Connect with us

Headlines

Does the Metaverse Make Sense for Retail?

Immersive tech’s impact on shopping still uncertain, study finds.

mm

Published

on

Does the Metaverse Make Sense for Retail?
PHOTOGRAPHY: Naratrip Boonroung/iStock.com

By 2030, the metaverse will reach over $627 billion in revenue, having grown at an astounding compound annual growth rate (CAGR) of 34 percent between 2022 and 2030, a new report from ResearchAndMarkets.com concludes. Despite that, the technology is expected to only make slow inroads in retail.

“The metaverse is still in its early stages of development, and its future trajectory in retail is uncertain,” the report states. “This, alongside a limited audience reach as the tech has not achieved mainstream adoption, suggests there may be more risks associated with the retail sector exploring the tech than benefits.”

Among the obstacles: “The tech operates on various platforms, each with its own user base, rules and capabilities. This makes it difficult for retailers to establish a consistent and cohesive presence across all metaverse platforms. As a result, the metaverse will not help retailers increase their reach.”

Still, the report says once those challenges are overcome, the metaverse will grow in importance for the retail industry. According to news reports, retailers recently dipping their toe into the technology include H&M, Macy’s and PacSun.

Click here for more about the report.

Advertisement

Advertisement

SPONSORED VIDEO

When the Kids Have Their Own Careers, Wilkerson Can Help You to Retire

Alex and Gladys Rysman are the third generation to run Romm Jewelers in Brockton, Mass. And after many decades of service to the industry and their community, it was time to close the store and take advantage of some downtime. With three grown children who each had their own careers outside of the industry, they decided to call Wilkerson. Then, the Rysmans did what every jeweler should do: They called other retailers and asked about their own Wilkerson experience. “They all told us what a great experience it was and that’s what made us go with Wilkerson.” says Gladys Rysman. The results? Alex Rysman says he was impressed. “We exceeded whatever I expected to do by a large margin.”

Promoted Headlines

Most Popular