their seats or touch up the make-up they're wearing before meeting with friends at night; all without having to leave home!

#2. Virtual Reality 

A virtual shopping experience blurs the line between online ordering and brick-and-mortar stores by immersing customers in simulated environments. In this space, they can browse through clothing racks or try out furniture using VR goggles. 

Shopping virgins might even bump into virtual influencers while browsing, which serves as an innovative marketing strategy for metaverse brands. Store employees can offer personalized customer service by conversing with clients via video chatting and other methods within this immersive virtual environment. 

Lastly, you'll never need to leave home again—avatars will be available too! 

#3. Augmented Reality  

Users can experience things in the real world before buying them through augmented reality shopping. One such example is when beauty companies let customers try out different shades of makeup without having to buy it first. 

This is especially useful for interactions done online since people cannot see what they are doing beforehand; one other area where this technology could come into play would be clothes, accessories, jewelry, or even cosmetics.

#4. Shopping With Artificial Intelligence Avatars 

Maybe you've created a digital avatar to represent who you are—without them, the virtual shopping experience wouldn't be as exciting. These sentient beings utilize artificial intelligence to recreate realistic human features and movements in the metaverse realm. 

You can customize them in any way, so they'll seem like their owners, whether through clothing, hairstyles, or other identifiers. And this ability is one of their most excellent traits. Because sometimes you might buy items for your own, dressing it up, adding changes until it looks just like what life would be if only it was perfect all the time.

#5. Deep Personalization  

Conversely, e-commerce personalization typically results in discounts and product recommendations for shoppers. Bringing natural objects into virtual worlds allows retailers to create a highly customized buying experience for each customer. 

Online stores can now interact with their clients by challenging their imaginations with possibilities impractical to carry out in the real world due to the creation of metaverses. Numerous studies show how crucial it is for brands to handle customers personally and not just view them as numbers. 

Through personalized strategies, online shopping becomes even more enjoyable than ever before thanks to advances such as AR or VR which allow users to better understand what they are looking at while browsing products on the web store. 

#6. Virtual Fashionwear  

With the increasing popularity of virtual outfits, artificial intelligence will also grow exponentially in its capabilities. Thanks to AI technology's limitless possibilities, we'll soon see virtual stores where you can upload images of your own clothing and receive customized suggestions for what types of new clothes would suit you best. 

Similarly, an intelligent assistant will be able to recognize your preferred brands and make educated guesses about what styles or colors you might like based on items you've bought before.

Brands Are Using Metaverse in Different Ways 

Here are top companies that are using metaverse in unique ways to attract and retain customers.

1. Gucci 
2. Jordan 
3. Coca-Cola 
4. Selfridges 
5. Zara 

Wrapping up 

Given the fierce competition among retail stores, being at the forefront of technological advances is necessary. In this regard, consulting with a reliable web development company like ours could be beneficial! Metaverse will change and revolutionize online shopping in the coming years.

It will be the next stage of eCommerce. Just as major tech players such as Google and Amazon have started focusing on developing VR headsets and other similar technologies, start using virtual reality technology now too. 

Making online buying experiences as real as possible is key to keeping customers satisfied for years to come. This can even help businesses attract new ones! At OrangeMantra, we're specialists in both eCommerce website design and professional consultancy to help your eCommerce business succeed!