Retail Metaverse: Brands' Key to Success in Digital Shopping

Have you ever wanted to buy out a billboard next door to Snoop Dogg’s mansion?

While this may have just been a very specific pipedream a few years ago (and highly dependent on how close Snoop’s mansion is to Highway 101), it's now a very real possibility in the metaverse.

Once a futuristic buzzword, the metaverse is now a real player both in popular culture and in the retail landscape. In 2022, the global metaverse market stood at over $65 billion, and is projected to hit $82 billion in 2023. And by 2030? Just shy of a trillion dollars.

Major brands have been generating revenue within the metaverse for a few years now. Global fast-fashion retailer Forever 21 has virtually tested products in its metaverse storefront and released a real-life fashion collection based on popular virtual items created in the metaverse.

Not only does the virtual playground of the metaverse offer brands an additional revenue stream and a way to test products without having to create them physically, but it also opens businesses up to test and sell those products with a global market of real, authentic users. Plus, the metaverse isn’t constrained by typical restrictions, like a limited number of product images or videos, or a character limit for product descriptions. By creating an immersive and engaging experience, the metaverse enables brands with the ability to connect and interact with consumers on an unprecedented scale.

But with great opportunity always comes great risk. It only takes one bad product experience on any channel for a user to abandon their purchase and opt for a competitor, and the metaverse isn't immune to this. In fact, as a brand new channel with less proof of concept than some more established digital channels like Amazon.com or Instagram, the metaverse is likely even more susceptible to poor product experiences.

So the question becomes: How can brands take full advantage of all that the metaverse has to offer without risking the loss of consumers or providing a subpar customer experience? The answer lies in the product information.

Just as a solid foundation provides stability and support for a building, product information serves as the fundamental framework upon which all product experiences are built. It establishes a strong base of knowledge and understanding for both brands and consumers.

Like a foundation, product information forms the groundwork for consistent and cohesive experiences. It ensures that the details about a product and the brand are accurate and consistent across various channels and platforms, regardless of if it’s housed in the physical world or within the virtual realms of the metaverse.

A centralized and organized record of product information opens up the virtual floodgates of what’s possible in the metaverse. Brands can easily synchronize product information across different metaverse platforms, virtual marketplaces and virtual reality experiences, and can leverage real-time consumer data, feedback and preferences stored in that centralized record to tailor product recommendations within the metaverse.

The result? Satisfied customers, hyperpersonalized shopping experiences, and more insight into customer behavior than you’ll know what to do with.

So go ahead, invest in that billboard by Snoop’s place. Just make sure you have the product record to back it up.

Kristin Naragon is the chief strategy and marketing officer at Akeneo, the product experience company.