*By Eric Buzzi
The term "metaverse" first appeared in the science fiction book called "Snow Crash", by writer Neal Stephenson, published in 1992. In mid-September 2021, the term became much discussed and has gained more and more space. , even though it seems something still far away. The only certainty we have is that this new virtual universe will influence not only relationships, but also several other spheres of daily life.
When it comes to digital commerce, we expect news that will further transform online shopping experiences. Metacommerce, as the commerce model of this new universe is called, is the evolution of digital experiences that are already in place and in rapid growth since the beginning of the pandemic, such as social selling and live shopping, for example. It is a major transformation driven mainly by the democratization of access to the 5G connection. A sign of this trend is in some movements that large companies and consumer conglomerates are creating to benefit from this new reality.
Nike, the American sporting goods giant, announced the purchase of a virtual shoe company that manufactures NFTs and sneakers for the new online universe. The acquisition of the brand aims to deliver state-of-the-art collectibles that mix culture and games. Gucci, one of the most renowned brands in the world of luxury fashion, has opened a concept store in the metaverse to sell NFTs and clothing and accessories items. The French group Carrefour reached the metaverse with the purchase of a piece of land, equivalent to 30 supermarkets, with a focus on exploring the possibilities that this new environment provides, seeking to make online sales with the new acquisition. Other brands that have also joined this new virtual business format were Walmart and Adidas. And more recently, a report by McKinsey & Company revealed that the amount invested in the metaverse in the first five months of 2022 is already over US＄120 billion.
For Generation Y, Z and even millennials, the metaverse seems something very far away, however, for Generation Alpha, who have technology as an extension of their way of knowing the world, it is not uncommon. This is the first digital native 100% generation, which is already born into the virtual world. Some experts estimate that by 2025, when the last members of this generation will be born, this group could be over 2 billion people, representing most of the world's consumption base. And to meet this demand, brands will need to consider the metaverse as a reality.
It is interesting to point out that, at least in the beginning, the metaverse will be much more an offer of experience than a channel for the realization of product sales. For example, it may not be the medium in which consumers shop for groceries, but rather an immersive channel for purchases that are driven by a virtual experience, such as the process of discovering a new car or apartment. For those looking for a new property, instead of visiting 3 or 4 apartments, the metaverse can provide a visit to the place without the person having to leave the house. With the quality of hardware much more advanced, this will become increasingly easier to provide.
In fact, it is important to see the metaverse as another channel that is part of omnichannel experiences, and that brands will have to manage along with the other channels. What represents a luxury for our generation, tomorrow will be an obligation to serve the future generation, which will come more and more connected.
The metaverse offers retailers the opportunity to resurrect the kind of synergy that made malls so popular, while also offering limited-time exclusive events and products found only at a specific time and place.
Imagine yourself, without leaving your home, being able to buy a seat at the Super Bowl, the biggest American football championship, feeling all the vibration and energy of that match, as if you were really there. What's more, as soon as your favorite player scores a point, you can purchase the shirt worn by him in the match in real time, and have it delivered to your home. It is this kind of experience that the metaverse can and will provide. With this vision, what is a marketing tool can have a direct impact on the sales of brands and this is what they need to focus on when entering this new virtual world.
At VTEX, we are always looking for technologies and solutions that enable retailers to deliver the best discovery and shopping experiences to end consumers. We say commerce is on, it's off, and it's on all channels. And, we have already seen that the metaverse will be yet another channel that will become an important part of the businesses of retailers around the world.
*Erick Buzzi, Senior Vice President of Sales, Marketing and Alliances at VTEX
Notice: The opinion presented in this article is the responsibility of its author and not of ABES - Brazilian Association of Software Companies
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