Top Retailers Like Walmart and Lowe’s Enter the Metaverse: How to Harness the Power of Web3, VR, and AR

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    According to Lowe’s, these assets can be used across metaverse and non-metaverse environments, including games, AR, and creative design.

    The company also launched a limited NFT wearables collection, allowing Decentraland’s first 1,000 builders to update their avatars with themed boots, helmets, and other accessories.

    Seemantini Godbole, Chief Information Officer at Lowe’s, said: previous statement. “By entering the Metaverse now, we can explore new opportunities to serve, enable and inspire our customers in ways that other home improvement retailers do not do today.”

    A guide to building a metaverse strategy

    What are the barriers to full metaverse implementation at the retail level? progress is slow.

    According to Deloitte, scalability is often a problem with several roadblocks:

    • Interoperability: Because the metaverse is so large (composed of multiple worlds), it can be difficult for users to navigate and for retailers to properly utilize the space as a selling mechanism.
    • IT enablement: A true metaverse environment requires advanced technologies such as VR headsets and high-speed internet connections, which are not widely available throughout the home.
    • trust: Products such as digital currencies and NFTs often carry cybersecurity and fraud risks that can cause consumers to lose trust in the technology.
    • experience: Many of the Metaverse experiences available today are still in their infancy, with clunky graphics and an overall experience that could be improved. Deloitte says consumers may lose interest once the initial novelty wears off.
    • price: The sustainability burden associated with aspects of the metaverse such as cryptography and blockchain is huge and can hinder progress.

    Despite these obstacles, there are some tactics retailers can employ to continue making progress in this area. They include:

    1. Move Beyond Roblox

    While it’s a convenient way to get started with branded virtual experiences, there are some more advanced use cases that are worth investing in. For example, Hackl recommends diving into other areas such as artificial intelligence.

    “With the advent of virtual twin models and digital avatars, AI can be used to model consumer habits and preferences, enabling businesses to create tailored experiences for their customers,” she says. “This is a great way for retailers to attract customers to their brands and will advance hyper-personalization.”

    2. Digitize the store experience

    The e-commerce space has a lot of untapped potential for digitizing the store experience.Retail company Bring the in-store experience to life through an e-commerce strategy that blends the boundaries of virtual and physical shopping.

    “3D, augmented reality and virtual reality will play a key role in digitizing the store experience,” says Schechter. “Over the next few years, we will see more Web3 experiences as investments in 3D e-commerce grow and the metaverse unclutters and finds an audience.”

    3. Utilization of monetization within the virtual space

    From NFTs to virtual cash to real-life products, there are countless ways retailers can monetize their Metaverse experiences.

    According to Gartner Research Vice President Marty Resnick, by 2026, 30% of global organizations will have products and services ready for the Metaverse. It’s the transition from a digital business to a metaverse business. “

    4. Put hybrid retail at its core

    It doesn’t have to be one way or the other. Both physical and digital experiences are valuable, especially as today’s consumers shop everywhere at once. Combining the two to create a unique and experiential shopping experience is the best approach.

    “The key to enhancing and expanding these immersive experiences is embracing collaboration, co-creation and potentially new business models. Huckle. “We also think we will continue to see a need for more experiential brick-and-mortar stores that cater to more Gen Z and now Gen Alpha audiences.”

    She adds that retailers shouldn’t worry about going all-in from the start, but it’s beneficial to develop a strategy (no matter how small) early on.

    “Retailers don’t have to go big when exploring the metaverse, but they have a lot to learn and potentially connect with new audiences once they enter the virtual space, so develop a strategy that best fits their vision and goals.” is needed.” Huckle says.

    5. Investing in Metaverse Education

    Finally, nothing is more valuable than staying up to date on the latest innovations and changes in the field. Implementing metaverse-focused leadership at the C-suite level and prioritizing training and education in this area will enable retailers to quickly shift gears and jump on the latest opportunities.

    Resnick says it’s too early to recognize which investments are viable in the long term, but product managers should “learn, explore, and prepare for the metaverse to become more competitive.” It suggests spending time on

    If the industry experts are right, the future of the Metaverse holds limitless possibilities and advances will occur sooner than originally thought.

    “I think the metaverse is two-way, and over time we’ll be able to enter the metaverse, while the metaverse will be able to enter the physical space through things like holographic projection. Virtual reality is just an entry. It’s just one of the points,” — said Mike Proulx, vice president research director at Forrester Research. technology change


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