What did we learn in “Retail in the Metaverse”? MBIT Data Talk

The Metaverse, a virtual world at the feet of creativity and the public, is gaining increasing relevance in various sectors, including retail. In an interesting paper, Diana Carpio explored the possibilities and business models that exist in the Metaverse and how brands can take advantage of this new dimension to connect with their customers.

What does the Metaverse have to have to be truly one?

The concept of”Metaverse“is still under development and there are different opinions about its definition. For Diana, the definition proposed by Mark Zuckerberg, founder of Facebook, highlights the importance of face-to-face and immersion in a virtual environment. According to Diana, a true metaverse must be immersive and allow users to experience and socialize in a virtual environment, using avatars that represent users.

Diana listed seven characteristics that, in her opinion, define a Metaverse: social, limitless, interoperable, creative, persistent and reactive.

First of all, he highlighted the concept of space unrestrained, which is especially attractive for retailers, as it allows them to overcome the physical limitations of a traditional store. In addition, he highlighted the importance of the social part of the Metaverse, emphasizing that the ability to interact and carry out activities with other users.

Diana mentioned that the Metaverse must be persisting, that is, that what happens in that virtual environment remains and does not restart like in a game. For her, this feature is what sets the Metaverse apart from other similar games and applications. It's a crucial part of immersion, and it's part of the magic and that feeling of being in another world that only the Metaverse offers. He describes it as a parallel world full of experiences, places and people, which is in constant development and construction. Although he acknowledged that the interoperability between platforms and avatars is still limited, she sees a promising future in which the Metaverse will expand and become an integral part of our lives.

Very intense activities are being carried out in the Metaverse, although not much is known because it is still in its infancy. Although the US is at the tip of the spear in penetrating the Metaverse into society, in Spain there are also a variety of brands doing interesting things, such as the La Paz Hospital, which offered a course for anesthesiologists in the Metaverse. Diana told us about some of her experiences in different metatarsals, where she participated in a platform called Spatial and where she was able to enter a medical symposium.

Diana told us first-hand how the Orange store in the Metaverse came to be created: it was built in just two months, and its success generated media coverage both locally and internationally. After presenting different fun experiences and learning experiences with the Orange case, he encouraged us to be developing activities based on the fact that at the moment of maximum penetration of the Metaverse in any sector, professionals will be needed who know how to calibrate user experiences in a totally new way, and who have previous experiences to know what works and what doesn't work with regard to this new way of communicating with the target audience.

Three engagement models for businesses

Diana introduced us to three ways of interpreting the retail business in the Metaverse.

• The first is through a business virtual to virtual, which began a long time ago with the purchase of skins and bonuses for video games, a multi-million dollar business that surprised many economists. Some brands have been taking advantage of this virtual world for a long time to attract their target audience and generate sales of virtual products through both Cryptocurrencies like conventional money. Platforms such as Roblox and Decentraland allow brands to sell products from different brands, such as clothing and shoes, for user avatars.
• The second approach focuses on business Virtual to physical. Brands like Domino's Pizza and Chipotle have ventured into the Metaverse, allowing users to make virtual orders that are then physically delivered. In addition, incentives and discounts are offered to encourage participation in the virtual world. This combination of the physical and virtual worlds creates sales opportunities and promotes interaction between channels.
• The third form of business mentioned by Diana is Physical to virtual. Physical products that allow digital advantages or products in the Metaverse, such as NERF, which has generated a line of physical products that also include their counterpart on different Metaverse platforms.

Diana highlighted the potential of the Metaverse, citing a study that predicts that in the year 2030, 6k million dollars will be moved in transactions between the virtual and physical worlds. However, he highlighted the importance of brands carefully choosing their business model in the Metaverse to make the most of this opportunity.

And what about training?

Through immersive virtual environments, users can experience and actively participate in different educational scenarios, encouraging more interactive and practical learning.

• Realistic simulations and practices.
• Real-time collaborative learning.
• Access to educational and expert resources.
• Personalization and adaptability of the learning environment.
• Exploration and experimentation in interactive virtual environments.

The Metaverse makes it possible to adapt the learning experience according to the individual needs of each student, access to a large number of educational resources (such as virtual libraries, laboratories, museums and conferences, all in a digital environment), facilitates collaboration between students and teachers, even if they are in different geographical locations, and allows us to recreate environments and situations virtually, giving students the opportunity to practice skills in a safe and realistic way (such as, for example, a virtual twin of a nuclear plant).

These possibilities transform the way in which people acquire knowledge and develop skills, offering immersive, collaborative and personalized educational experiences, Diana said.

As if that weren't enough, Enrique Serrano, President and CEO of MBIT Data School, closed the event talking about the very real possibility that MBIT Data School will have, in the future, its own Metaverse to take online training to new territories and be more interconnected with students.

In short, retail in the Metaverse is experiencing significant growth. Brands have the possibility to engage in a virtual business, sell physical products in the Metaverse, or combine both worlds. The Metaverse offers fertile ground for innovation and interaction with customers, generating new forms of income and, above all, strengthening the relevance of brands. Diana Carpio's presentation provided us with a clear and valuable vision of the potential of retail in the Metaverse and beyond, inviting us to reflect on how brands can adapt and capitalize on this new digital dimension for the mutual benefit of businesses and consumers.

As a surprise for those who attended the presentation in person, Diana made her own VR headset available to everyone to try out different experiences in the Metaverse.

What did you think? At MBIT Data School, we offer you the opportunity to acquire the necessary knowledge to enter this fascinating universe and become a data specialist. Our specialized methodological approach will allow you to lead the next generation of data-driven professionals. Come and join us!