Metaverse in Retail Market to be dominated by Blockchain technology through 2028
Growing adoption of metaverse for advertising and rise in
investment in metaverse real-estate market are driving the implementation of
the metaverse in retail market across the globe.
According to
TechSci Research report, “Metaverse in Retail Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028F”, The
global metaverse in retail market is driving on account of the increasing
adoption of online sales channels for dating, education, gaming, workplace,
entertainment, news, networking, and other purposes, is driving the demand for
innovative technologies and solutions to enhance the user experience and
provide access to better opportunities. Increased consumers in NFTs,
blockchain, augmented and virtual reality, and the rise in demand for new
digital commodities play a significant role in developing the global metaverse
market.
The
extended reality in the convergence of artificial intelligence, cloud
computing, and 3D technology and the efforts to develop high-end graphics and
lower cost of technology is paving the way for market growth. Metaverse can be
accessed by proprietary technology. Several challenges faced by the market
player are in interoperability which often results in bolstering concerns
relating to privacy and transparency. However, data privacy and the imposition
of strict regulations in different countries may restrain the global metaverse
market growth in the forecast period.
The
retail industry has adopted an omnichannel approach, wherein brands have been
looking to combine physical and digital retail infrastructure. The several gaps
between digital and physical retail experiences can be decreased. The brands
are exploring metaverse services to provide their customers with an immersive
and multisensory experience, which needs to be improved for the present digital
population. The metaverse is a promising space coupled with augmented reality
and virtual reality devices, which considerably transform the retail industry.
The retail sector faces several challenges along with heavy competition on
multiple fronts, such as customer service, active customer engagement, customer
retention, and loyalty building. The top service providers are looking at the
metaverse as a solution to recreate the in-store experience of physical
clothing stores, furniture, and automobile showrooms, etc.
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Based
on product, the market is fragmented into hardware, software, and services.
Based on hardware, the market is segregated into displays, Extended Reality
(XR) hardware, and AR/VR headsets. Based on the Extended Reality (XR) hardware,
the market is divided into haptic sensors & devices, omni treadmills, and
smart glasses. Based on the software, the market is divided into asset creation
tool and programming engines. Based on platform, the market is segmented into
desktop, mobile, and headsets. Based on technology, the market is segmented
into Blockchain, AR & VR, Mixed Reality, and others. Based on End-Use Type,
the market is fragmented into food and beverages, personal and household care,
apparel, footwear and accessories, furniture, toys and hobby, electronic and
household appliances, others.
Top
companies are spending a lot of money on evaluation and analysis of the innovative
service offerings to improve the user experience and customer engagement for
the metaverse in retail services across the globe. Retail stores can offer
customers with a 3D visual experience through the metaverse by effectively closing
the immersive experience gap. One of the main factors driving the expansion of
the market for Metaverse in Retail is the rise in demand for the virtual
shopping experience with the comfort of their homes across the globe.
Key
market players in the Metaverse in Retail market include:
- Tencent Holdings Ltd.
- NVIDIA Corporation
- Meta Platforms, Inc.
- Roblox Corporation
- Microsoft Corporation
- Alibaba Group Holding Limited
- Globant S.A.
- Queppelin Technology Solutions Pvt. Ltd.
- Netease, Inc.
- Magic Leap, Inc.
In
2021, Gucci created a virtual exhibition of art installations. It was called
Gucci Garden to celebrate its 100th anniversary and was based on a real-life
multimedia experience. After the launch of Gucci Garden, the profitability of
the retail brands associated with the company has risen drastically, that
includes USD 12.99 sneakers and USD4,000 handbags. The virtual handbag was
later resold for USD 25,000.
In
2021, Burberry took their strategy to the virtual world of the metaverse. The
company designed two outfits for the protagonist of the popular game Honor of
Kings. The outfits included Burberry’s logo so that gamers identify the brand.
The
retail company Nike acquired RTFKT, which is a company that offers digital
collectibles in the metaverse, including digital sneakers that cost USD 70,000
a pair. Nike has been filing trademark applications as it advances toward
selling various digital products in the metaverse.
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“Ongoing
advancements in internet advertising along with the better user experience and
virtual shopping is expected to lead to break the barriers between service
providers and retail end-users boosting the global metaverse in retail market
in the forecast years. The growing artificial intelligence (AI) technology for increasing
trend of digital identities and interaction models across various end-users in
the retail sector is a boosting factor for the market globally. Moreover,
supportive government policies for Metaverse in Retail services all over the
globe with emerging advancements in the virtual events has also been positively
influencing the market with a continuous urge for launching new services with
better user engagement in the upcoming years.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Metaverse in Retail
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028F, Segmented By Product (Hardware (Displays, Extended Reality (XR)
Hardware (Haptic Sensors & Devices, Omni Treadmills, Smart Glasses), AR/VR
Headsets), Software (Asset Creation Tool, Programming Engines), Services), By Platform
(Desktop, Mobile, Headsets), By Technology (Blockchain, AR & VR, Mixed
Reality, Others), By End-Use Type (Food and Beverages, Personal and Household
Care, Apparel, Footwear and Accessories, Furniture, Toys and Hobby, Electronic
and Household Appliances, Other), By Region, Competition ”, has
evaluated the future growth potential of Metaverse in Retail
and provides statistics and
information on market structure, size, share, and future growth. The report intends
to provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in
the Global Metaverse in Retail Market.
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