Should the retail industry immediately enter the metaverse? Connections Cegid The retail event, which was held in Monaco in June, explored the prospects for companies as well as the problem of web 3.0. Bitcoin, NFT, the metaverse… There are so many new words that will soon be included into our language. Understanding the changing consumer behaviours and technologies that appear to be creating a new era in retail and new prospects for growth.
- What is the Metaverse and Web 3.0?
Why is the Internet in its third generation?
The following web 2.0 components have prompted the need for evolution:
- Protecting and securing personal data is a problem.
- The misuse of market dominance by GAFAM and the diminished trust in these digital juggernauts.
- What possibilities does the metaverse and Web 3.0 offer for brands?
What paradigm shift is demanded by web 3.0?
Consumers will be able to participate in immersive virtual experiences by accessing the metaverse. This web 3.0, which has everything to do with the game industry, submerges our reality in a virtual environment where we may act just like we would in the real world. For example, we can attend concerts and events, make purchases, interact with others in the community, and visit museums.
Who is the intended audience?
Generations Y, Z, and Alpha are the major demographics that brands will target. The Millennial generation, often known as Generation Y, emphasises the emergence of “digital natives,” or those who have grown up around the Internet and video games since its infancy.
From 1997 onward, the term “Gen Z” became popular. The Alpha generation, those born between 2010 and 2025, came after this. In 2030, the oldest Alphas will be adults. They will thus witness the full rollout of web 3.0. The Cegid Connection Store featured statistics from Eric Briones that suggested the Alpha generation will spend 10 years of their lives in a metaverse.
What key components makeup web 3.0?
This new web is far more advanced and superior to web 1.0 and web 2.0 in that it shares values of luxury, style, and beauty. The production of uniqueness, exclusivity and the expression of social status all have a place in web 3.0.
Internet users will participate in the metaverse as an avatar, which will be highly individualized and house a large amount of data to optimize the user experience. The possibilities of the metaverse are infinite when it comes to the retail industry. Shopping, events, or unique services will help reward its greatest customers.
The metaverse and web 3.0 will both be home to the luxury market.
Also, luxury will be able to retake control of the used goods market. A luxury company, and its 3.0 approach as an illustration. Every watch sold will come with a distinctive and traceable NFT. The brand will be able to track the commercial route of its items, from the initial sale to any resale, by integrating the NFT of the product into its CRM. Data from the digital and physical worlds will combine to create a product passport. It makes sense that NFTs are more than simply an abstract attribute; they represent the digital continuation of a physical thing and are able to enhance the consumer experience by providing new services.
- How can businesses access the metaverse?
Although the creation of these new digital universes is ongoing, some well-known businesses appear to have taken control of the market through their own metaverse. Within two to five years, each brand will have its own metaverse, according to experts. But how can someone today participate in this digital revolution?
The initial stages towards web 3.0
Limited-time, exciting deals like Event 3.0 and developing virtual pop-up shops in an already-existing metaverse where the contribution of NFT is tied to a brand during a physical event, much like Cegid did with Cegid Connections Retail 2022. It’s crucial to plan your approach before moving forward, else you risk losing the value of your brand by arming yourself with pointless NFT gear.
Also, keep reflecting on the main issue: why did we join the metaverse and why do we purchase NFTs? For the enjoyment of ownership, the excitement of collecting, the need for self-expression among the Z and Alpha generations, and compatibility with the ideals of luxury and retail.
Also, management must reinvent itself by bringing in video game industry professionals. To develop a new brand universe and be successful with their digital transformation in Web 3.0, brands will need to move with the times while mobilising the businesses.
The creation of a distinct client relationship between the digital and physical aspects, as well as the creation of a unified stock, are the first steps in preparing for retail to enter the metaverse in the actual world. A first step towards entering the metaverse is adapting to the new consumption patterns of one’s clients and providing them with a customised experience.
Sysamic is a modern business consulting company focused on retail technology, design, and business transformation. In Japan, we have over 20 years of experience supporting businesses to enter the market and accelerate growth. Our core services include eCommerce consulting and development, Business solution consulting, Cegid Y2 Retail, Microsoft Dynamics 365 Business Central, and Navision (NAV) ERP Analysis and Implementation, Infrastructure support.